Geothermal Electric Power Generation Market Competitive Insights- Calpine Corp, Comision Federal de, Energy Development Corp., Electricadad (CFE) Enel SpA, Chevron Corporation
Harrisburg, NC -- (SBWIRE) -- 10/20/2020 -- The geothermal electric power generation market consists of sales of geothermal electric power and related services. Geothermal energy is derived using the earth's internal heat energy to generate steam through a series of wells and is fed to the power plant to generate electricity.
The global geothermal electric power generation market reached a value of nearly $3.8 billion in 2019, having grown at a compound annual growth rate (CAGR) of -1.27% since 2015, and is expected to grow at a CAGR of 5.46% to nearly $4.7 billion by 2023.
The geothermal electric power generation market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the geothermal electric power generation market in 2019.
The geothermal electric power generation market covered in this report is segmented by type into back pressure, binary, double flash, dry steam, single flash, triple flash. It is also segmented by end-user into dry steam power stations, flash steam power stations and binary cycle power station.
The geothermal electric power generation market is being financially supported by governments globally. The government provides grants and other support to stimulate sustainable form of energy. For instance, in 2019, the U.S. Department of Energy (DOE) announced its contribution of $2 million in GEOTHERMICA to support the advance geothermal research and development. GEOTHERMICA is a transnational consortium that combines financial resources and research expertise to promote and support novel concepts, uses of geothermal energy in countries over EU (European Union). Formation of such consortium coupled with financial support by the government agencies promotes the growth of geothermal electric power market.
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The prominent players in the global Geothermal Electric Power Generation market are:
Calpine Corp, Comision Federal de, Energy Development Corp., Electricadad (CFE) Enel SpA, Chevron Corporation, COMISION FEDERAL DE ELECTRICADAD (CFE), ENEL SPA, U.S. Geothermal Inc., and KenGen, Contact Energy.
Market Segmentation by Region:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Europe, Germany, France, UK, Italy, Russia, Rest of Europe, Central & South America
Global Geothermal Electric Power Generation Market Overview
The environmental consequences caused by drilling earths surface for geothermal electric power generation restricts the growth of geothermal electric power generation market. Geothermal system involves forcing the pathways for earth's trapped heat to reach the surface to generate power and creates fractures on the earths surface. The construction of a geo thermal electric power plant makes the surface uneven and more vulnerable to earthquakes. Other concerns regarding geothermal electric power generation includes the potential for surface instability, and sudden sulfur dioxide and silica emissions. For instance, in 2018 an earthquake with a magnitude of 5.5 reported, in Pohang, South Korea, injured dozens and forced more than 1,700 of the citys residents into emergency housing .The earthquake was directly linked to the increased geothermal electric power generation in the area using enhanced geothermal system(EGS). It involved drilling deep into the earth and removing water and steam that triggered small earthquakes. The increased risk of earthquakes and other environment related concerns hampers the growth of geothermal electric power generation market.
The companies in geothermal electric power generation market are investing in new technologies to make geothermal energy easily accessible to generate electricity and for other heating purposes. The large amount of geothermal energy is extracted only from places where it is easy to access very hot water. However, in countries like the UK and France, the availability of such hot water or hot water steam is very less as compared to places with volcanoes, such as Iceland and Indonesia. Following which companies are investing towards new approaches to make geothermal energy easily extractable and available. For instance, Climeon, a Sweden based company, invented technology that operates in temperatures between 70C-120C and uses the temperature differences between hot and cold water to produce electricity. The method, unlike solar and wind power, is continuously available and is not affected by the weather.
In 2018, Innergex Renewable Energy Inc., a North America based operator of run-of-river hydroelectric facilities, wind energy, and solar farm, acquired Alterra Power Corp.for $1.1 billion. Through the acquisition Innergex Renewable Energy Inc aims to expand its presence in the USA, Canada, Latin America and Europe markets. The acquisition increases Innergex's generation capacity to 1,609 MW (gross 2,896 MW). Alterra Power Corp. is a Canada based renewable power generation company that develops, owns and operates hydroelectric, wind, solar energy and geothermal projects.
Furthermore, Global Geothermal Electric Power Generation Market following points are involved along with a detailed study of each point: –
– Global Geothermal Electric Power Generation Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
– Global Geothermal Electric Power Generation Market competition by Manufacturers (2020-2026)
– Production and Consumption by Regions
– Complete profiling and analysis of Manufacturers (2020-2026)
– Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses
– Industrial Chain, Sourcing Strategy and Downstream Buyers
– Marketing Strategy Analysis, Distributors/Traders
– Global Geothermal Electric Power Generation Market Effect Factors Analysis (2020-2026)
– Global Geothermal Electric Power Generation Market Forecast (2020-2026)
– Global Geothermal Electric Power Generation Market Research Findings and Conclusion
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In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyses key emerging trends and their impact on present and future development.
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