Global Geothermal Energy Market to Exhibit 23.58% CAGR during 2013-2019 Owing to Approval of New National Plants

With the surging demand for renewable energy, the global geothermal energy market is witnessing an impressive growth. The market is anticipated to take a leap at a CAGR of 23.58% between the period 2013 and 2019. Regulatory support, cost competitive tariffs, excellent scalability, and high capacity utilization have propelled the growth of the global geothermal energy market. Introduction of new technologies such as binary cycle technology to harness the geothermal energy economically will further drive the demand for the market. The overall market was worth US$2.5 bn in 2013 and is estimated to be valued at US$8.9 bn by 2019.

Research Report: http://www.transparencymarketresearch.com/geothermal-energy-market.html

Countries Focus on Development of Geothermal Power Plants to Meet Energy Demand

Among the key regions in the global geothermal energy market, Asia Pacific dominates the market in terms of installed capacity. As the region has several unexplored geothermal sites, it holds an immense potential for the growth of the overall geothermal energy market. In Europe, countries such as Iceland and Italy have been obtaining a major part of their power requirement from geothermal resources. Hence, the market is estimated to be stagnant in this region. 
 

• Two New Power Plants Coming Up in Kenya: Though geothermal energy can be found across in the world, it is economically viable particularly in those regions where the earth’s crust is very thin and the steam comes out easily. Kenya is one such country where the earth’s crust is thin, thereby leading to easy access to hot rocks below. In Olkaria, two new geothermal energy production units had been installed last year. This has increased the country’s production of geothermal energy to 609 MW. Kenya is the world’s eighth-largest geothermal producer. With a number of potential geothermal sites scattered across the Rift Valley, the country has a potential to produce 10,000 MW of geothermal energy.
• California Approves Development of New Geothermal Plant in Salton Sea: In California, the renewable energy portfolio has a standard requirement that 50% of all energy procured by utilities must be derived from renewable energy sources by the end of 2030. Accordingly, the development of a new geothermal power plant in the Salton Sea in Southern California has been approved by the Imperial Irrigation District this month. The Imperial Irrigation District is the third-largest public power provider in the country. Once developed, the new geothermal production unit is anticipated to produce up to 250 MW of renewable energy. In the future, the production capacity of this unit is expected to reach 375 MW. The power plant is expected to be fully operational by 2020.

Even though the installation of a geothermal plant is capital intensive, the demand for geothermal energy will increase, as a number of countries are expected to approve projects to harness the energy in the near future.

Research Press Release: http://www.transparencymarketresearch.com/pressrelease/geothermal-energy-industry.htm

Indonesia Power Generation Market to Reboot with New Power Program in View

Joko Widodo, the Indonesian president popularly known as “Jokowi”, recently announced the initiation of a nation-wide energy program. The project, which kicks off from Gorontalo in August, is set to revamp the entire Indonesia power generation market. 

Here’s a quick recap of the Indonesia power generation market:

• It weighed in at 44.4 gigawatts in 2013
• The 2013 power generation of 206.5 terawatt hour is expected to grow at a rate of 9.1% from 2014 to 2022, reaching an effective 442.5 terawatt hour in 2022
• The expected CAGR of the market is 8.5% between 2014 and 2022

Leading market research agency Transparency Market Research states that the Indonesia power generation market was worth US$14.1 billion in 2013, a value that is expected to escalate to US$63.6 billion in 2022.

Browse Market Research Report of Power Generation Market: http://www.transparencymarketresearch.com/indonesia-power-generation-market.html

Gas Attempts to Enter a Coal-dominated Market

The Indonesia power generation market, to date, has been consuming largely coal in order to meet the electricity requirements. While the coal-powered segment is expected to remain in the lead for the time being, the inception of natural gas power plants is picking up pace as well.

Jokowi had announced the inauguration of a gas-fueled power plant’s construction in Pohuwato district of Gorontalo. The new plant is set to generate 100 megawatts of electricity annually. The plant is a part of the plan created by the Indonesian government to develop a network of power plants that will supply 35,000 megawatts of electricity. The project has been distributed over several regions.

Growing Demand for Electricity

Indonesia is showing a 9% increase in demand for electricity per year. This is more than the annual growth of electricity generation shown by the nation in the recent past. The government is trying to match the demand with supply. What this spells out for other industries is a heavier chance of investments. The Indonesia power generation market lacks investments and the government is looking for avenues to fill that gap, even with foreign investors.

Browse Market Research Press Release of Power Generation Market: http://www.transparencymarketresearch.com/pressrelease/indonesia-power-generation-market.htm

Increasing Generation and Reducing Emissions

The Indonesian government has also planned to phase out the emission of greenhouse gases by implementing cleaner power generation methods. One such avenue being explored is geothermal energy. The country has a plethora of geothermal sources for power generation, which are estimated to amount up to 28.0 gigawatts. As of 2013, merely 1.6 gigawatts were actually being harnessed. Another 5.0 gigawatts are scheduled to be added to this generation figure by 2025.

Meanwhile, the Indonesian government has also decided to accelerate the development of multiple power generation projects in Gorontalo, which includes a 2 x 25 megawatts steam-fueled power plant in Anggrek. The plant will, however, miss its early deadline of December 2015. The region has also experienced a long duration of power crisis due to the current developments. But with the upgraded geothermal power generation and possible aid from bigger investors, the nation is on the verge of a brighter tomorrow.