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Geothermal Power Generation Market in 2013-2019: Transparency Market Research
Transparency Market Research includes new market research report “Geothermal Power Generation Market" to its huge collection of research reports.
Geothermal power is the only form of renewable electricity capable of achieving high capacity utilization and supply base load. This provides geothermal power with a unique market positioning, thereby allowing it to compete with conventional and non-conventional sources of power generation. Regulatory initiatives by governments around the world may prove to be both drivers and restraints for the market. Policy frameworks such as feed in tariffs, renewable energy certificates, renewable purchase obligations by utilities and soft loans for geothermal resources development are major drivers for the industry.
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However, strict environmental protection laws, land ownership laws and ground water pollution control regulations may hamper development in the sector. Nevertheless, many countries around the world are relaxing and amending stringent environmental norms in order to harness geothermal resources.
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The market has been analyzed in terms of the type of power plant technology used to generate geothermal power. The three dominant technologies are dry steam, flash steam and binary cycle. The geothermal power generation market is witnessing significant changes in terms of technology adoption. This trend is projected to continue in the near future. Significant changes are likely to be observed in the market in terms of market share of each technology type during the forecast period. Older technologies such as dry steam that require high temperature resources are anticipated to lose market share, while newer and more efficient technologies such as binary cycle would exhibit high rates of market penetration. Flash plants account for majority market share in terms of global installed capacity; however, flash plants are estimated to lose market share due to the impact of binary cycle power plants. In terms of installed capacity (volume), the geothermal power generation market is expected to expand at a CAGR of 8.28% from 2013 to 2019.
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Geothermal power generation requires high upfront capital cost; however, attractive payback periods and zero fuel costs are investment drivers in the industry. Investment requirements to set up a geothermal power plant are not limited to construction expenses. These involve four different cost components: exploration costs, drilling costs, surface facility construction costs and actual power plant construction costs. The geothermal power generation market is fragmented in nature, with no single market player occupying a large market share. However, smaller companies pool resources through strategic alliances and joint ventures in order to pursue aggressive geothermal asset acquisition and development strategies. This may lead to a wave of industry consolidation in the near future.
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