Research conducted by Technavio reveals, that the geothermal energy market is expected to grow at a CAGR of 8 percent. The report, which focuses on the global market, indicates that the market is currently driven by environmental concerns and a growing need for renewable energy among other factors.
Rapidly depleting resources and increasing greenhouse emissions have triggered an urgent need to incorporate renewable energy sources. There is an immediate requirement to use alternative forms of energy such as geothermal energy, reports Technavio analyst.
In spite of the need, high cost of capital hinders the growth of this market. However, geothermal energy™s high consistency in producing energy is expected to result in increased adoption.
The global geothermal energy market is marked by increased funding by several governments for this form of renewable energy. This makes the study an important one for companies to fully understand the potential in the market and formulate its own strategy.
The report, Global Geothermal Energy Market 2010-2014 is based on an extensive research from inputs by industry experts, vendors and end-users. It examines the factors- including the key trends, drivers and challenges, impacting the evolution of this market. Further, it contains an in-depth understanding of the key vendors including their SWOT Analysis.
Companies mentioned in this report include: Calpine, Ormat Technologies and Chevron.
For further information, please visit https://www.technavio.com/content/global-geothermal-energy-market-2010-2014
Increasing Need for Renewable Energy Driving Demand for Geothermal Energy
