Geothermal Power Generation Market: Introduction
Over the past few years, several factors have encouraged the growth and development of geothermal power generation around the world. The most prominent of these factors being, favorable prices, tariff benefits, soft loans for development, and renewable energy, the impact of which is analyzed by the report in detail. While stringent government regulations pertaining to the globally-accepted environment protection laws may pose challenges in front of the stakeholders, the market as a unit is likely to benefit from the proliferation of the latest technologies. However, regulations imposed to curb groundwater pollution and land ownership laws are other bottlenecks, which the market will have to address to achieve a hindrance-free growth.
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Environmental Benefits to Drive Demand for Geothermal Power Generation
Geothermal power generation plants emit negligible carbon dioxide as compared to conventional power systems driven by coal. The significantly lower greenhouse emissions, reduced emission of other air pollutants, and the minimal use of water makes geothermal power generation plants eco-friendly. Plants using binary cycle technology emit virtually no carbon dioxide and thus form an attractive option for power generation in terms of environmental compliance perspective.
Geothermal power plants have much lesser land requirements as compared to other power plants, thus driving their demand. They have very high-capacity utilization, which means increased power generation. This, in turn, translates into higher revenue generation, thus propelling the demand for geothermal power plants. Furthermore, geothermal plants have the capacity to operate 24 hours a day, which is another factor encouraging their demand.
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Plant Set-up Restricted by Dependence on Areas with High Underground Temperature
One of the primary restraints, which the global geothermal power plants market face, is the extreme dependence on particular types of locations for the plant set-up. As this form of energy makes use of the heat from the earth’s crust to produce steam, which runs the turbines, it is of utmost importance for the presence of heat resources in the setting up of these plants.
There are very limited areas in the world that have extremely high underground temperatures viable for the set-up of geothermal power generation plants. This makes the Pacific Rim one of the most favourable locations for harnessing geothermal energy. Any major developments in the geothermal power generation market are, therefore, expected in the regions surrounding the Pacific Rim. This is limiting the growth of the industry in most other regions and thus players need to invest carefully.
Another challenging factor that is hampering the growth of the market is the risk of running out of steam over a period of time. This magnifies the resource availability constraints and limits the growth of the geothermal power generation market.
Binary Cycle Technology a Feasible Way of Harnessing Geothermal Energy in Low Heat Content
As stated before, the availability of locations with extreme heat resources is one of the major problems in the harnessing of geothermal energy. The development of a technology that allows for the harnessing of energy even in low quality heat, thus becomes essential. Hence, binary cycle has emerged as a type of technology that can result in efficient energy generation even in low quality resources of heat. Plants making use of this technology, pass the water that gets heated by the earth’s surface through a heat exchanger. Thus, binary cycle plants enable the efficient use of geothermal resources and will open many new doors of opportunities in the market.
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Asia Pacific Accounts for Highest Installed Capacity of Geothermal Power Plants
The Asia Pacific region has the highest installed capacity in the world, followed by North America. The market in the Asia Pacific region is expected to grow at a 7.28% CAGR between 2020 and 2031. The market in the Latin America and Middle East & Africa looks promising, owing to capacity additions and likelihood of future investments. The availability of high temperature resources in these areas is also a reason why the market is expected boom in the upcoming years.
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