Geothermal Energy Will Grow at a CAGR of 12.7% to 2020

Geothermal Energy – Global Market Size, Technology Analysis, Regulations and Key Country Analysis to 2020 is the latest report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the global geothermal power market. The research provides an understanding of the technology, key drivers and challenges in the global geothermal power market.

It also provides historical and forecast data to 2020 for installed capacity and power generation. The report provides detailed cost analysis for geothermal power and market segmentation by technology type globally and in major countries. The report analyses geothermal power initiatives with policy framework in key countries such as the US, Philippines, Indonesia, Mexico, Italy and Iceland. The research provides major geothermal fields (active and upcoming) and analysis on key stakeholders in major markets.

The global geothermal energy installed capacity was 11,086 MW in 2010 and is expected to grow at a CAGR of 12.7% to reach 36,538 MW in 2020. North America is the leading market for geothermal power, with most of the existing geothermal potential in North America restricted to the US and Mexico.

The US Dominates Global Geothermal Power

The US continues to be the world leader in terms of total installed geothermal energy capacity and the generation of electric power from geothermal energy. Geothermal energy is the third largest source of renewable energy in the US, behind wind and biomass. With the introduction of federal production tax credits in 2004, the US geothermal industry began to expand.

This growth in the geothermal industry in the US has led to a cumulative capacity of 3,097 MW to 2010. There is also large geothermal power potential that remains untapped. Therefore, the installed geothermal power capacity is forecast to grow at a CAGR of 14.1% during 2010-2020 to reach 11,579 MW by 2020.