“The Infinium Global Research analyzes the Geothermal Energy Market [types (binary plants, direct dry steam plants, flash plants and others (combined cycle or hybrid cycle)) and applications (domestic, tertiary uses, district heating networks, power production and heat production (via heat pumps or by direct heat exchange))] over the period of 2018 to 2024. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in Global Geothermal Energy Market. It will help a lot of decision-makers to develop strategies and find new opportunities in the Global markets of Geothermal Energy.
The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encourage the expansion of the Geothermal Energy Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Geothermal Energy Market are Calpine, Ormat Technologies Inc., U.S. Geothermal Inc., Terra-Gen Power LLC, Chevron Corp., Berkshire Hathaway Inc., Enel Green Power North America Inc., Gradient Resources, Toshiba International Corp., EthosEnergy Group and ThermaSource LLC.”
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Increasing Demand for Heating and Cooling Systems to Promote Growth in the Geothermal Energy Market
Increasing electricity security concern owing to the clean and eco-friendly resources are driving the growth of the geothermal energy market. In addition, increasing demand for heating and cooling systems including ground source heat pump and district heating are estimated to fuel the growth of the geothermal energy market. However, potential emissions, surface instability, and high capital cost required for building a plant are likely to hamper the growth of the geothermal energy market during the forecast period. Furthermore, government-undertaken initiatives such as financial benefits and tax refunds to promote sustainable energy production are estimated to generate numerous growth opportunities for the geothermal energy market over the upcoming years.
North America Region to Contribute To Growth in the Global Geothermal Energy Market over the Upcoming Years
North America dominated the geothermal energy market in 2017. The U.S is the key region driving the growth in the North America geothermal energy market owing to increasing clean electricity demand coupled with growing emission reduction measures. Pooja Baragale a research analyst at Infinium Global Research quoted that rising demand for cooling and heating systems coupled with increased investments towards the development of green building infrastructure will positively affect the Germany geothermal energy market. Moreover, growing electricity demand in China and India coupled with increasing government intervention to produce electricity through renewable resources is likely to further enhance the market growth in the Asia Pacific region.
Mergers and Acquisitions to Remain Key Expansion Strategies of the Leading Players in the Geothermal Energy Market
Key players in the geothermal energy market are Ormat, Terra Gen, Mitsubishi heavy industry, Toshiba, Fuji Electric, Ansaldo Energia, Turboden, General Electric, TAS Energy, U.S. Geothermal, Exergy, Chevron, Haliburton, Reykjavik geothermal, Enel Green Power, and Calpine.
PLN and Halliburton to Cooperate On Geothermal Development in Indonesia
In February 17-Haliburton and state-based utility, PLN signed an agreement of worth around USD 34 million to drill geothermal wells in North Maluku, Tulehu and Ambon.
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Energy Department to Collaborate With New Zealand on Geothermal Energy Advancement
In June 2018-The U.S. Department of Energy announced an agreement with New Zealand’s Ministry of Business, Innovation, and Employment to collaborate on the advancement of geothermal technologies. This new research partnership with New Zealand will connect experts from both countries to collaborate on a mutually beneficial basis to advance and accelerate the development of geothermal technologies.