Selbyville, DE -- (ReleaseWire) -- 04/12/2018 --Global Geothermal Energy Market is projected to surpass USD 57 billion by 2024, according to a new research report by Global Market Insights, Inc. Increasing energy demand from heating & cooling systems including ground source heat pump and district heating will positively drive the geothermal energy market. Favourable legislations to reduce GHG emissions will further stimulate demand. The EU has introduced several action plans and framework including Paris Climate agreement and 2030 climate and energy framework with an aim to reduce the emissions to 47% from 1990 level. Directive also focusses to increase sustainable energy share to at least 27% of total consumption by 2030.

Ability to offer reliable, stable, environment friendly and baseload power will embellish industry penetration. Growing demand for electricity among developing countries owing to increased infrastructure spending will further complement the business outlook. In Latin America, electricity consumption reached from 1268 TWh in 2013 to 1279 TWh in 2015. However, high upfront cost along with location dependency may act as restraint.

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Easy availability of low temperature resources along with stringent regulation to minimize environmental impact will fuel the U.S. geothermal energy market growth. Regulations including National Ambient Air Quality Standards has been introduced to limit industrial emission including SOx and NOx. Increasing demand for energy efficient system for heating and cooling applications from commercial and residential sector will further influence the industry growth.

Increasing demand to recover heat from low to medium temperature reservoirs will propel binary geothermal energy market share. Improved thermal efficiency and strong environmental benefits makes it a preferable option when compared with available counterparts. In 2016, Costa Rica announced to expand its Las Pailas installed capacity by 165 MW, which is expected to be operational by 2018. Flash geothermal energy market will witness strong growth owing to its ability to generate electricity by utilizing water dominated reservoirs with temperature greater than 1800C.

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Japan geothermal energy market share is predicted to expand over 8% by 2024.Introduction of several incentives including feed in tariff to encourage renewable energy adoption will favor the business growth. In 2016, Japan Ministry of Economic Trade and Industry has introduced USD 0.26 FIT for less than 150MW and USD 0.36 FIT for greater than 150MW geothermal power plants.

Increasing electricity demand along with growing investment towards renewable energy will foster the Ethiopia geothermal energy market. In 2013, the country announced to invest USD 4 billion to build 1000 MW Corbetti geothermal power plant out of which first phase 500 MW is expected to be operational by 2018. In Ethiopia, over 69% of the total population lacks access to electric grid.

Key participant in geothermal energy market includes Mitsubishi heavy industry, Ansaldo Energia, TAS Energy, Chevron, Enel Green Power, Ormat, Calpin, Terra Gen, Fuji Electric, General Electric, Exergy, Reykjavik, Terra Gen, Turboden, Toshiba, and U.S. Geothermal.

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