Geothermal energy is a clean and renewable energy derived from the heat produced by the slow decay of radioactive particles in the core of the earth. Geothermal reservoirs are located deep underground and can be detected through volcanoes and fumaroles, hot springs and geysers. The most active geothermal resources exist along major tectonic plate boundaries that incorporate maximum volcanic areas. The geothermal energy is mainly used in three main applications including direct use and district heating systems, electricity generation power plants and geothermal heat pumps.
The introduction of favourable government regulations and policies are expected to recover the otherwise untapped huge geothermal potential for low-carbon electricity generation and direct use in cooling and heating. Despite these advantages, the geothermal energy has experienced a low adoption owing to the high initial cost associated with the technology. The increasing demand for reliable and sustainable electricity supply is further expected to boost the demand for geothermal power.
The report analyst commented "Geothermal is expected to witness substantial growth over the next decade and beyond as governments aim to meet their emissions reductions targets while maintaining a stable and reliable source of energy for their electricity networks. Although capital costs for geothermal are relatively high, the prime driver in this market is likely to be governmental policies."
Leading companies featured in the report who are involved in Geothermal Power include Ormat Technologies Inc., Ansaldo Energia, General Electric Company, Mitsubishi Heavy Industries Limited, Toshiba Corporation, Fuji Electric Co. Ltd., Calpine Corporation, US Geothermal Inc., Enel Green Power and Halliburton, Enel Green Power and Berkshire Hathaway.
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Source: ASDReports - Market Research
Date: Jun 28, 2019