With the extensive global attempts to eliminate hazardous fuel emissions, geothermal energy market is on its way to establish itself as one of the most dynamically evolving energy markets of recent times. Geothermal energy, virtually considered the underdog among renewable energies, had been slightly lagging in development compared to the other forms of renewable energy, for a long time. With its commendable proliferation pertaining to the global requirement for electric supply and the subsequent upsurge in the demand for geothermal-based power, geothermal energy industry size has been estimated to cross USD 57 billion by 2024. The World Energy Council forecasts that geothermal energy can cater to more than 8% of the world’s power supply, a factor that is likely to propel the revenue-generating potential of Geothermal Energy Market over the years to come.
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Geothermal energy basically entails harnessing heat from the earth’s crust – from shallow backyards to deep wells. Having gradually established its place in the global energy landscape, geothermal energy industry size, say experts, will escalate remarkably over the span of the next few years. Scientists affirm that harnessing geothermal energy for power production could contribute heavily toward safeguarding the environment from carbon emissions. Statistics depicting the vast penetration of geothermal energy market are enumerated as follows:
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In 2012, the U.S. National Renewable Energy Laboratory (NREL) declared that the geothermal facilities in 13 states have a capacity of 38,000 MW, which can generate 308 million MWh of power per year.
The year 2013 recorded a utility-scale geothermal capacity of more than 11,700 MW on a global level, which produced around 68 billion KWh, sufficient enough to fulfill the power requirement of more than 6 million U.S. homes.
Here’s a breakdown of the installed geothermal capacity across prominent regions in 2015. The capacity has a crucial role to play in the development of geothermal energy industry.
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1. Geothermal Energy Market size & share forecast by product & application 2017-2024
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Statistics claim more than eight U.S. states to have accounted for a capacity of more 3,300 MW in 2015, which makes the U.S. a global leader in geothermal energy market. More than 80% of this capacity is seemingly installed in California, which boasts of a collection of 40 geothermal plants providing around 7% of the region’s electricity. Though the latest trends depict a slight flak in the growth of geothermal energy industry, it has been estimated by experts that U.S. geothermal capacity may cross 5,600 MW by 2020.
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The region will depict a meteoric rise in the growth of geothermal energy market, given the numerous projects in the pipeline, a strict regulatory landscape, and the easy availability of low temperature resources. Some of the promising indicators of the regional geothermal energy industry growth are as follows:
As per a 2016 report by the National Renewable Energy Laboratory, geothermal installed capacity on the Salton Sea may cross 1.8 GW by 2030 – a factor that will heavily influence the regional geothermal energy market.
The DOE’s Berkeley National Laboratory is expected to lead a new geothermal project worth USD 9 million, to eliminate any possible issues related to the commercialization of enhanced geothermal systems (EGS), with a clean energy technology that may help to provide electricity to 100 million American homes. This initiative will suitably impel geothermal energy industry size, state scientists.
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