Geothermal Market Research Reports, Analysis & Trends
Geothermal industry comprises companies that operate by producing and generating energy from earth's core and geothermal literally means earth's heat. Basically, the temperature at the earth's core is estimated to be approximately 5,5000 degrees centigrade and it is as hot as the surface of the sun. Geothermal energy is the cleanest and renewable energy that can be tapped by many countries around the globe located in geographically favorable areas. It can be harnessed from underground reservoirs which are conventionally geothermal, contain hot rocks saturated with water or steam. The wells are drilled at least two kilometers in depth or more and the hot water and steam are then piped up to a geothermal power plant, where electric generators are used to create power for businesses and homes. It is a sustainable and more reliable and renewable energy and it is efficient.
This energy is considered a renewable resource because it exploits the abundant interior heat of the earth and the water, and after the utilization of the water and once fully used and cooled, it is then piped back to the reservoir where the water is streamed back into the nature where it belongs or it can be used for other purposes. It can be utilized for electricity production and for direct use, for example- to heat and to use for industrial purposes. And in areas with no hydrothermal fluid circulation, there is traditionally no potential for conventional geothermal systems, but with Enhanced Geothermal Systems that allow some form of engineering to develop the permeability necessary for the circulation of hot water or steam and the recovery of the heat for electrical power generation, geothermal energy could be utilized far beyond the possibilities of today’s technologies.
Current Trends in Geothermal Market
In today's times there is a large potential for geothermal electricity generation and it lies in the hot regions of this planet or the tectonic plates, for example- along the pacific ring of fire. Globally, the geothermal energy represents around 0.3% of total US energy consumption and approximately 8% of the renewable energy resources. It generates about 64.000 Gwh in electricity, with an installed capacity of 9,940 MW. The main producing countries include the US, Philippines, Italy, Indonesia and Mexico, all of which combined produce over 80% of the global geothermal electricity generation. The top 10 countries produce over 96% and the geothermal direct-use applications generate around 75,900 GWh, of which Sweden, China, the US, Turkey and Iceland produce around 60% of the world direct use in GWh thermal. The top 10 countries account for around 70% of the world direct use.
According to the NRG Expert, in the next five years, the high growth markets for the sector are expected to continue to be the top six main geothermal markets, such as Kenya, Mexico, Iceland, and South America. The future plans for geothermal energy industry show that there are signs of a move towards the increasing use of binary geothermal plants. After a substantial study, the reports suggest that these plants tend to be used at lower temperature resources and viable high temperature geothermal sites are being used or are under development and the creation of more viable sites through hydraulic fracturing, known as enhanced geothermal systems (EGS), is not close to full commercialization. In the near future, the demad for geothermal energy source is expected to climb and sustain for long time to come.
Major Geothermal Industry Players
Major players in the geothermal industry include, Alternative Earth Resources Inc, Calpine, Mid American Energy Holdings Company, Ormat Technologies Inc, Ram Power, US Geothermal, Scientific Drilling International and Terra-Gen Power, LLC.