Global Geothermal Power and Heat Pump Market Outlook: (2010-2015)
Geothermal energy is a renewable source of energy derived from the earth’s crust. The heat available underneath is called as geothermal heat, which is utilized to generate power by drilling wells and employing various technologies such as dry steam, flash steam, and binary cycle. Another major utilization of geothermal heat is its direct use in space heating, aquaculture, horticulture, swimming pools, and spa treatments. These two applications form the geothermal energy industry and are the focus areas of interest in the report.
The report provides comprehensive analysis and forecast of geothermal energy industry. The analysis and forecasts are based on key data points regarding installed capacity, technological developments and use, market segments, research and development. It incorporates cost related aspects of the geothermal energy industry categorized into fixed and variable costs.
The report also consists of updates and developments in the market during the last 12 months. The surging prices of non-renewable sources, petroleum in particular and growing concern over pollution control is helping the growth of the market for renewable sources of energy.
Markets Covered
The major applications of geothermal energy like electricity generation and direct use (geothermal heat pump installations) have been covered in great detail. The sub-types of these applications of geothermal energy based on their conversion technologies and equipments have been analyzed in detail. We have done an in-depth competitive landscape and geographic analysis for each of the markets and their sub-segments, covering the major markets, viz. Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Stakeholders
- Geothermal power plant companies
- Geothermal industry equipment manufacturers
- Government agencies
- Institutional investors/shareholders
- Power distributors
- Environmental research institutes
Research Methodology
The global geothermal energy market is analyzed and forecasted for the period 2010 to 2015. Market forecasts are based on primary and secondary research data. The market structure is designed on the basis of the secondary research conducted to study the product portfolios of major global renewable energy companies. This structure is cross-validated through primaries conducted with the industry players and KOL’s (Key opinion leaders). The secondary research was based on paid sources such as Factiva and basic internet search for relevant news articles and websites of companies and associations.
The major players have been profiled on the basis of their recent additions to installed capacities, future projects, and publicly available information. The market value for geothermal electricity is calculated on the basis of average tariff rates in major countries.
For geothermal heat pumps, market is forecasted on the basis of cumulative number of installations assuming average capacity of heat pump to be 12kW. The installed capacity of geothermal heat pump is approximated to be 67% of total installed capacity based on secondary and primary research.
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Global geothermal power and heat pump market offering a promising growth rate of 14% by 2015.
The global geothermal energy market including power generation and direct use in terms of installed capacity is expected to grow from 61,200 MW in 2010 to 120,300 MW in 2015 at an estimated CAGR of 14% for the same period. Europe leads the geothermal market with a share of 37% followed by Americas and Asia with 32% and 27% share respectively for geothermal energy supply.
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 are Germany, 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 by Asia 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 by Philippines, and Indonesia, whereas in geothermal direct use, U.S. is followed by China and Sweden 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 make Europe 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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Global Geothermal Power and Heat Pump Market Outlook (2010 – 2015)
TABLE OF CONTENTS
EXECUTIVE SUMMARY
1 INTRODUCTION
1.1 Key take-aways
1.2 Report description
1.3 Markets covered
1.4 Stakeholders
1.5 Research methodology
2 SUMMARY
3 MARKET OVERVIEW
3.1 Introduction
3.2 Geothermal energy resources
3.3 Government support & investments
3.4 Burning issues
3.4.1 Geothermal energy as low carbon emission source
3.4.2 Co produced & geopressured resources
3.4.3 Technological innovations improving geothermal power plant efficiencies
3.5 Winning imperatives
3.6 Europe leads by installed capacities
3.6.1 Upcoming geothermal power projects
3.6.2 Americas
3.6.3 Europe
3.6.4 Asia Pacific
3.6.5 Rest of World
3.7 Market share analysis
3.8 Regulations & policies
3.9 Patent analysis
4 GEOTHERMAL ENERGY, BY APPLICATIONS
4.1 Introduction
4.2 Geothermal energy, by electricity
4.2.1 Drivers
4.2.1.1 Lowest pollution
4.2.1.2 Geothermal energy is cheaper than fossil fuels
4.2.1.3 Competitive cost of production
4.2.1.4 High capacity factor
4.2.2 Restraints
4.2.2.1 Difficult terrain
4.2.2.2 High initial costs
4.2.3 Opportunity
4.2.3.1 Enhanced geothermal systems (EGS) can reduce costs significantly
4.2.3.1.1 Increasing investments in EGS
4.2.4 Geothermal electricity market
4.3 Geothermal energy, by direct use
4.4 Geothermal heat pumps
4.4.1 Drivers
4.4.1.1 High efficiency of geothermal heat pumps
4.4.1.2 Lowest fuel cost
4.4.1.3 Reduced emissions
4.4.1.4 Long service life of heat pumps
4.4.2 Restraints
4.4.2.1 High initial cost
4.4.2.2 Need a longer area for installation
4.4.3 Classification of geothermal heat pumps
4.4.3.1 Closed loop system
4.4.3.2 Open loop system
4.4.4 Geothermal heat pump market
5 GEOTHERMAL POWER PLANT
5.1 Introduction
5.2 Energy conversion systems (ECS)
5.2.1 Dry steam
5.2.2 Flash steam
5.2.3 Binary cycle
5.2.4 Developments in ECS
5.2.4.1 Hybrid (combined) cycle
5.2.4.2 Dual flash
5.2.4.3 Organic rankine cycle
5.2.5 Global share of ECS
5.2.6 Contribution of ECS in global installed capacity
5.3 Phases in geothermal power project
5.3.1 Exploration
5.3.2 Feasibility
5.3.3 Design & construction
5.3.4 Operation & maintenance
5.3.5 Geothermal power plant costs
5.3.5.1 Capital costs
5.3.5.2 Operating and maintenance costs
5.3.5.3 Levelized costs (average cost of power production)
6 COMPETITIVE LANDSCAPE
7 UPCOMING GEOTHERMAL PROJECTS, COUNTRYWISE
8 COMPANY PROFILES
8.1 ALSTOM SA
8.1.1 Overview
8.1.2 Primary business
8.1.3 Strategy
8.1.4 Developments
8.2 ALTAROCK ENERGY INC.
8.2.1 Overview
8.2.2 Primary business
8.2.3 Strategy
8.2.4 Developments
8.3 BAKER HUGHES INC
8.3.1 Overview
8.3.2 Primary business
8.3.3 Strategy
8.3.4 Developments
8.4 CALPINE CORP
8.4.1 Overview
8.4.2 Primary business
8.4.3 Strategy
8.4.4 Developments
8.5 CLIMATEMASTER INC
8.5.1 Overview
8.5.2 Primary business
8.5.3 Strategy
8.5.4 Developments
8.6 CONTACT ENERGY LTD
8.6.1 Overview
8.6.2 Primary business
8.6.3 Strategy
8.6.4 Developments
8.7 ENEL (ENTE NAZIONALE PER L'ENERGIA ELETTRICA SPA)
8.7.1 Overview
8.7.2 Primary business
8.7.3 Strategy
8.7.4 Developments
8.8 EXORKA GMBH
8.8.1 Overview
8.8.2 Primary business
8.8.3 Strategy
8.8.4 Developments
8.9 FIRST GEN CORP
8.9.1 Overview
8.9.2 Primary business
8.9.3 Strategy
8.9.4 Developments
8.10 FLORIDA HEAT PUMPS
8.10.1 Overview
8.10.2 Primary business
8.10.3 Strategy
8.10.4 Developments
8.11 GEODYNAMICS LTD
8.11.1 Overview
8.11.2 Primary business
8.11.3 Strategy
8.11.4 Developments
8.12 GEOGLOBAL ENERGY LLC
8.12.1 Overview
8.12.2 Primary business
8.12.3 Strategy
8.12.4 Developments
8.13 ICELAND AMERICA ENERGY INC
8.13.1 Overview
8.13.2 Primary business
8.13.3 Strategy
8.13.4 Developments
8.14 ICELAND GEOSURVEY RESEARCH (ÍSOR)
8.14.1 Overview
8.14.2 Primary business
8.14.3 Developments
8.15 MAGMA ENERGY CORP
8.15.1 Overview
8.15.2 Primary business
8.15.3 Strategy
8.15.4 Developments
8.16 MANNVIT REYKJAVÍK
8.16.1 Overview
8.16.2 Primary business
8.16.3 Strategy
8.16.4 Developments
8.17 NEVADA GEOTHERMAL POWER INC
8.17.1 Overview
8.17.2 Primary business
8.17.3 Strategy
8.17.4 Developments
8.18 ORMAT TECHNOLOGIES
8.18.1 Overview
8.18.2 Primary business
8.18.3 Strategy
8.18.4 Developments
8.19 PT PERTAMINA GEOTHERMAL ENERGY
8.19.1 Overview
8.19.2 Primary business
8.19.3 Strategy
8.19.4 Developments
8.20 RAM POWER CORP
8.20.1 Overview
8.20.2 Primary business
8.20.3 Strategy
8.20.4 Developments
8.21 RASER TECHNOLOGIES
8.21.1 Overview
8.21.2 Primary business
8.21.3 Strategy
8.21.4 Developments
8.22 REYKJAVIK ENERGY
8.22.1 Overview
8.22.2 Primary business
8.22.3 Strategy
8.22.4 Developments
8.23 U.S. GEOTHERMAL INC
8.23.1 Overview
8.23.2 Primary business
8.23.3 Strategy
8.23.4 Developments
8.24 WATER FURNACE INTERNATIONAL INC
8.24.1 Overview
8.24.2 Primary business
8.24.3 Strategy
8.24.4 Developments
APPENDIX
• U.S. Patents
• EUROPE Patents
• JAPAN Patents
BIBLIOGRAPHY
LIST OF TABLES
1 Geothermal Energy Market Installed by Capacity, by Geography (2010)
2 Global Geothermal Energy Market Installed Capacity (MW), by Applications (2008 – 2015)
3 Global Geothermal Energy Investments 2008 – 2010 ($Million)
4 Winning Imperatives
5 Global Geothermal Energy Installed Capacity, by Applications (2010)
6 Americas: Major Countries Producing Geothermal Power, by Installed Capacity (2010)
7 Americas: Major Countries in Geothermal Direct Use, by Installed Capacity (2010)
8 Europe: Major Countries Producing Geothermal Power, by Installed Capacity (2010)
9 Europe: Major Countries in Geothermal Direct Use, by Installed Capacity (2010)
10 Asia Pacific: Major Countries Producing Geothermal Power, by Installed Capacity (2010)
11 Asia Pacific: Major Countries in Geothermal Direct Use, by Installed Capacity (2010)
12 Row: Major Countries Producing Geothermal Power, by Installed Capacity (2010)
13 Major Geothermal Power Generating Companies (2009)
14 Top Countries in Geothermal Electricity Installed Capacity (2010)
15 Fossil Fuel Prices (2010)
16 Geothermal Electricity Generation, by Geography 2008 – 2015 (Mw)
17 Geothermal Electricity Generation Revenues, by Geography 2008 – 2015 ($Million)
18 Geothermal Direct Use by Installed Capacity (MW), by Geography (2008 – 2015)
19 Major Countries in Direct Use, by Installed Capacity (2010)
20 Carbon Emissions of Heat Pumps by Fuel Type (Kg/Yr)
21 Geothermal Heat Pump Units Installed, by Geography (2008 – 2015)
22 Power Plant Equipments, by Type of ECS
23 Contracts (June 2008 – October 2010)
24 Agreements (May 2008 – August 2010)
25 Strategies (May 2008 – October 2010)
LIST OF FIGURES
1 Geothermal Energy Market Segmentation
2 Snapshot of Geothermal Energy Market Structure
3 Geothermal Investments, by Geography (2008 – 2010)
4 GHG Emissions, by Electricity Generation Sources
5 Major Countries by New Geothermal Power Projects
6 Patent Trends (2005 – 2009)
7 Patent Trends, by Geography (2005 – 2009)
8 Patent Analysis, by Geography (2005 - 2009)
9 Global Geothermal Energy Market Installed Capacity, by Applications (2010)
10 Geothermal Electricity Installed Capacity, by Geography (2010)
11 Carbon Emissions by Energy Source
12 Range of Levelized Cost of Power Production, by Energy Sources (2009)
13 Power Plant Capacity Factors, by Energy Sources
14 Global Direct Use Applications, by Installed Capacity, MW (2010)
15 Geothermal Direct Use, by Geography (2010)
16 Geothermal Heat Pump, Modes of Operation
17 Efficiency of Heat Pumps by Fuel Type
18 Fuel Costs of Different Heat Pumps
19 Heat Pump Installations, by Equipment Type (2010)
20 Closed Loop System
21 Open Loop System
22 Global Geothermal Heat Pumps Installed Capacity (2008 – 2015)
23 ECS Selection Criteria
24 Dry Steam Cycle
25 Flash Steam Cycle
26 Binary Cycle
27 Global ECS Installations (2009)
28 Global Share of ECS, by Installed Capacity (2009)
29 Geothermal Project Phases Relative to Probability of Success
30 Geothermal Power Plant Feasibility
31 Geothermal Power Plant
32 Range And Break-Up of Capital Cost, by Activities
33 Break-Up of Capital Cost, by Type of ECS
34 Break-Up of O&M Cost, by Type of ECS
35 Geothermal Industry Competitive Landscape (2008 – 2010)
Growth opportunities and latent adjacency in Global Geothermal Power and Heat Pump Market