March 22 (SeeNews) - The geothermal power market globally is seen to expand to nearly USD 20.8 billion (EUR 18.6bn) in 2020 from some USD 12.9 billion in 2015, achieving a compound annual growth rate (CAGR) of 10%.
According to a report by BCC Research, geothermal market growth is mainly driven by Asia-Pacific, Europe and North America, but there are also “huge opportunities” in the long term in Honduras, Armenia, Spain, South Korea, Vietnam, Bolivia, Chile and Djibouti.
The table shows the researcher’s capacity projections for the three types of geothermal power plants.
|Type of plant||2015 capacity||2020 capacity||CAGR|
|Dry steam||4,090.8 MW||5,837.8 MW||7.4%|
|Flash steam||6,298.7 MW||10,801.4 MW||11.4%|
|Binary cycle||2,463.8 MW||3,922.0 MW||9.7%|
"In the long term, increasing demand for renewable energy production and infrastructure development in developing regions along with the increasing demand for power transmission across long distances and increasing investments in geothermal energy generation, smart grids and power infrastructure will be key drivers of this market," BCC analyst Aneesh Kumar commented.
(USD 1 = EUR 0.892)