Press release
Demand for Geothermal Power Set to Soar in Future
The increasing shift toward geothermal energy can be credited to the advantages offered by it over other non-conventional sources, including bioenergy, wind, and hydropower. Some advantages of geothermal energy are low atmospheric pollution, zero liquid pollution on the re-injection of the effluent liquid, less land usage, and high availability. These benefits will fuel the geothermal power market growth will at a CAGR of 11.6% during forecast period. The market was valued at $3,233.5 million in 2015, and it is expected to reach $6,518.9 million by 2022.
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Unlike solar and wind energy, geothermal energy is not affected by the variations in season or weather. Geothermal power plants offer a high electricity production capacity and low outage rate. The high capacity of these plants helps in attracting investments from governments and private organizations. Moreover, this form of non-conventional energy serves as a more-reliable source of electricity when compared to nuclear power plants and fossil fuels.
According to P&S Intelligence, the Asia-Pacific (APAC) region dominates the geothermal power market due to the high energy demand and need for reducing the dependence on fossil fuels for power generation. Numerous governments in the region are focusing on shifting from conventional energy sources to green sources, such as geothermal, wind, and solar, due to the surging awareness regarding the harms of fossil fuel combustion. These countries are focusing on exploring the potential of geothermal energy for electricity generation, as this source is both sustainable and environment-friendly.
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Thus, the increasing preference for geothermal energy can be credited to the multiple advantages it offers over other renewable power sources and favorable policies for its adoption.
Contact:
Prajneesh Kumar
P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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