The use of renewable sources for power generation is scaling up since the last decade. By effectively using the geothermal energy stored in places that are too close to the Earth’s surface, geothermal power generates electricity. As the amount of heat produced by magma and rainfall is limitless & repeated infinitely, there are infinite-repeated cycles of energy collection of underground steam, thus making geothermal a renewable source of energy.
Growing demand for electricity owing to rapid industrialization and urbanization in emerging countries is a prime factor that is driving the growth of the global geothermal power generation market. Geothermal power generation is considered to be an eco-friendly and renewable clean energy source as it does not involve the emission of any environmental pollutants such as SOx, NOx, or CO2. It is also a sustainable and stable 100 percent domestic natural energy. Thus, the growing concerns of greenhouse gas emissions and rise in environmental burden have led to an increase in the installation of power generation plants which in turn are augmenting the growth of the global market. Also, the preference for geothermal power generation is increasing due to limited availability of fossil fuels and fluctuating prices of fossil fuels. In addition to this, there is rise in government initiatives and funding for the renewable energy sector. All these factors are augmenting the growth of the global market. Furthermore, the constant advancement in technologies in the field of renewable energy is likely to have several opportunities for the growth of the global market during the forecast period.
The global geothermal power generation market is classified based on power station type, application, and region. Binary cycle power stations, flash steam power stations, and dry steam power stations are the types of power stations in the global market. Based on the application, the global market is divided into industrial processing, aquaculture, agriculture, civil heating, and others.
Regionally, North America is anticipated to lead the global geothermal power generation market during the forecast period. The presence of the highest number of geothermal power plants in California (30) and Northern California being the largest known dry steam field in the world is the major factor that is contributing to the growth of the market in this region. On the other hand, the market in Asia Pacific is expected to grow at a speedy rate owing to the growing use of renewable sources for energy, growing demand for electricity, and growing concerns of greenhouse gas emissions.
Chevron, Northern California Power Agency, CalEnergy Generation, Pertamina Geothermal Energy, Orkuveita Reykjavikur, KenGen, Enel Green Power, Comisión Federal de Electricidad, Calpine, Energy Development, and Star Energy Ltd are some of the prominent players that are operating in the global geothermal power generation market.
Key development: In March 2021, Chevron among the leaders in geothermal power generation has invested in a Swedish geothermal & heat power firm to expand its clean energy offering.