Gas insulated switchgear market to accrue substantial revenue via transmission & distribution applications over 2017-2024, APAC to majorly impact the regional landscape
The proliferation of technology across major end-use sectors across the globe has a major role to play in the growth of Gas Insulated Switchgear Market. Major firms have undertaken the tactics of technological innovations to steer the growth path of this industry toward a positive axis. For instance, in August 2015, ABB, a Swiss-Swedish multinational firm functioning in the areas of power, robotics, and automation, had developed the world’s first environment friendly gas mixture to be used across high & medium voltage GIS bays, which was expected to replace the toxic & hazardous SF₆ gas. The global warming potential of the new eco-friendly gas is lesser than that of SF₆, which will substantially reduce the greenhouse emissions of gas insulated switchgears by 50%. The initiative will also minimize the costs incurred due to phasing out old substations through their disengagement, which will lead to their upgradation and eventually provide a positive impetus to gas insulated switchgear market.
Europe Gas Insulated Switchgear Market Size, By Capacity, 2016 & 2024 (USD Billion)
Regulatory norms might hinder the growth of gas insulated switchgear market:
Strict penalties imposed by the European Union on the industry giants such as Toshiba Corporation, Siemens AG, and Mitsubishi Electric Corporation can adversely impact the revenue of gas insulated switchgear industry. In January 2016, the European Union court defended the verdict of lower courts to impose fines totaling USD 148 million on both the Toshiba Corporation and Mitsubishi Electric Corporation for partnering to manufacture the gas insulated switchgears to be extensively used across various electric substations. Siemens AG was also fined EUR 397 million for merely being a part of the alliance, while ABB was lucky to evade the fine with just a warning from the jury.
The growing significance of gas insulated switchgears can be attributed to its high demand across energy generation, transmission & distribution, and infrastructure & transportation sectors. The product also finds wide applications across the residential, utility, and industrial sectors. Gas insulated switchgear industry size in the infrastructure & transportation sector is projected to experience an optimal growth over the coming years, subject to the rapid improvement in infrastructure facilities. Global Market Insights, Inc., forecasts that gas insulated switchgear industry will collect a revenue of over USD 29 billion by 2024, growing at a rate of more than 8% over 2017-2024.
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An insight into the regional landscape of gas insulated switchgear market:
- APAC gas insulated switchgear industry is expected to observe a massive expansion over the years ahead with high government funding to efficiently carry out transmission & distribution activities for producing sustainable power. Countries across this region are focusing on the installation of more substations for high voltage power transmission and are promoting the use of green technologies, thereby boosting gas insulated switchgear market demand. For instance, in 2016, the Chinese government had declared to allocate funds worth USD 87.37 billion for constructing new ultra high voltage transmission lines for transmitting excess power supply to the distant regions and rural areas (including the hilly areas).
- U.S. gas insulated switchgear industry, which accounted for more than 65% of North America gas insulated switchgear market size in 2016, is slated to witness a widespread expansion over the years to come. Tremendous efforts made by the U.S. government to modernize the electrical infrastructure system are expected to result in successful outcome, thereby leading to large-scale business expansion. For instance, in 2017, the U.S. federal transit administration has declared to make investments worth USD 647 million in the Peninsula Corridor Electrification Undertaking across the region ranging from San Francisco to Tamien.
Siemens AG, General Electric Corporation, Larsen & Toubro, Alstom, Schneider Electric SE, Hyundai Heavy Industries Company Limited, Meidensha Corporation, Xi’an XD Switchgear Electric Company Limited, Nissin Electric Company Limited, and Hitachi Limited are some of the major participants expected to beneficially influence gas insulated switchgear industry revenue.
Author Name : Dhananjay Punekar
Vacuum insulated switchgear market to garner commendable gains over 2017-2024, shifting trends toward clean and green energy will enhance industry growth
Switchgear market is likely to witness an appreciable growth map over the years ahead, with the substantial contribution of the industry players. Recently, ABB, the world’s largest builder of electricity grids outlined a plan to expand the company’s capacity by opening a new 2,200 square meter facility in Southern Africa. This facility is likely to fulfil the requirement of low & high voltage switchgears and medium voltage products over the years ahead. In addition to this, ABB is willing to launch distribution transformers in the South African marketplace. The installation of this new facility will also prove to be useful for neighbor countries such as Zambia and Angola. ABB’s widespread experience in automation and power technologies will help in the development of enhanced power grids across Africa, thereby creating an impact on the global switchgear market.
Russia Switchgear Market Size, By Insulation, 2016 (USD Billion)
Many other switchgear industry players such as Mitsubishi Electric, GE, Siemens AG, Powell Industries, Schneider Electric, EATON, Hitachi Ltd., Larson & Turbo, Bharat Heavy Electricals Ltd., Fuji Electric, Ormazabal, Toshiba, Meidensha Corporation, Hubbell power systems inc., ILJIN ELECTRIC Co Ltd., Hyundai Ideal Electric Co., Crompton Greaves, and Rittal are also contributing significantly toward the growth of the market. Most of the companies are focusing on new developments in switchgear technologies to increase the service life of the equipment. Mitsubishi Electric, in fact, was the world’s first company to develop environment friendly, low pressure dry air insulation technology.
Reports suggest that in 2016, vacuum insulated switchgear industry covered more than 50% of the overall revenue share. The increasing need to maintain safety in power networks is slated to stimulate switchgear market. Implementation of switchgears in power networks helps to provide cost-effective and reliable distribution & transmission of electric energy. The ever growing demand for electricity has fueled the need for electric system installations on a large scale. The governments of various countries are investing heavily to enhance the current energy grid capacity, which will influence switchgear industry share positively. To avoid the chances of short circuits, there is huge requirement for interrupting breakers, high capacity transformers, and switchgear ratings as well, which will serve to augment the business expansion. As per estimates, in 2016, Switchgear Market collected a revenue of USD 90 billion.
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Various international financial institutions such as the World Bank, International Finance Corporation (IFC), and Asian Development Bank (ADB) have taken initiatives to expand the electricity access across the remote regions of the world, which may impact the economic and social growth of the region. As per a recent news onboard, ADB invested USD 57.7 million in Southeast Asia to utilize renewable energy on large scale. Shifting focus toward the development of renewable energy and rural electrification projects is expected to propel switchgear market share over the coming timeframe. Apart from rural electrification, growing industrialization and urbanization are also fueling the demand for continuous electricity supply. Statistics declare that the demand for switchgears across commercial and residential applications covered 20% of the overall switchgear market revenue in 2016.
To promote the development and innovation of electricity networks across the Europe, the European Electricity Grid Initiative (EEGI) suggested the implementation of the European research, development, and demonstration (RD&D) program. The main objective of this program is the production of completely decarbonized electricity production by 2050 and the distribution & transfer of 35% of the electricity demand from renewable energy sources by 2020, which will make a profound impact on Europe switchgear industry. Various companies across Europe are engaging in strategic alliances to develop low carbon energy technologies. According to Global Market Insights, Inc., “Worldwide switchgear market will surpass a revenue collection of USD 160 billion by the end of 2024 with an annual growth rate of more than 7% over the coming seven years.”
Author Name : Sunil Hebbalkar
Gas water heater market to witness extensive growth from tankless heater sales, China to be a major growth ground
Europe Gas Water Heater Market, By Application, 2016&2024 (Million Units)
The overall performance of a standard gas water heater and an instant electric water heater were testified which claimed to save Rs. 89 every month per bucket. The study has also concluded that an average residential consumer can hope to use just one LPG cylinder for about four months. The following table shows the comparison between the operating cost of a gas & electric heater
Operating cost of gas vs instant electric water heater to heat 18 liters (1 bucket) of water daily
|Required quantity||0.0876 kg||1.11 unit|
|Average cost||Rupees 42 per kg||Rs 6.00 per unit|
|Monthly expense||Rs 110.4 (0.0876*42*30)||Rs 199.8 (1.11*6.00*30)|
As per a report by Global Market Insights, Inc., the global gas water heater market is expected to surpass 30 million units in terms of volume by 2024 and generate revenue over USD 9 billion by 2024. This clearly states the impelling demand for gas and tankless water heaters across the globe. Justifying its energy and cost efficiency over conventional water heaters, gas water heaters are today’s most popular “green” water heating solutions.
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The growth of tankless gas water heater market
The advent of tankless gas water heaters has endorsed the overall industry with the most energy-efficient and sustainable water heater. In 2016, tankless water heaters grabbed 75% share of global gas water heater industry, owing to its longevity, endless supply, small size, cost effectiveness, lower standby losses, and durability. The emerging nations of Asia Pacific, MEA, and Latin America are witnessing rapid developments pertaining to gas water heater market. Tankless gas water heaters are witnessing huge deployment rate in the residential sector. The government of China has implemented standards and consumption codes to track the use of residential gas for water heating and cooking purpose. With its introduction of National Gas Utilization Policy, China has strongly promoted the use of natural gas for residential sector. This has significantly encouraged the growth of gas water heater market in the region. As per estimates, China gas water heater industry is likely to generate revenue over USD 1 billion by 2024.
Several governmental measures toward energy efficiency have prompted the gas water heater market players to conduct high-end research activities for the product diversification and innovation. Analyzing the current trends, the industry is witnessing intense competition with the presence of large number of manufactures across the globe. Cost effectiveness and energy efficiency of the products are the two major parameters underling the competitive hierarchy. Some of the renowned gas water heater industry players include American Water Heaters, Bradford White, Rheem, Reliance Water Heaters, Whirlpool, US Craft Master, and Kenmore.
Author Name : Ojaswita Kutepatil
FLNG market to witness major developments in Asia & Africa, soaring gas and electricity demand to impel the regional growth
The recent plunge in gas rates has deluded many an expert, leading to skepticism regarding the future of FLNG market. Industry analysts have been debating among themselves, with regards to whether the demand for gas will warrant the necessary momentum for FLNG projects to kick off. However, the successful completion of mega projects such as Prelude and Petronas PFLNG1 have put a merciful end to these speculations. The fact that these projects have surpassed major milestones, is a major factor that may lead to the propulsion of FLNG market over the forthcoming years. Since the inception of the new concept of floating regasification in 2005, there has been a remarkable growth in level of vessels that are operating as independent floating storage regasification units (FSRUs). This has significantly escalated the number of importers of LNG that have opted for FSRUs and have in turn made subsequent impact on the FLNG market demand from both operational and income perspectives.
Asia Pacific FLNG Market Size, By Product, 2016 & 2024 (USD Billion)
The emergence of floating liquefaction has led to a considerable increase in the global capital expenditure (Capex). Expenditure and income both are expected to increase in the existing FLNG market. For instance, recently in the present year of 2017, the government of Indonesia aims to increase its total LNG import capacity to 35,000MW by 2019. In response to this plan, the government has introduced a program to build gas-fired power plants and upgrade LNG import infrastructure to meet the new electrification targets. Growing number of such governmental initiatives across the globe has predominantly inflected the growth of FLNG industry. Global Market Insights, Inc., in its Floating Liquefied Natural Gas Market 2017-2024, reports that the overall valuation of this industry is set to exceed USD 78 billion by 2024, with global demand surpassing 300 MTPA over 2017-2024.
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Regional trends influencing FLNG industry landscape
Technological innovation to design high performance and reliable floating infrastructure has stimulated the growth of Australia FLNG industry share. Scheduled to start in 2017, megaprojects such as The Prelude and PNG FLNG are some of the industry’s biggest projects related to floating LNG. Australasia, a region comprising Australia, the island of New Guinea, New Zealand, and neighboring islands in the Pacific Ocean, accounted for the largest but one position in terms of global capex with 22%. Successful operation of the Prelude facility has led to increase in global interest and investments in FLNG industry. As per reliable sources, the project Prelude is estimated to represent 65% of the liquefication capex. Similar investments by emerging LPNG industry players are seen in the region to unlock the growth opportunities. For instance, in 2013, Royal Dutch Shell invested more than USD 12 billion to develop a 3.6Mtpa floating liquefied natural gas unit, which will aid in quick and cost effective natural gas production. The commercial production is likely to commence in 2018.
Asia & Africa
Industry analysts of FLNG market proclaims the investors’ focus to shift from Australasia to Africa and Asia. As per estimates, the spending in Australasia is set to decline post 2018 after the installation of the Prelude FLNG. Surging economic growth and electricity demand in the emerging countries of Asia have drawn the attention of several industry giants to invest in these areas. Asia is projected to account for a massive one-third of the overall FLNG market. Africa and Asia are the key growth areas spectating aggressive deals and financings. Together, both the regions accounted for 54% of the global FLNG industry size. These regions witness frequent energy shortages, which can be met by short-term solutions provided by FLNG. This has strongly influenced the growth of small/mid-scale FLNG market, which is estimated to grow at a rate of 30% over 2017-2024.
A notable rise in the long-term demand for gas, has driven the value of gas reserves. Many regions are looking forward to FLNG shell installation as a viable option pertaining to the cost and infrastructural design of these FLNG vessels. Moreover, the alternative is way more feasible than developing onshore pipelines with high installation costs. Some of the prominent FLNG industry player include Ophir Energy, Mitsui O.S.K. Lines, Woodside Petroleum, Noble Energy, Royal Dutch Shell, Petronas, and Golar LNG.
Author Name : Ojaswita Kutepatil
LNG bunkering market to secure its position in the billion-dollar business space by 2024, U.S. likely to impel the regional industry
The rise in the number of peak shaving plants will lead to a surge in the demand for LNG, thus creating a favorable roadmap for LNG bunkering market. The high demand for LNG bunkers can be attributed to the abilities of LNG to considerably reduce carbon emissions, methane slip, and air pollution. LNG bunkers find massive applications in offshore support vessels, container vessels, ferries, cruise-ships, and bulk carriers, on the grounds of which it can be safely assumed that the growth of LNG bunkering market will create lucrative avenues for major corporations to explore the business. Global Market Insights, Inc., states that LNG bunkering industry revenue, which was estimated at more than USD 800 million in 2016, is projected to surpass USD 12 billion by 2024.
U.S. LNG Bunkering Market Size, By Product, 2016 & 2024 (USD Million)
Regional Trends – LNG Bunkering industry
As per the current EU guidelines, every member country is required to have at least one LNG bunkering port. Statistics claim that nearly 139 ports in Europe are expected to be LNG bunkered by 2025. Improved LNG bunkering infrastructure facilities across Rotterdam, Zeebrugge, and Stockholm ports in the Northwestern part of the Europe are expected to boost LNG bunkering market trends across the region.
Exceptional LNG bunkering infrastructural growth across the Fourchon and Jacksonville ports on the U.S. Gulf & East coast along with the development of various ports with LNG bunkering facility across the southeast, great lakes, Pacific Northwest, and Gulf of Mexico in the North American region, will have a major impact on LNG bunkering industry size in the North American region.
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Asia Pacific LNG bunkering market is expected to witness a lucrative surge over the next few years, subject to the presence of world’s busiest LNG bunker ports in China and Singapore along with enhancement of LNG bunkering infrastructure facility across various shipping routes across the region.
China LNG bunkering market growth map is expected to experience a massive upward surge with the expansion of LNG bunkering infrastructure. South Korea industry is also anticipated to witness a similar growth trend with LNG bunkering facilities made available in Incheon port. Countries such as Japan and Australia are also expected to build LNG bunkering ports across their coasts, thereby further fueling the industry revenue across the region.
Escalating LNG bunkering industry expansion in Qatar can be credited to ample supply of LNG across the region along with growing strict government legislations to minimize the greenhouse effects
Competitive Landscape – LNG bunkering market
SEA/LNG, a multi-sector industry coalition strongly promoting the use of LNG as a marine fuel, has declared the inclusion of firms such as Mitsui & Company Limited, Sumitomo Corporation, and NOVATEK Gas & Power in its fold.
Mitsui & Company has participated in various LNG bunkering pilot programs and promoted comprehensive & in-depth LNG bunkering research. The firm has also invested in many LNG projects and is involved in a wide range of value chain activities, thereby providing a boost to LNG bunkering activities. By joining SEA/LNG, the firm expects to contribute towards green energy as a part of its corporate social responsibility initiative along with improving its brand image across LNG bunkering industry.
Stringent guidelines regarding fuel emissions across marine transportation have encouraged NOVATEK to penetrate LNG bunkering market. Today, the growing demand for cleaner fuels with the lingering threat of global warming form a major part of the discussions on global environmental concerns. This has driven firms such as NOVATEK to opt for LNG as a fuel for its marine fleet, thereby encouraging the infrastructural growth and impacting LNG bunkering industry.
Sumitomo, which has invested in the major LNG liquefaction venture in the U.S., has joined SEA/LNG to promote the extensive use of LNG as a marine fuel, which will undeniably leave an impact on LNG bunkering industry size over the years to come.
Major industry participants have been attempting to expand their business through product innovations and strategic alliances. Other key participants in LNG bunkering industry include Royal Dutch Shell PLC, Engie, ENN Energy Holdings Limited, Skangas AS, Fjord Line, and Korea Gas Corporation.
Author Name :Dhananjay Punekar
China to drive global boiler market over 2017-2024, natural gas assisted boilers to observe appreciable sales
Shifting trends toward the adoption of sustainable energy sources will be essentially responsible for the commendable growth of global boiler market. To fulfil the escalating need of energy pertaining to growing industrialization and urbanization, various government organizations are investing heavily in the development of power plants, which will generate lucrative opportunities for major corporations. The adoption of boilers will lead to a major reduction in the dependency on fossil fuel based energy generation, and will eventually lead to the lowering of carbon footprints and GHG emissions. This reduction is likely to stimulate Global boiler industry share, which, as per estimates, had generated a revenue of USD 37 billion in 2016.
Europe Boiler Market Size, By Application, 2016 & 2024 (USD Million)
Various countries across the globe are implementing action plans to increase the production of green energy. Germany has become the first country in the world to implement a climate action plan in November 2016. Through this action plan, the nation aims to reduce GHG emissions to zero by 2050. Rather than the energy sector, they have been emphasizing on the agricultural and automotive sectors to adopt advanced technology to reduce GHG emissions. To comply with government regulations, automakers across this region have already commenced research and development in the production of electric batteries and solar based vehicles. Estimates claim that in 2016, Germany had covered more than 15% share of Europe boiler industry.
In the future, natural gas based power plants will serve as new avenues for global boiler market investors. The increasing number of natural gas producers, mainly across the U.S. are likely to favor the increasing demand for natural gas over the years ahead, subject to the reduced prices of natural gas as compared to coal. Recently, a U.S. energy company has decided to supply one third of Ireland’s natural gas requirement, which equates to around EUR 300 million of shipments per years. As per statistics, more than 50% of the power plants were based on natural gas in 2016, which will significantly boost global boiler industry share over the coming timeframe. The adoption rate of natural gas based power plants is increasing enormously, owing to the easy storage, ample availability, and low emissions.
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The deployment of stringent rules and regulations to control the hazardous gas emissions have forced various industrial sectors to renovate their aging power generation systems – those which are primarily responsible for the emission of these gases. A range of firms have undertaken strict initiations to replace outdated boiler plants with energy efficient and eco-friendly boiler systems. Additionally, even educational institutions also have taken initiatives to replace aging boilers. Recently, the 5-decade-old Barton Community College had decided to replace a boiler with three small, high efficiency boilers, which are predicted to save 30% of costs. Subject to the increasing use of boilers for energy generation across the hospitality, healthcare, and educational sectors, global commercial boiler industry size is expected to surpass a revenue collection of USD 6 billion by 2024.
China has been investing heavily into healthcare infrastructural development lately, and as per the reliable sources, the government of China invested around USD 180 billion in healthcare sector in 2016. The same year witnessed China accounting for 35% of the revenue contribution of APAC boiler market. This region fuels the requirement of energy efficient heating systems, due to the thriving industrialization and urbanization. The giants in boiler market plan to develop energy efficient heating systems to enhance the overall energy grid. In addition, numerous research organizations are also continuously involved in the exploration of biomass fueled boiler systems. Speaking of which, some of the key participants in global boiler market include Thermax, Bharat Heavy Electricals, Weil-McLain, Parker Industrial Boiler, A.O. Smith, Wilcox, Cleaver-Brooks, Forbes Marshall, Hurst Boiler and Welding, Fulton, and Burnham Commercial.
Author Name : Sunil Hebbalkar
An outline of geothermal energy market regional landscape: Focusing on the prominent countries demonstrating a lucrative revenue-generating potential
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, as per Global Market Insights, Inc., 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.
Europe Geothermal Energy Market, By Technology, 2016 (MW)
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:
- 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.
|Latin America||1.64 GW|
|North America||3.45 GW|
|Asia Pacific||4.81 GW|
Geothermal energy industry trends across United States & Mexico
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.
Mexico ranked in 2016, as far as geothermal installed capacity is concerned. The region boasted of a capacity of 1,017 MW, thereby making it a potential investment ground for energy companies. A stringent regulatory structure supports the growth of the regional geothermal energy market. Experts affirm that the installed geothermal capacity in Mexico may hit 1,400 MW by 2020.
Geothermal energy industry trends across Indonesia
This country has surprisingly emerged as one of foremost leaders in installed geothermal capacity, and will be a profound contributor toward South-east Asia geothermal energy market share. The country recorded a capacity of 1340 MW in 2015, and has been predicted to surpass remarkable heights over the course of the nest few years. Numerous geothermal projects are already underway in the nation, as reported by sources, which will undeniably help the regional geothermal energy industry to carve out a successful growth path. A couple of projects that may contribute toward the regional geothermal energy market expansion are enumerated below:
- Recently, Toshiba and Ormat announced the successful commencement of the Sarulla geothermal power plant, located in North Sumatra, Indonesia, which is estimated to be one of the world’s largest power plants.
- Reports state that this 110 MW plant, equipped with flash and binary technologies, has been designed to provide 100% reinjection of the geothermal fluid. This plant is evidence enough to declare that technological innovations play a significant role in the development of geothermal energy industry.
- Ansaldo Energia has recently received the green signal to proceed with two of its geothermal projects, which are combinedly worth EUR 80 million, in eastern and western Java. The two contracts are expected to simultaneously increase the total geothermal output in the region to 270 MW, thereby providing a positive impetus to South-east Asia geothermal energy market.
Geothermal energy industry trends across the European belt
Europe is the pioneer of renewable energy market, and by extension, geothermal energy industry, subject to a plethora of drivers, including energy reforms, suitable locations, government initiatives, and a rising need to promote green energy. A breakdown of the installed geothermal capacity in European continents in 2015 is provided in this table:
The region boasts of a slew of geothermal projects across Germany, Italy, and France, with the appreciable contribution of Portugal and Turkey. The points below focus on a couple of projects that are likely to impel the growth path of the regional geothermal energy market over 2017-2024:
- Renowned Turkish facility MB Holding plans to construct Croatia’s first geothermal power plant with a capacity of 16.5 MW, based on a multi-stage ORC turbine by Turboden.
- Reputed Italian firm Exergy aims to construct a 24 MW geothermal power plant in Turkey, simultaneously propelling geothermal energy industry across both the countries.
- In 2016, the geothermal energy production in Tuscany, Italy, increased to 5,871 GWh of geothermal-based power in the region, from 34 operational geothermal power plants. This record has opened up new opportunities for business players operating in geothermal energy market, as these plants exhibit a high level of technological operations and efficiency.
While the aforementioned regions are already at the helm of geothermal energy industry, there are many other untapped regions, such as Brazil, Chile, China, and India, which are likely to emerge as lucrative avenues for the growth of geothermal energy market. In fact, recent reports suggest that in a bid to expand its renewable energy capacity, India aims to harness 10 GW of geothermal energy by 2030 via strategic collaborations with New Zealand, U.S., and Mexico. The country has also declared that it intends to achieve 175 GW of renewable electricity by 2022, which will substantially impact the regional geothermal energy industry. Many other regions have been reported to still be in the nascent stage of geothermal energy market development, however, experts say that the increasing environmental issues cause due to fuel-based power will lead countries to look out for green avenues, and will be a major factor propelling the growth of geothermal energy market.
Author Name : Saipriya Iyer