The global geothermal power market was estimated at $3,233.5 million in 2015, and it is expected to grow at a CAGR of 11.6% during 2016 – 2022. The factors driving the growth of the global market include increased government support for geothermal power projects and stringent environment regulations, high capacity factor, and increasing need for energy independence and geopolitical energy security.
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The geothermal energy is available 24 hours a day and throughout the year. Geothermal energy is more consistently available than many other forms of electricity, such as wind and solar. Wind and solar energy sources are dependent on a number of factors, such as weather variations, and daily and seasonal fluctuations. Geothermal power plants are characterized by very low outage rates; therefore have high capacity factor. Geothermal power plants are available for electricity generation more than 90% of time for any given time period.
The increased government support for geothermal power projects and stringent environment regulations are the key drivers propelling the growth of the global geothermal power generation market. The rapid depletion of fossil fuels and global warming caused by their usage has shifted the global interest from conventional energy to green energy. The different governments across the globe have initiated several projects and schemes, to promote and encourage the generation of geothermal energy.
Asia-Pacific dominated the global geothermal power market in 2015, and it is anticipated to retain its dominance during the forecast period. The geothermal power market in Asia-Pacific is expected to grow, due to high energy demands in the region and high growth in the geothermal power industry.
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Moreover, the rapid depletion of fossil fuel and massive unexplored geothermal power market in the region are creating abundant growth opportunities for the Asia-Pacific geothermal power market. In addition, the increasing job opportunities due to the development of geothermal power plant, is the key trend witnessed in Asia-Pacific geothermal power market.
Some of the key companies operating in the global geothermal power market include Ormat Technologies Inc., Mitsubishi Heavy Industries Ltd., U.S. Geothermal Inc., Cyrq Energy, Calpine Corporation, Alterra Power Corp., NV Energy, Raya Group, Energy Development Corporation, Mannvit Engineering and Contact Energy.