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A recent report published by Infinium Global Research on geothermal energy market provides in-depth analysis of segments and sub-segments in the global as well as regional geothermal energy market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional geothermal energy market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global geothermal energy market.
Geothermal energy is a renewable and environmentally sustainable energy source that taps into the Earth's internal heat. It harnesses the natural heat stored beneath the Earth's surface to generate electricity or provide direct heating and cooling for a wide range of applications. This energy is derived from the radioactive decay of minerals within the Earth's crust and the residual heat from its initial formation. Geothermal power plants utilize steam to drive large turbines, generating electricity through electrical generators. This steam originates from reservoirs of hot water located several miles beneath the Earth's surface. To access this resource, wells are drilled 1 or 2 miles deep at geothermal power plant sites to bring the steam or hot water to the surface. Geothermal power stands out as a clean and eco-friendly energy source. It boasts minimal greenhouse gas emissions, occupies a small land footprint and operates without the need for water-cooling, which is typical in conventional power plants. The environmental advantages of geothermal power extend to reduced air pollution and water conservation.
The geothermal energy market is experiencing growth due to the rising global demand for renewable and sustainable energy sources. Geothermal energy presents an appealing solution to combat climate change as it provides a dependable and continuous power supply with minimal greenhouse gas emissions. Additionally, governments worldwide are actively providing incentives, subsidies, and supportive policies to foster the adoption of geothermal energy, thereby boosting the market's growth. The incentives, subsidies, and supportive policies offered by governments aim to create a favorable environment for investments in geothermal projects. By providing financial assistance, tax benefits, grants, or feed-in tariffs, governments reduce the financial burden on companies and investors interested in developing geothermal energy projects. However, the substantial upfront costs associated with establishing geothermal power plants and drilling deep wells for resource extraction hamper the market's growth. The high initial investment can pose a barrier, especially for regions with limited financial resources, impeding their entry into the geothermal energy market. Moreover, the expected increase in government financing and ongoing advancements in renewable energy technologies present lucrative opportunities for market expansion.
Asian Pacific is projected to hold the most prominent market share in the upcoming forecast period. This growth can be attributed to several factors, such as the electrification initiatives aimed at reaching low-income and rural communities. India, in particular, is a key player in the renewable energy market and has demonstrated a strong commitment to clean energy and reducing carbon emissions. The country's focus on renewable energy is evident in its national budget, which outlines plans to increase the share of renewable energy in overall energy production. This dedicated effort by India is anticipated to significantly contribute to the growth of the geothermal power market in the Asia-Pacific region. With India's active pursuit of clean and sustainable energy sources, geothermal power is expected to play a crucial role in meeting the rising energy demands and achieving a more environmentally friendly energy landscape in the region. Moreover, North America is the fastest emerging region, the geothermal energy market has experienced significant growth in North America due to its strong presence in the residential and commercial sectors. This growth is driven by the increasing demand for energy from these sectors.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 5023.83 Million |
| Market Size by 2030 | USD 8020.93 Million |
| Growth Rate from 2023 to 2030 | CAGR of 5.29% |
| Largest Market | Asia-Pacific |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Power Station Type, and By End-use |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global geothermal energy market covers segments such as power station type, and end-use. On the basis of power station type, the sub-markets include dry steam power stations, flash steam power stations, and binary cycle power stations. On the basis of end-use, the sub-markets include residential, commercial, industrial, and others.
The report provides profiles of the companies in the market such as Ormat, Enel Spa, Calpine, MITSUBISHI HEAVY INDUSTRIES, LTD., Toshiba America Energy Systems Corporation, GEG Power Ltd, Turboden S.p.A., EthosEnergy, First Gen, and ElectraTherm.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the geothermal energy market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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