Environmental Benefits of Geothermal Power Generation Market to Level up Demand

The global market for geothermal power generation is likely to advance at a promising pace, thanks to the increasing bulk of investments and enhancement of production capacities. Geothermal power production uses the steam generated from hot water reservoirs that are found some miles below the surface of the earth, in order to produce electricity. The steam propels a turbine to activate a generator, thereby producing electricity. The findings of the report by Transparency Market Research (TMR) reveal that by 2019 the global market for geothermal power generation is expected to attain a revenue worth US$8.9 bn, expanding at an exceptional CAGR of 23.58% during the forecast period 2013-2019.
Q. Which technologies are slated to contribute significant revenue to the global geothermal power generation market?
By technology, the global market for geothermal power generation has been segmented into flash steam, dry steam, and binary cycle. The increasing acceptance of these geothermal power generation technologies across the total energy sector has been assisting the development of the market. Of these major technologies, flash steam is expected to lead the global market for geothermal power generation over the next few years. Moreover, the increasing demand witnessed by the binary cycle power plants worldwide is likely to place this segment among the leading segments as well.

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Q. What are the key catalysts and deterrents of the global market for geothermal power generation?
The cost efficient tariff rates alongside improved scalability have been some primary propellants of the global market for geothermal power generation. The environmental advantages such as GHG emissions offered by geothermal power is perhaps one of the foremost factors inspiring the adoption of this technology. Moreover, the growth of the market for geothermal power is being accelerated by greater capacity utilization as well as promised stability of power supply. On the other hand, the emission-related problems, high investments, and limited access to raw materials can restrict the expansion of the global market for geothermal power generation.
Q. Which regional segments bear maximum growth opportunities in the global geothermal power generation market?
Of the key regional segments, Asia Pacific and North America have emerged as the most significant market segments. The increasing demand for binary cycle power plants in North America is responsible for the outstanding expansion of this regional market. Developing countries in Asia Pacific, Latin America, and South Africa have been establishing new geothermal power generation plants. Indonesia, India, China, Thailand, Ethiopia, and Kenya are likely to become the key contributors. For instance, Malaysia is awaiting the establishment of its premier power plant which is expected to be come on steam by the end of 2019. Located in Tawau, the private project is undertaken by Tawau Green Technology Sdn Bhd, reported the Malaysian Minister for Energy, Green Technology, and Water.

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