Geothermal Energy Market Key players in geothermal energy market are Ormat, Terra Gen, Mitsubishi heavy industry, Toshiba, Fuji Electric, Ansaldo Energia, Turboden, General Electric, U.S. Geothermal, Exergy, Chevron, geothermal, Enel Green Power, and Calp

With the extensive global attempts to eliminate hazardous fuel emissions, geothermal energy market is on its way to establish itself as one of the most dynamically evolving energy markets of recent times. Geothermal energy, virtually considered the underdog among renewable energies, had been slightly lagging in development compared to the other forms of renewable energy, for a long time. With its commendable proliferation pertaining to the global requirement for electric supply and the subsequent upsurge in the demand for geothermal-based power, geothermal energy industry size, as per Global Market Insights, Inc., has been estimated to cross USD 57 billion by 2024. The World Energy Council forecasts that geothermal energy can cater to more than 8% of the world’s power supply, a factor that is likely to propel the revenue-generating potential of Geothermal Energy Market over the years to come.

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Geothermal energy basically entails harnessing heat from the earth’s crust – from shallow backyards to deep wells. Having gradually established its place in the global energy landscape, geothermal energy industry size, say experts, will escalate remarkably over the span of the next few years. Scientists affirm that harnessing geothermal energy for power production could contribute heavily toward safeguarding the environment from carbon emissions. Statistics depicting the vast penetration of geothermal energy market are enumerated as follows:

In 2012, the U.S. National Renewable Energy Laboratory (NREL) declared that the geothermal facilities in 13 states have a capacity of 38,000 MW, which can generate 308 million MWh of power per year.

The year 2013 recorded a utility-scale geothermal capacity of more than 11,700 MW on a global level, which produced around 68 billion KWh, sufficient enough to fulfill the power requirement of more than 6 million U.S. homes.

As per a 2016 report by the National Renewable Energy Laboratory, geothermal installed capacity on the Salton Sea may cross 1.8 GW by 2030 – a factor that will heavily influence the regional geothermal energy market.

The DOE’s Berkeley National Laboratory is expected to lead a new geothermal project worth USD 9 million, to eliminate any possible issues related to the commercialization of enhanced geothermal systems (EGS), with a clean energy technology that may help to provide electricity to 100 million American homes. This initiative will suitably impel geothermal energy industry size, state scientists.

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Mexico ranked in 2016, as far as geothermal installed capacity is concerned. The region boasted of a capacity of 1,017 MW, thereby making it a potential investment ground for energy companies. A stringent regulatory structure supports the growth of the regional geothermal energy market. Experts affirm that the installed geothermal capacity in Mexico may hit 1,400 MW by 2020.

Geothermal energy industry trends across Indonesia

Recently, Toshiba and Ormat announced the successful commencement of the Sarulla geothermal power plant, located in North Sumatra, Indonesia, which is estimated to be one of the world’s largest power plants.

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Reports state that this 110 MW plant, equipped with flash and binary technologies, has been designed to provide 100% reinjection of the geothermal fluid. This plant is evidence enough to declare that technological innovations play a significant role in the development of geothermal energy industry.
Ansaldo Energia has recently received the green signal to proceed with two of its geothermal projects, which are combinedly worth EUR 80 million, in eastern and western Java. The two contracts are expected to simultaneously increase the total geothermal output in the region to 270 MW, thereby providing a positive impetus to South-east Asia geothermal energy market.

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