Geothermal Power Market Trends, Segment Analysis, Growth and Future Scope

Globally, the Asia-Pacific geothermal power market installed the largest capacity of geothermal power plants in 2015 to meet the growing demand for energy in the region.
By: P&S Intelligence
 
LIVERPOOL, N.Y. - Jan. 20, 2021 - PRLog -- To harness the potential of geothermal energy for generating electricity, the International Renewable Energy Agency (IRENA) is working in coordination with the Global Geothermal Alliance (GGA). GGA is a global platform that was created at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in December 2015. GGA aspires to increase the installed capacity of geothermal power generation by five times and double the geothermal heating capacity by 2030. It also serves as a platform for co-operation, dialogue, and coordinated action between policymakers and geothermal industry stakeholders globally.

Due to this strong support from international organizations and increasing focus of governments on energy security and energy independence, the installed capacity of geothermal plants has increased globally, from 9,9992 Megawatts (MW) in 2010 to 13,909 MW in 2019, as per IRENA. Because of this growth, the geothermal power market will advance at a CAGR of 11.6% during 2016–2022, which will take the market revenue from $3,233.5 million in 2015 to $6,518.9 million by 2022.

To propel the investments, governments across the globe are offering tax benefits and other kinds of financial support for setting up geothermal power plants. The development of these plants is cost-effective, as they are not impacted by weather variations. Moreover, geothermal energy power plants are characterized by a high capacity and low outage rate. Due to the high capacity of these plants, the sector attracts huge investments from numerous government and private organizations.

Since the geothermal energy sector is still unexplored, several geophysicists, geologists, geochemists, and various domain experts are working toward exploring and distributing geothermal power. As the sector is still in its nascent form, the requirement for several domain experts will increase in the coming years. Additionally, the requirement for a workforce with expertise in electrical, mechanical, and civil engineering will grow due to the increasing installation of geothermal power plants. Similarly, the power plants will need a large number of people for maintaining, operating, and designing them, thus leading to the rising employment opportunities.

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