Geothermal energy is a type of heat energy that is
produced in the earth’s core. This energy is utilized in a wide range of
applications from power stations to simple pumping systems. Geothermal energy
is considered as a renewable source of energy since the water which is captured
in the form of heat while extracting geothermal energy is continuously
replenished by rainfall and again the heat generated from it can be used. A
major concentration of geothermal energy on the planet is in the area bordering
the Pacific Ocean and is called the Ring of Fire.
There are two types of geothermal systems –
hydrothermal and hot rock or enhanced geothermal systems. The most important
type of geothermal energy is hydrothermal energy which is most widely used for
generating electricity.
Increasing concerns regarding energy security, economic
growth in developing markets, rising costs of fossil fuels, several incentives
given by European countries, new technologies like binary technology, which can
use even moderate temperatures to generate a decent amount of electricity, are
some of the major drivers that are significantly fuelling this market.
The major impediments which this industry faces include
initial financing of large scale projects, resource development risks like
failure of drilling wells and insufficient productivity, lack of skilled labor
to work on the projects, issues related to drilling rigs and market and network
issues like proximity to the market and network capital costs. Also, there are
some environmental problems in producing geothermal energy like release of
hydrogen sulfide and disposal of toxic geothermal fluids while extraction.
Challenges to this industry are carrying out efficient
programs for land leasing where reserves of geothermal energy are located,
better drilling assistance in terms of accurate positioning of the site and its
viability, and significant financial support needed to establish the plants at
the desired locations.
The United States of America has the largest amount of
installed capacity and is succeeded by Philippines, Indonesia, Mexico, and
Italy. Currently there are over 150 projects under development in the U.S.. On
the other hand, China is the largest direct user of geothermal energy followed
by the United States, Sweden, and Turkey.
Some of the players of this sector include Ormat
Technologies, Chevron, Calpine, US Geothermal, Raser Technologies, AltaRock
Energy, Enel Green Power North America, Gradient Resources, Islandsbanki,
MidAmerican Energy Holdings Company., Nevada Geothermal Power Inc. , Ram Power,
Terra-Gen Power, ThermaSource, Cyrq Energy, Scientific Drilling International
(SDI), and Toshiba International Corporation.
This research report analyzes this market depending on
its market segments, major geographies, and current market trends. Geographies
analyzed under this research report include
North America
Asia Pacific
Europe
Rest of the World
This report provides comprehensive analysis
of
Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for upcoming years
This report is a complete study of current trends in
the market, industry growth drivers, and restraints. It provides market
projections for the coming years. It includes analysis of recent developments
in technology, Porter’s five force model analysis and detailed profiles of top
industry players. The report also includes a review of micro and macro factors
essential for the existing market players and new entrants along with detailed
value chain analysis.
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