Geothermal Energy Market Share, Regional Trend, Future Growth, Leading Players, Industry Demand, Forecast to 2024

Geothermal Energy Market forecast report now available with Global Market Insights encompasses an exhaustive study of this business space with regards to pivotal industry drivers, market share analysis, and the latest trends characterizing the Geothermal Energy Market landscape. This report also provides in detail, the market size, growth spectrum, and the competitive scenario of Geothermal Energy Market in the forecast timeline.

The size of Geothermal Energy Market was registered at USD 34 billion in the year 2016 and is set to exceed 23 GW by 2024.While the aforementioned regions are already at the helm of geothermal energy industry, there are many other untapped regions, such as Brazil, Chile, China, and India, which are likely to emerge as lucrative avenues for the growth of geothermal energy market. In fact, recent reports suggest that in a bid to expand its renewable energy capacity, India aims to harness 10 GW of geothermal energy by 2030 via strategic collaborations with New Zealand, U.S., and Mexico. The country has also declared that it intends to achieve 175 GW of renewable electricity by 2022, which will substantially impact the regional geothermal energy industry.

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Geothermal Energy Market Report Coverage:

  • Base Year: 2016
  • Market Size in 2016: 34 Billion (USD)
  • Historical Data for: 2013 to 2016
  • Forecast Period: 2017 to 2024
  • Pages: 180 Tables
  • Charts & Figures: 188

Many other regions have been reported to still be in the nascent stage of geothermal energy market development, however, experts say that the increasing environmental issues cause due to fuel-based power will lead countries to look out for green avenues, and will be a major factor propelling the growth of geothermal energy market.

Statistics claim more than eight U.S. states to have accounted for a capacity of more 3,300 MW in 2015, which makes the U.S. a global leader in geothermal energy market. More than 80% of this capacity is seemingly installed in California, which boasts of a collection of 40 geothermal plants providing around 7% of the region’s electricity. Though the latest trends depict a slight flak in the growth of geothermal energy industry, it has been estimated by experts that U.S. geothermal capacity may cross 5,600 MW by 2020.

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This country has surprisingly emerged as one of foremost leaders in installed geothermal capacity, and will be a profound contributor toward South-east Asia geothermal energy market share. The country recorded a capacity of 1340 MW in 2015, and has been predicted to surpass remarkable heights over the course of the nest few years. Numerous geothermal projects are already underway in the nation, as reported by sources, which will undeniably help the regional geothermal energy industry to carve out a successful growth path. A couple of projects that may contribute toward the regional geothermal energy market expansion are enumerated below:

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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