Demand for Renewable Source of Energy Increases Demand for Geothermal Power Generation Plants

Published By : 06 Jul 2016 | Published By : QYRESEARCH

Geothermal energy is increasingly being used for power generation because of the rising prices of fuel and due to the environmental benefits that they offer. Unlike other conventional sources of energy, geothermal energy is derived from the heat present in the earth’s crust. Geothermal power generation is renewable and thus, their demand is expected to rise in the future. As per a report published by Transparency Market Research, the global geothermal power generation market is expected to expand at a whopping CAGR of 23.58% between 2013 and 2019. The geothermal power generation market which was valued at US$2.5 bn in 2013, is expected to be worth US$8.9 bn by 2019. 

The land required for the set-up of geothermal plants is much lesser than other power plants. This is one of the other factors why the installation of geothermal power generation plants is increasing. Geothermal power generation plants have high capacity utilization. This results in high revenue generation and proves to be profitable, which is further accelerating the growth of the geothermal power generation market across the globe. Another benefit of these plants is the fact that they can run all through the day, which makes them an attractive alternative. Laws and policies supporting the purchase of renewable energy is also aiding the growth of the market. 

Brief Snapshot of Scope of Geothermal Power Generation Plants

  • Asia Pacific, followed by North America are currently leading in the geothermal power generation plants market.
  • The market in Asia Pacific is expected to grow even in the future, making the region very lucrative.
  • Geothermal power generation plants market in the Rest of the World will witness a positive growth owing to the rising investments and capacity additions in these areas. 
  • Binary cycle technology will emerge as the leading segment in the coming years.
  • Geothermal power generation plants market is restricted by the dependence on areas that have extremely high temperatures.
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