Geothermal Power Market to grow at a CAGR of 21.1% during 2024-2028
The Geothermal Power Market is expected to grow at a CAGR of 21.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9124.5 million. The global geothermal power market is experiencing significant growth due to increasing demand for renewable energy sources and the abundance of geothermal resources in various countries. Notable players, including private and public entities, such as the Japan International Cooperation Agency and the Inter-American Development Bank, are collaborating with nations like the Philippines, Kenya, Indonesia, and Chile, to explore and harness their untapped geothermal energy potential. This strategic move not only contributes to energy diversification but also aligns with the Paris Climate Agreement's goal of reducing global CO2 emissions substantially in the coming decades. Technological advancements in drilling techniques and power plant efficiency are crucial factors fueling the expansion of geothermal capacity.
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Technavio analysts predict that the Flash subsegment will lead the Type segment during 2024 and 2028 Geothermal flash power plants are the predominant type in the geothermal power market, utilizing a flashing process to generate electricity. This method involves pumping geothermal fluid, which surpasses a temperature threshold of 180 degrees Celsius, into a high-pressure tank. The subsequent pressure differential triggers a rapid vaporization or flashing of the fluid. The ensuing vapor, or flash, drives a turbine connected to a generator, producing electricity. Post-generation, the residual steam is re-injected for further flashing at reduced pressures, typically within the temperature range of 170-250 degrees Celsius.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising investments and government initiatives in geothermal energy
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Geothermal power, derived from the Earth's core, is a renewable energy source that harnesses thermal energy to generate electricity. This clean and sustainable energy source is gaining popularity due to its environmental benefits and the increasing demand for renewable energy sources. High-temperature resources, such as dry steam and flash steam, are used in power generation through two main methods: dry steam plants and flash steam plants. Geothermal power generation emits minimal greenhouse gas emissions, making it an attractive alternative to traditional fossil fuel-based energy sources. However, high capital costs and emission issues associated with some geothermal power plants have been a concern. Electronic products, which are a significant contributor to global energy demand, can benefit greatly from the low atmospheric pollution and reliable electricity generation offered by geothermal power. As the world moves towards renewable energy sources and away from fossil fuels due to scarcity and environmental concerns, geothermal power is poised to play a crucial role in the transition. Cash incentives and government subsidies are being offered to encourage the adoption of geothermal power, making it a viable and attractive option for energy companies and consumers alike. With its clean energy, environmental benefits, and potential to reduce greenhouse gas emissions, geothermal power is a promising solution for a sustainable future.
The global renewable electricity market encompasses businesses involved in the production and distribution of electricity derived from renewable sources. This market's size represents the consolidated revenue generated by independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, manufacturers of raw materials and equipment used in the renewable electricity sector, specifically geothermal power, are included. Factors driving the expansion of this market include supportive policies and ambitious targets for the deployment of renewable power, which have significantly boosted the adoption of renewables over the past decade.
The Geothermal Power Market is experiencing significant growth, fueled by the rising investments and government initiatives in geothermal energy. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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