Albany, NY, Nov. 17, 2014 (GLOBE NEWSWIRE) -- Transparency Market Research, in its latest research report states, the global geothermal power generation market will grow significantly, as it was valued at US$2.5 billion in 2013, and is expected to reach a figure of US$8.9 billion by 2019. The report, "Geothermal Power Generation Market for Dry Steam, Flash Steam, Binary Cycle Technology - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019" states, that market for geothermal power generation will grow at a CAGR of 23.58%.
Geothermal power generation market is leading the energy sector in the present economy. The market positioning of geothermal power generation is impeccable as it is the only form of renewable electricity production process which can achieve high capacity utilization and supply base load. Owning to these factors the geothermal power generation market can thus compete with convention and non-conventional sources of energy.
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The biggest market drivers for the global geothermal power generation market are policy frameworks such as renewable energy certificates, feed in tariffs, soft loans for geothermal resources development, and renewable purchase obligations by utilities. On the other hand, stringent environmental protection laws, regulations regarding groundwater pollution, and land ownership laws are some of the market restraints that are making geothermal power generation walk the tightrope. Additionally, the strict regulatory framework provided by governments around the world is proving to be both, a driver and a restraint for the global geothermal power generation market. To help accelerate the geothermal power generation several nations across the globe are relaxing and changing the environmental laws. This will help the world at large to tap into the unrealized potential of geothermal power generation and resources.
Though geothermal power generation demands a huge capital expenditure, it is luring in investors as it promises zero fuel costs and attractive payback periods. Under the capital expenditure of geothermal power generation, construction expenses is an umbrella expense, which is inclusive of exploration costs, drilling costs, surface facility construction costs and actual power plant construction costs. All of these expenses are imperative for geothermal power generation.
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Geothermal power generation market has been fragmented on the basis of type of power plant technology used for geothermal power generation. There are three main technologies that are used for geothermal power generation, which are dry steam, flash steam and binary cycle. The geothermal power generation market is also adopting several new technologies to expedite the generation process. Thus, technology such as dry steam which uses high temperature resources is projected to turn obsolete in the near future. On the other hand, binary cycle technique for geothermal power generation is likely to grow up. The volume of geothermal power generation in terms of installed capacity is expected to grow at a CAGR of 8.28% from 2013 to 2019.
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To understand the geothermal power generation market better it has been segmented on the basis of its nature. However, no single player holds a large market share in the geothermal power generation market. The geothermal power generation market is run by many small companies who pool in their resources together to form alliances or joint ventures to exploit their core competencies to generate greater revenues. This trend can lead to industry consolidation, helping the geothermal power generation market reach newer heights in the coming years.
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Source:Transparency Market Research