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Global Geothermal Power and Heat Pump Market Offering a Promising Growth Rate of 14% by 2015

Browse market data tables and in-depth TOC on Global Geothermal Power and Heat Pump Market Outlook: (2010-2015)

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The global geothermal electricity market is expected to grow from installed capacity of 10,500 MW in 2009 to 19,200 MW in 2015, at an estimated CAGR of 12.4% and the global geothermal direct use installed capacity is expected to grow from 50,500 MW in 2010 to 101,100 MW in 2015 at an estimated CAGR of 14.9% for the same period.

The global cumulative installations of geothermal heat pumps are expected to grow from 2.94 million in 2010 to 5.66 million in 2015 at an estimated CAGR of 14% for the same period. The major countries using geothermal heat pumps areGermany,Netherlands,Norway,Sweden, and U.S. The major portion .i.e. around 67% of geothermal energy available for direct use is utilized by geothermal heat pumps for space/district heating requirements.

Due to the natural occurrence of geothermal resources having source temperature above 90oC due to geological activities, the Americas region is leading in geothermal power installed capacity globally with 43% share. It is followed byAsia Pacific at 41%.Europe leads in geothermal direct use installed capacity with a share of 42%. It is followed by the Americas with 30% share due to availability of resources having source temperature under 90oC.

The major countries involved in geothermal power generation are U.S. followed byPhilippines, andIndonesia, whereas in geothermal direct use, U.S. is followed byChina andSweden in 2010.

The main driving factors in the geothermal market are environment-friendliness and lower operating and maintenance cost when compared to conventional fuels. The favorable policy and regulation framework and recent investment activities by governments and venture capitalists are boosting the development of the geothermal energy market. However, the growth in the market is impacted by higher initial cost and limited geographical availability of resources. All these reasons makeEurope and Americas leading regions in direct use and geothermal power generation respectively.

The major players in geothermal power industry are Enel (Italy), First Gen (Philippines), Ormat Technologies (U.S.), Reykjavik Energy (Iceland), and Magma Energy Corp. (Canada) and the major players in the geothermal heat pump are Climate Master Inc. (U.S.), Waterfurnace International Inc. (U.S.), Ochsner (Germany), and Florida Heat Pumps (U.S.).

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