Introduction Cost volatility and depletion of fossil fuels, along with scrutiny into the emissions of fossil fuel burning power plants have driven demand for both cleaner sources of energy and cleaner results from generating that energy. Advances in geothermal technology have now positioned renewable geothermal energy systems as a clean and economically viable alternative. Geothermal electric generation systems are increasingly leveraged to supplement and substitute conventional fuel sources around the world. In 2008, about 61 billion kilowatts of electricity were generated from geothermal electric power plants. Geothermal electricity now accounts for 0.3% of the world’s electric consumption.
Compared to conventional natural gas or fuel oil heat and air heat pumps, geothermal heat pumps offer many advantages. They have low operating, maintenance, and life cycle costs and a longer life expectancy than most conventional systems. Geothermal heat pumps leverage a renewable resource and are environmentally friendly. The global installed base of geothermal heat pump systems increased by nearly 61% from 1.065 million units in 2004 to 1.712 million in 2008.
Geothermal Energy Markets: Technologies and Products Worldwide includes a broad review of the global geothermal power systems and geothermal heat pump markets. The report provides a discussion of the technology utilized in geothermal energy production and recent technology enhancements. Historical and forecast (2004-2013) demand for each product type in power systems and heat pumps is quantified and projections for growth in demand are provided, along with the key factors influencing this growth. The report also provides profiles of companies active in geothermal energy production and geothermal heat pumps.
The information in Geothermal Energy Markets: Technologies and Products Worldwide is based on primary and secondary research. Primary research entailed in-depth interviews with firms involved in the exploration and development of geothermal sites, consultants to the industry, and manufacturers of geothermal heat pumps to obtain information on developing technologies and factors shaping the industry. Secondary research entailed data gathering from relevant sources, including government and industry publications, company literature, and corporate annual reports.
What You’ll Get in This Report
Geothermal Energy Markets: Technologies and Products Worldwide contains important insights and projections regarding the future of this market around the world. No other market research report provides both the comprehensive analysis and extensive data that Geothermal Energy Markets: Technologies and Products Worldwide offers. Subscribers will benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.
How You’ll Benefit from This Report
If your company is already doing business in the geothermal power or geothermal heat pump market, or is considering entering the marketplace, you will find this report invaluable, as it provides a comprehensive package of information and insight not offered in any other single source. You will gain a thorough understanding of the current global market for geothermal power and geothermal heat pumps, as well as projected markets and trends through 2013.
This report will help:
Market Insights: A Selection From The Report
Geothermal energy production is an emerging industry. Technology development in recent years has focused on:
Demand for Energy
Demand for electrical energy is expanding not only due to global population growth but also due to significant increases in per capita consumption of electricity in many countries around
the world as they transition into developed economies. Global electric demand continues to grow at about 1% per year overall. At the same time, most conventional power plants depend
on depleting fossil fuels, limiting their ability to power growing energy demands in the long run. Renewable energy sources such as wind, solar, and geothermal are expected to play an
increasingly important role in meeting current and future global energy demands.
Most renewable energy generation technologies are as yet unable to compete favorably against the significantly more mature conventional fuel conversion technologies.
Consequently, only a small portion of the world’s energy demand is currently met by these emerging power generation technologies.
Compared to other clean and renewable technologies like solar, geothermal power production is currently much more economical. Geothermal is also less expensive than clean, yet nonrenewable,
nuclear energy. Although initial investment costs are high, they are offset by the significant reduction in ongoing fuel and transportation costs over the life of the plant.
As geothermal technologies mature and enable further cost reductions, and the costs of depleting conventional fuels continue to escalate over the next 10 to 50 years, geothermal
power is expected to meet and exceed the cost benchmarks of conventional power systems.
Demand for Cleaner Energy Sources Equals Coup for Renewable Geothermal Energy Markets Worldwide
New York, March 26, 2009 - The renewable resource coup is officially on, and geothermal energy markets are poised to benefit as countries and consumers worldwide become increasingly dissatisfied with the status quo cost volatility and depletion of fossil fuels commonly linked to most conventional power plants. Technological advances have made geothermal energy a clean and economically viable alternative that can provide electricity while maintaining a relatively benign relationship with the environment. As a result, geothermal electric generation systems are increasingly being leveraged to supplement and substitute conventional fuel sources around the world.
In the brand-new report, Geothermal Energy Markets: Technologies and Products Worldwide, industrial market research publisher SBI reveals that global installed capacity of geothermal power plants grew by over 3.3% per year from 8.7 gigawatts in 2004 to nearly 10 gigawatts in 2008. SBI research further indicates that almost 61 billion kilowatts of electricity were generated from global geothermal electric power plants in 2008, accounting for 0.3% of the world’s electric consumption. The value of global geothermal electricity generated was nearly $6 billion last year based on the levelized cost of production.
Though the existing pipeline of planned geothermal installations indicates a potentially higher growth rate, SBI‘s prediction for growth of global geothermal electricity generation is somewhat modest due to current recessionary economic conditions and limited availability of investment capital. SBI forecasts a moderate increase of 2% per year from 60,928 million kilowatt hours (M kWh) in 2008 to 67,120 M kWh in 2013. Factors projected to favorably impact future growth will be the expected swelling of the world’s population and greater demand for energy from developing nations in transition.
“Demand for electrical energy is expanding not only due to global population growth, but also due to significant increases in per capita consumption of electricity in many countries around the world as they transition into developed economies. Global electric demand continues to grow about 1% per year overall. At the same time, most conventional power plants depend on depleting fossil fuels, limiting their ability to power growing energy demands in the long run. Unsurprisingly, renewable energy sources such as geothermal, wind, and solar are expected to play an increasingly important role in meeting current and future global energy demands,’’ says SBI Associate Publisher Shelley Carr.”
Geothermal Energy Markets: Technologies and Products Worldwide features a broad review of the global geothermal power systems and geothermal heat pump markets, and provides important insights and projections regarding the future of these markets around the world. Discussion of the technology utilized in geothermal energy production and recent technological enhancements are included, in addition to an examination of key historical and forecast (2008-2013) factors influencing demand and growth. Profiles of companies active in geothermal energy production and geothermal heat pumps are also provided.
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