Numerous Environmental Benefits Drive Global Geothermal Power Generation Market to Expand at 23.58% CAGR : Transparency Market Research
ALBANY, New York, November 19, 2015 /PRNewswire/ --
Transparency Market Research announces the release of a new research report titled "Geothermal Power Generation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019". According to the report, the global geothermal power generation market is forecast to register a remarkable CAGR of 23.58% from 2013 to 2019, expanding from a value of US$2.5 bn in 2013 to US$8.9 bn by 2019.
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The global geothermal power generation market is driven by strong policy support, excellent scalability and availability of cost-competitive tariffs, high stability and capacity utilization, and environmental benefits such as lower greenhouse gas emissions. The proliferation of new technologies and rising prospects of strategic alliances is anticipated to boost the geothermal power generation market over the coming years. However, factors such as emission issues, high capital cost, and limited availability of resources in certain regions are likely to hamper the growth of the geothermal power generation market.
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On the basis of technology, the geothermal power generation market is categorized into flash steam, dry steam, and binary cycle. In 2012, flash steam power plants accounted for more than 50% of the market, making it the leading technology segment that year. However, this segment is anticipated to lose its market share over the coming years owing to the increasing demand for binary cycle power plants, especially in North America.
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Geographically, the global geothermal power generation market is divided into North America, Europe, Asia Pacific, and Rest of the World. Each region is further broken down into major countries. The North America geothermal power generation market comprises Mexico and the US; the Europe market includes Iceland, France, Russia, Austria, Italy, Germany, Portugal, and Turkey; the Asia Pacific geothermal power generation market consists of Papua New Guinea, New Zealand, Australia, Thailand, Japan, The Philippines, Indonesia, and China; and the Rest of the World market includes Nicaragua, Guatemala, El Salvador, Kenya, Costa Rica, and Ethiopia.In terms of installed capacity, Asia Pacific was the largest regional geothermal power generation market while the US had the highest installed capacity among every other country. The Asia Pacific and Rest of the World regions possess strong potential for future growth owing to large amount of unexplored and undeveloped geothermal resources.
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Some of the leading players engaged in the global geothermal power generation market are Northern California Power Agency, Ram Power, Corp., Raya Group Limited, Mannvit Engineering, Calpine Corporation, Enel Green Power S.p.A., Sumitomo Corporation, Energy Development Corporation, Cyrq Energy Inc., Reykjavik Geothermal Limited, Mitsubishi Heavy Industries, Ltd., Ormat Technologies, Inc., Alterra Power Corp., Contact Energy, and U.S. Geothermal, Inc. These players are reviewed in the report based on aspects such as company overview, financial standing, business strategies, product portfolio, recent developments, strengths, weaknesses, opportunities, and threats.
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Geothermal Power Generation market: Technology Analysis
- Dry steam
- Flash steam
- Binary cycle
Geothermal Power Generation market: Geography Analysis
1. North America
- The U.S.
- Mexico
2. Europe
- Italy
- Iceland
- Germany
- France (Guadeloupe)
- Portugal
- Russia (Kamchatka)
- Turkey
- Austria
3. Asia Pacific
- Japan
- Papua New Guinea
- The Philippines
- New Zealand
- Indonesia
- Australia
- China
- Thailand
4. RoW (Rest of the World)
- Kenya
- Nicaragua
- Costa Rica
- Guatemala
- Ethiopia
- El Salvador
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