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Geothermal Energy Markets: Technologies and Products Worldwide
April 1, 2009
Introduction Cost volatility and depletion of fossil fuels, along with scrutiny into the
emissions of fossil fuel burning power plants have driven demand for both cleaner
sources of energy and cleaner results from generating that energy. Advances in
geothermal technology have now positioned renewable geothermal energy systems as
a clean and economically viable alternative. Geothermal electric generation systems are
increasingly leveraged to supplement and substitute conventional fuel sources around
the world. In 2008, about 61 billion kilowatts of electricity were generated from
geothermal electric power plants. Geothermal electricity now accounts for 0.3% of the
world’s electric consumption.
Compared to conventional natural gas or fuel oil heat and air heat pumps, geothermal
heat pumps offer many advantages. They have low operating, maintenance, and life
cycle costs and a longer life expectancy than most conventional systems. Geothermal
heat pumps leverage a renewable resource and are environmentally friendly. The global
installed base of geothermal heat pump systems increased by nearly 61% from 1.065
million units in 2004 to 1.712 million in 2008.
Geothermal Energy Markets: Technologies and Products Worldwide includes a
broad review of the global geothermal power systems and geothermal heat pump
markets. The report provides a discussion of the technology utilized in geothermal
energy production and recent technology enhancements. Historical and forecast (2004-
2013) demand for each product type in power systems and heat pumps is quantified
and projections for growth in demand are provided, along with the key factors
influencing this growth. The report also provides profiles of companies active in
geothermal energy production and geothermal heat pumps.
Report Methodology
The information in Geothermal Energy Markets: Technologies and Products
Worldwide is based on primary and secondary research. Primary research entailed in-
depth interviews with firms involved in the exploration and development of geothermal
sites, consultants to the industry, and manufacturers of geothermal heat pumps to
obtain information on developing technologies and factors shaping the industry.
Secondary research entailed data gathering from relevant sources, including
government and industry publications, company literature, and corporate annual

2. reports.
What You’ll Get in This Report
Geothermal Energy Markets: Technologies and Products Worldwide contains
important insights and projections regarding the future of this market around the world.
No other market research report provides both the comprehensive analysis and
extensive data that Geothermal Energy Markets: Technologies and Products
Worldwide offers. Subscribers will benefit from extensive data, presented in easy-to-
read and practical charts, tables and graphs.
How You’ll Benefit from This Report
If your company is already doing business in the geothermal power or geothermal heat
pump market, or is considering entering the marketplace, you will find this report
invaluable, as it provides a comprehensive package of information and insight not
offered in any other single source. You will gain a thorough understanding of the current
global market for geothermal power and geothermal heat pumps, as well as projected
markets and trends through 2013.
This report will help:
Marketing managers understand the market forces shaping the geothermal
industry and identify market opportunities.
Research and development professionals stay on top of competitor initiatives
and explore demand for geothermal power and geothermal heat pumps.
Business development executives understand the dynamics of the market and
identify possible partnerships.
Information and research center librarians provide market researchers,
product managers, and other colleagues with the vital information they need to
do their jobs more effectively.
Additional Information
Market Insights: A Selection From The Report
Geothermal energy production is an emerging industry. Technology development in
recent years has focused on:
Increasing the range of feasible locations for geothermal energy systems,

3. Improving the efficiency and effectiveness of geothermal heat extraction and
conversion,
Improving the cost structure of geothermal energy solutions, and
Improving subsurface technologies such as exploration, drilling, and resource
management.
Demand for Energy
Demand for electrical energy is expanding not only due to global population growth but
also due to significant increases in per capita consumption of electricity in many
countries around
the world as they transition into developed economies. Global electric demand
continues to grow at about 1% per year overall. At the same time, most conventional
power plants depend
on depleting fossil fuels, limiting their ability to power growing energy demands in the
long run. Renewable energy sources such as wind, solar, and geothermal are expected
to play an
increasingly important role in meeting current and future global energy demands.
Economic Factors
Most renewable energy generation technologies are as yet unable to compete favorably
against the significantly more mature conventional fuel conversion technologies.
Consequently, only a small portion of the world’s energy demand is currently met by
these emerging power generation technologies.
Compared to other clean and renewable technologies like solar, geothermal power
production is currently much more economical. Geothermal is also less expensive than
clean, yet nonrenewable,
nuclear energy. Although initial investment costs are high, they are offset by the
significant reduction in ongoing fuel and transportation costs over the life of the plant.
As geothermal technologies mature and enable further cost reductions, and the costs of
depleting conventional fuels continue to escalate over the next 10 to 50 years,
geothermal
power is expected to meet and exceed the cost benchmarks of conventional power
systems.
TABLE OF CONTENTS
Chapter 1: Executive Summary
Geothermal Energy Technologies
Geothermal Power Systems
Table 1-1: World Electricity Generated from Geothermal, 2008
Geothermal Power Systems Technologies
Dry Steam

4. Flash Steam
Binary Cycle
Flash -Binary Combined Cycle
Enhanced Geothermal Systems
Hot Dry Rock System
Hydrocarbon/Geothermal Co-Production
Geo-Pressure Systems
Geothermal Power Market Size
Figure 1-1: World Geothermal Electric Power Capacity, 2004-2008 (in
megawatts)
Figure 1-2: World Geothermal Electric Power Capacity by Country, 2008 (in
megawatts and percent)
Figure 1-3: World Geothermal Electric Power Generation, 2004-2008 (in millions
of kilowatt hours)
Figure 1-4: World Geothermal Electric Power Generation by Country, 2008 (in
millions of kilowatt hours and percent).
Geothermal Power Market Factors
Location and Accessibility of Resources
Technological Developments
Demand for Energy
Economic Factors
Table 1-2: U.S. Electricity Cost by Energy Source, 2008 (cost per kilowatt hours
in cents)
Environmental Factors
Investment Climate
Government Policy and Incentives
Consumer Perceptions
Geothermal Energy Market Forecast
Figure 1-5: World Geothermal Electric Power Generation, 2009-2013 (in millions
of kilowatt hours)
Figure 1-6: Value of Geothermal Electricity Generated, 2008-2013 (in millions of
dollars)
Direct Use Geothermal Systems
Geothermal Heat Pumps
Geothermal Heat Pump Market Size
Figure 1-7: World Geothermal Heat Pump Installed Base, 2004-2008 ('000 units)
Figure 1-8: World Geothermal Heat Pump Installed Base by Country, 2008
(percent share)
Geothermal Heat Pump Market Factors
Environmental Factors
Cost Factors
Government Policy and Incentives
Geothermal Heat Pump Market Forecast
Figure 1-9: World Geothermal Heat Pump Installed Base, 2009-2013 ('000 units)
Report Scope
Report Format

5. Report Methodology
Abbreviations
Table 1-3: Abbreviations Utilized in Report
Chapter 2: Geothermal Energy Technologies
Overview
History of Geothermal Energy
Geothermal Technologies
Geothermal Power Systems
Table 2-1: World Electricity Generated from Geothermal, 2008
Hydrothermal Reservoirs
Dry Steam
Figure 2-1: Dry Steam Geothermal Plant
Flash Steam
Figure 2-2: Flash Steam Geothermal Power Plant
Figure 2-3: Double-Flash Steam Geothermal Power Plant
Binary Cycle
Figure 2-4: Binary Cycle Geothermal Plant
Flash-Binary Combined Cycle
Selection of Conversion Technology
Advanced Conversion Technologies
Enhanced Geothermal Systems
Supercritical Carbon Dioxide
Hot Dry Rock System
Hydrocarbon/Geothermal Co-Production
Geo-Pressure Systems
Direct Use Geothermal Systems
Figure 2-5: Direct Use Geothermal System
Geothermal Heat Pumps
Closed-Loop Horizontal
Figure 2-6: Closed-Loop Horizontal Geothermal Heat Pump System
Closed-Loop Vertical
Figure 2-7: Closed-Loop Vertical Geothermal Heat Pump System
Closed-Loop Pond/Lake
Figure 2-8: Closed-Loop Pond/Lake Geothermal Heat Pump System
Open-Loop System
Figure 2-9: Open-Loop Geothermal Heat Pump System
Direct Exchange Geothermal Heat Pumps
Advantages of Geothermal Heat Pump Systems
Traditional and Alternative Energy Technologies
Natural Gas
Fuel Conversion
Electricity Generation and Sustainability
Table 2-2: World Electricity Generated from Natural Gas, 2008
Table 2-3: World’s Proved Reserves of Natural Gas, 2008 (in trillions of cubic
meters)
Environmental Impact

6. Coal
Fuel Conversion
Electricity Generation and Sustainability
Table 2-4: World Electricity Generated from Coal, 2008
Table 2-5: Top Five Producers of World Hard Coal, 2008 (in millions of tonnes)
Environmental Impact
Nuclear
Fuel Conversion
Electricity Generation and Sustainability
Table 2-6: World Electricity Generated from Nuclear, 2008
Environmental Impact
Hydroelectric
Electricity Generation and Sustainability
Table 2-7: World Electricity Generated from Hydroelectric, 2008
Environmental Impact
Wind
Electricity Generation and Sustainability
Table 2-8: World Electricity Generated from Wind, 2008
Environmental Impact
Solar
Electricity Generation and Sustainability
Table 2-9: World Electricity Generated from Solar, 2008
Environmental Impact
Advantages of Geothermal Energy
Reliable
Renewable
Clean
Domestic
Disadvantages of Geothermal Energy
Site Location and Exploration
Startup Cost
Solid Waste Generation and Corrosive Fluid Containment
Land Subsidence
Earthquake Induction
Chapter 3: Market Size and Growth
Overview
Geothermal Energy Market
Geothermal Power Market Size
Figure 3-1: World Geothermal Electric Power Capacity, 2004-2008 (in
megawatts)
Figure 3-2: World Geothermal Electric Power Capacity by Country, 2008 (in
megawatts and percent)
Figure 3-3: World Geothermal Electric Power Generation, 2004-2008 (in millions
of kilowatt hours)
Figure 3-4: World Geothermal Electric Power Generation by Country, 2008 (in
millions of kilowatt hours and percent).

7. United States
Figure 3-5: US Geothermal Electric Power Capacity, 2004-2008 (in megawatts)
Figure 3-6: US Geothermal Electric Power Generation, 2004-2008 (in millions of
kilowatt hours)
Figure 3-7: US Geothermal Electric Power Capacity by State, 2008 (in
megawatts and percent)
California
Other States
Table 3-1: World Geothermal Power Plants by Country, 2008
Philippines
Indonesia
Mexico
Italy
Japan
New Zealand
Iceland
Costa Rica
El Salvador
Geothermal Energy Market Factors
Location and Accessibility of Resources
Figure 3-8: Geothermal Natural Resources in the United States
Technological Developments
Table 3-2: U.S. Geothermal Energy Production Potential by State, 2008
Demand for Energy
Economic Factors
Table 3-3: U.S. Electricity Cost by Energy Source, 2008 (cost per kilowatt hours
in cents)
Environmental Factors
Investment Climate
Government Policy and Incentives
Consumer Perceptions
Geothermal Power Market Forecast
Figure 3-9: World Geothermal Electric Power Generation, 2009-2013 (millions
per kilowatt hours)
Figure 3-10: U.S. Geothermal Electric Power Generation, 2009-2013 (millions
per kilowatt hours)
United States
Table 3-4: U.S. Geothermal Projects in Progress, by State, 2008
Figure 3-11: Value of Geothermal Electricity Generated, 2008-2013 (in millions of
dollars)
Philippines
Indonesia
Japan
New Zealand
Costa Rica
Geothermal Heat Pumps

8. Geothermal Heat Pump Market Size
Figure 3-12: World Geothermal Heat Pump Installed Base, 2004-2008 ('000
units)
Figure 3-13: World Geothermal Heat Pump Installed Base by Country, 2008
(percent share)
Figure 3-14: U.S. Geothermal Heat Pump Shipments, 2004-2008 ('000 units)
Figure 3-15: U.S. Geothermal Heat Pump Installed Base, 2004-2008 ('000 units)
Figure 3-16: U.S. GHP Shipments Total Rated Capacity, 2004-2008 ('000 tons)
Geothermal Heat Pump Market Factors
Environmental Factors
Cost Factors
Government Policy and Incentives
Geothermal Heat Pump Market Forecast
Figure 3-17: World Geothermal Heat Pump Installed Base, 2009-2013 ('000
units)
Figure 3-18: U.S. Geothermal Heat Pump Installed Base, 2009-2013 ('000 units)
Table 3-5: Projected U.S. Sales of Geothermal Heat Pumps, 2009-2013 (in
millions of dollars)
Figure 3-19: Global Installed Value of Geothermal Heat Pumps, 2008-2013 (in
millions of dollars)
Geothermal Energy Equipment Manufacturers
Table 3-6: World Geothermal Equipment Manufacturers, 2008
Chapter 4: Market Trends
Geothermal Power Systems Market Forces
Macroeconomic Conditions
Table 4-1: World Output Growth, 2007-2010 (percent year over year)
Investment Climate
Cost Factors
Table 4-2: Electric Power Plant Costs, by Fuel Type, 2008 (in dollars/kilowatt of
plant capacity)
Table 4-3: Levelized Electricity Costs, by Fuel Type, 2008 (¢/kilowatt hours)
Environmental Trends
Table 4-4: Average Electric Power Plant Emission Rates by Fuel Source, 2008
(in pounds/megawatt hours)*
Government Mandated Emissions Standards
Energy Security
Economic Benefits
Government Incentives
Government Mandated Renewable Energy Targets
Table 4-5: Renewable Portfolio Standards for Selected Countries, 2008 (percent)
United States
Table 4-6: US Renewable Portfolio Standards by State, 2008 (percent)
Philippines
Indonesia
Australia
European Union Renewable Energy Directive

9. Table 4-7: Contribution of Renewables to EU Electricity Consumption, 2005-2020
(in terrawatt hours)
Geothermal Power Demand
Electricity Demand
Figure 4-1 World Electricity Generation, 2005-2015 (in trillions of kilowatt hours)
Figure 4-2 World Electricity Generation, by Fuel Type, 2005-2015 (in trillions of
kilowatt hours)
Geothermal Power Supply
Figure 4-3 World Geothermal Electric Power Generation Volume and Value,
2008-2013 (in millions of kilowatt hours and millions of dollars)
Figure 4-4 U.S. Geothermal Electric Power Generation Volume and Value, 2008-
2013 (in millions of kilowatt hours and millions of dollars)
Geothermal Heat Pumps Market Forces
Macroeconomic Conditions
Table 4-8: Value of U.S. Construction by Segment, 2007 to 2008 (in billions of
dollars)
Figure 4-5 U.S. Building Permits and GHP Shipments, 2004-2008 (relative
change)
Cost Factors
Environmental Trends
Energy Security
Figure 4-6 Energy Consumption of GHPs (relative consumption)
Economic Benefits
Government Incentives
United States
Canada
Geothermal Heat Pump Demand
Figure 4-7: World GHP Installed Base Volume and Value, 2008-2013 (in millions
of dollars and ‘000 units)
Figure 4-8: U.S. GHP Installed Base Volume and Value, 2008-2013 (in millions of
dollars and ‘000 units)
Chapter 5: Product and Industry Trends
Overview
Market Factors
Technology Development
Enhanced Geothermal Systems
Hydrocarbon Co-Production
Modular Power Plant Design
Patent Activity
Technology Awards
Industry Activity
Recent Investment
Government Initiatives
United States
Indonesia
Philippines

10. Japan
Australia
Africa
Hungary
Portugal
Chapter 6: Competitive Profiles
Overview
Company Profiles
Calpine
Corporate Background
Product and Brand Portfolio
Table 6-1: Calpine Energy Generation Portfolio (capacity in megawatts)
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Chevron Corporation
Corporate Background
Product and Brand Portfolio
Table 6-2: Chevron’s Market and Segment Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
ClimateMaster
Corporate Background
Product and Brand Portfolio
Table 6-3: ClimateMaster’s Product and Brand Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Davenport Power, LLC
Corporate Background
Product and Brand Portfolio
Table 6-4: Davenport Power, LLC Geothermal Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
ECONAR GeoSystems, LLC
Corporate Background

11. Product and Brand Portfolio
Table 6-5: ECONAR’s Product and Brand Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Enel North America Incorporated
Corporate Background
Product and Brand Portfolio
Table 6-6: Enel North America, Inc. Portfolio for Geothermal
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Florida Heat Pump
Corporate Background
Product and Brand Portfolio
Table 6-7: FHP’s Product and Brand Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Fuji Electric Systems Company Limited
Corporate Background
Product and Brand Portfolio
Table 6-8: Fuji’s Product and Brand Portfolio
Performance
Table 6-9: Fuji’s Global Supply of Thermal and Geothermal Power Plants
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Geothermal Development Associates
Corporate Background
Product and Brand Portfolio
Table 6-10: Geothermal Development Associates Portfolio for Geothermal
Consulting Services
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
MidAmerican Energy Holdings

12. Corporate Background
Product and Brand Portfolio
Table 6-11: MidAmerican Portfolio for Energy and Subsidiaries
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Mitsubishi Heavy Industries Limited
Corporate Background
Product and Brand Portfolio
Table 6-12: Mitsubishi’s Geothermal Product and Brand Portfolio
Performance
Company News
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Nevada Geothermal Power Incorporated
Corporate Background
Product and Brand Portfolio
Table 6-13: Nevada Geothermal Power Inc.'s Portfolio for Geothermal Energy
Performance
Figure 6-1: Nevada Geothermal Power Inc. Project Locations
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Northern California Power Agency
Corporate Background
Product and Brand Portfolio
Table 6-14: Northern California Power Agency’s Energy Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Nuovo Pignone
Corporate Background
Product and Brand Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Ormat Technologies Incorporated

13. Corporate Background
Product and Brand Portfolio
Table 6-15: Ormat’s Product and Brand Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Sierra Geothermal Power Corporation
Corporate Background
Product and Brand Portfolio
Table 6-16: Sierra Geothermal Power Corporation’s Energy Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Terra-Gen Power
Corporate Background
Product and Brand Portfolio
Table 6-17: Terra-Gen Power’s Product and Brand Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
WaterFurnace International, Incorporated
Corporate Background
Product and Brand Portfolio
Table 6-18: WaterFurnace’s Product and Brand Portfolio
Performance
Acquisitions and Divestitures
Innovation
Outlook
Personnel Changes
Appendix: Glossary of Terminology
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