Geothermal energy is a form of renewable energy obtained from the heat present in the earth’s crust. Geothermal power plants tap both hot water reservoirs and steam produced by the earth. Geothermal energy is used for power generation, geothermal heat pumps and direct use. As of January 2015, there was about 13.3 GW of geothermal operating capacity and it is expected to increase five-folds by 2030. On the basis of technology, geothermal plants can be segmented into dry steam, flash steam and binary cycle plants. Of these, flash steam plants are the major source of geothermal energy followed by binary cycle plants.
Currently, geothermal energy production is only restricted to 24 countries in spite of good geothermal potential in 90 countries. The major obstacles in development of geothermal capacity in most of the countries are uncertainties in policies, licensing delays, higher initial cost of drilling and risks related to exploration. Although, after signing of Paris Agreement at United Nations Climate Change Conference (COP21) to support and boost renewable sources of energy, it is expected that geothermal energy market will get extended support from Global Geothermal Alliance, an international alliance of 38 countries, as they have already committed to increase installed capacity of geothermal power generation by five times and increase geothermal heating two folds by 2030.
Geographically, geothermal power generation market is dominated by Asia Pacific, Europe and North America regions, with United States leading the curve followed by Philippines, Indonesia and Mexico. Asia Pacific presents good opportunity for geothermal energy generation market because of many untapped and underdeveloped geothermal resources present in the region. In addition, in the long run, countries like Honduras, Armenia, Spain, South Korea, Vietnam, Bolivia and Chile are expected to create opportunities for geothermal energy market.
ASDReport.com has a good collection of reports covering market, trends, issues and opportunities pertaining to geothermal energy market. The reports cover topics like geothermal power generation, geothermal heat pump, thermal energy storage, among many others.