IMARC Group has recently released a new research study “Geothermal Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Geothermal power Industry?
The global geothermal power market size reached 107.8 GWh in 2022. Looking forward, IMARC Group expects the market to reach a value of 176.4 GWh by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is a Geothermal Enerygy Market?
Geothermal energy is a type of renewable energy created from heat held within the earth’s continental crust. It uses hydrothermal resources, which mix heat and water, and gets its energy from compounds that decay radioactively. Gold mining, producing electricity, pasteurising milk, and heating and cooling buildings are just a few applications for geothermal energy. It is a sustainable and unconventional energy source that promotes economic growth by preventing the burning of fossil fuels, lowering air pollution, and guaranteeing minimal maintenance, high power output, silent energy production processes. Geothermal energy is thus a reliable, accessible, and secure energy source that generates electricity with little harm to the environment.
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What are the major market drivers in the Geothermal power Market?
One of the main factors propelling the geothermal power market is the rising demand for this eco-friendly, dependable, high-capacity, and affordable solution. The increasing need to minimise air pollution as a result of growing environmental concerns, global warming, and the prevalence of respiratory diseases is also boosting market expansion. In addition, the global market is being stimulated by the rising popularity of geothermal energy over other renewable sources like hydropower, wind energy, and bioenergy due to its many benefits, including minimal land use, zero liquid pollution, and high availability.
Another key growth-inducing aspect is the development of horizontal drilling techniques that allow for the exploration of promising reservoir formations and the production of energy at relatively cheaper costs. Additionally, the use of binary cycle technology in several power plants is promoting market expansion because to its reservoir sustainability, high reliability operation, efficiency, environmental friendliness, and improved performance. The market for geothermal power is anticipated to grow in the next years as a result of the growing demand for artificial intelligence (AI) in these systems to enable the platform with intelligent behaviour, learning, and informed decision-making skills.
Who are the leading players in Geothermal Power Market?
ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.
The report has been segmented the market into following categories:
Breakup by Power Plant Type:
o Binary Cycle Power Plants
o Flash Steam Plants
o Dry Steam Plants
Breakup by End User:
· North America
o United States
o South Korea
o United Kingdom
· Latin America
· Middle East and Africa
Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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