Latest News- Geothermal Power Market: Flash is expected to lead the Type segment during 2024-2028

The Geothermal Power Market is being driven by Rising investments and government initiatives in geothermal energy

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 projected to expand substantially during the forecast period, driven by the increasing demand for renewable energy sources in countries rich in geothermal resources. 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 diversifies their national energy portfolios but also contributes to the Paris Climate Agreement's objective of reducing global CO2 emissions significantly in the upcoming decades. A crucial factor fueling the growth of geothermal capacity is the advancement of drilling technologies and power plant efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising investments and government initiatives in geothermal energy
• Growing demand for renewable energy sources
• Advantages of geothermal energy

However, the market also witnesses some limitations, which are as follows:

• High initial capital investments in establishing geothermal power plants
• Challenges posed by other renewable energy sources
• Drawbacks of harnessing geothermal energy

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Market Scope in Geothermal Power Market Research Report

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Research Analysis Overview

The Geothermal energy market is gaining significance due to the scarcity of fossil fuels and the need to reduce greenhouse gas emissions. Geothermal power generation, derived from the Earth's core, is a clean and renewable energy source for electricity generation. This technology, which includes flash steam and dry steam plants, offers low atmospheric pollution and environmental benefits. Despite high capital costs, cash incentives and increasing energy demand drive its adoption. However, emission issues related to flash steam and dry steam must be addressed to fully realize its potential as a sustainable energy generation technology, especially for thermal energy-intensive electronic products.

Market Research Overview

In the expanding global renewable electricity market, businesses specializing in the generation and distribution of electricity derived from geothermal energy play a pivotal role. This sector encompasses independent power producers, gas and power marketing and trading experts, and integrated energy merchants, all of whom contribute to the market's combined revenue. Additionally, manufacturers of raw materials and equipment essential for geothermal power generation are integral to this market's growth. Factors fueling the market's expansion include supportive policies and ambitious targets for renewable power deployment, which have significantly boosted the adoption of clean, renewable energy sources, reducing reliance on fossil fuels and decreasing greenhouse gas emissions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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