Geothermal Energy Market worth $9400 Million by 2027

Geothermal energy technology captures the heat beneath the ground by harnessing steam or hot water from the earth to power electricity-generating turbines. The production of geothermal energy requires no fossil fuels, and the water can be injected back into the ground for reuse. Also, geothermal energy is not dependent on the weather, season, or time of day. It can be produced around the clock, all year long. Geothermal energy, while currently being only a marginal component of global energy utilization, will be indispensable in the fight against climate change. Geothermal energy can support deep decarbonization by providing clean baseload power and efficient means to heat and cool buildings, campuses, and cities. It also supports a host of agricultural and industrial applications.

The global geothermal energy market is expected to grow from an estimated USD 7000 million in 2022 to USD 9400 million by 2027, at a CAGR of 5.9% during the forecast period.

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According to the IEA world energy outlook for 2022, geothermal power generation is expected to reach ~28 GW in 2030 under the stated policy scenario. Similarly, the total estimated installed capacity for geothermal direct use in 2019 was 107.7 gigawatts-thermal, representing a 52% increase over the 2015 data. Investments in direct-use geothermal projects are increasing, driven mainly by the energy savings associated with using geothermal energy. Countries such as the US, Turkey, Indonesia, and the Philippines are actively developing new geothermal projects to achieve their policy of net zero emissions. For instance, Turkey increased its number of geothermal plants from 3 to 49, between 2009 and 2019.

Asia Pacific is expected to be the largest geothermal energy market

Asia Pacific accounted for a 43.8% share of the global geothermal energy market in 2021 and is the fastest-growing region in the market. In Asia Pacific, various countries are currently focused on geothermal energy to meet the increasing demand for electricity and to achieve the net zero emission of CO2 goal. For these factors, huge investments are going on from both government and private companies.

Geothermal resources are abundant in Asia Pacific countries such as Indonesia and New Zealand and can be utilized as climate-friendly energy sources in all weather. Currently, China is the largest user of geothermal heat pumps. China uses geothermal energy majorly for district heating and space heating applications. Indonesia has commissioned many geothermal power plants in the past decade which has enabled the country to meet its energy needs. Indonesia was the second-largest geothermal electricity producer after USA, at nearly 14 billion kWh of electricity, which was equal to about 5% of Indonesia's total electricity generation.

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The leading players in the global geothermal energy market include Ormat (US), Mitsubishi Heavy Industries (Japan), Baker Hughes Company (US), NIBE Group (Sweden), and SLB (US).

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