Geothermal Energy Market to Grow at High Rate due to Renewable Energy Transition and Favorable Government Policies and Incentives

Geothermal Energy Market Scope & Overview

The geothermal energy market, as reported by SNS Insider, reached a valuation of USD 7.2 billion in 2022 and is anticipated to reach USD 11.30 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2030.

Geothermal energy taps into the heat stored beneath the Earth's surface to produce electricity and heat. It is a renewable and sustainable energy source with significant potential for reducing greenhouse gas emissions and meeting our energy needs in an environmentally friendly manner.

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Key Players Covered in Geothermal Energy market report are:
Baker Hughes Company, Ormat Technologies, NIBE Group, Mitsubishi Heavy Industries, SLB, EthosEnergy, Reykjavik Geothermal, Turboden S.p.A., Calpine, Toshiba International Corporation, and other key players

Market Analysis

Governments around the world are increasingly recognizing the importance of transitioning to renewable energy sources to combat climate change and achieve sustainability goals. Many countries have implemented supportive policies, incentives, and financial mechanisms to encourage investment in geothermal energy projects. This governmental support creates a favorable environment for the growth of the geothermal energy market.

Impact of Recession

While a recession can pose challenges for the geothermal energy market, it is important to recognize that the long-term prospects for this renewable energy source remain positive. Geothermal energy offers a stable and reliable source of electricity generation, with the potential for reduced greenhouse gas emissions and energy independence. Despite the short-term setbacks that a recession may cause, the underlying benefits and growing global recognition of the importance of renewable energy should continue to drive the expansion of the market in the years to come.

Segmentation Analysis

Dry Steam Plants and High Temperature Plants are set to dominate the geothermal energy market due to their efficiency, availability of resources, and environmental sustainability. These segments offer reliable and cost-effective solutions for clean electricity generation, making them integral to the global transition towards a more sustainable energy future. As advancements continue and awareness grows, geothermal energy is expected to play a crucial role in meeting the world's increasing energy demands while mitigating the impacts of climate change.

Geothermal Energy Market Segmentation as Follows:

By Technology
Dry Steam Plants
Flash Steam Plants
Binary Cycle Plants
Direct Systems
Ground Source Heat Pumps
Others

By Temperature
High Temperature
Medium Temperature
Low Temperature

By Application
Residential
Industrial
Commercial

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Regional Status & Analysis

The Asia Pacific region is well-positioned to dominate the global geothermal energy market due to its abundant resources, favorable government policies, significant investments, technological advancements, and environmental benefits. As countries in the region continue to prioritize renewable energy and transition away from fossil fuels, geothermal power emerges as a reliable and sustainable alternative. By capitalizing on its geothermal potential, the Asia Pacific region can spearhead the global shift towards a cleaner and more sustainable energy future.

Conclusion

The market possesses significant future prospects due to its environmental sustainability, growing energy demand, technological advancements, government support, regional potential, diversification of the energy mix, and economic viability.

Frequently Asked Questions/ Key Reasons to Purchase this Report

What is the projected outlook for geothermal energy market growth?
-The market is projected to reach a value of approximately USD 11.30 billion by the year 2030.

What are the major factors influencing the geothermal energy market?
-As the world transitions to a more sustainable energy future, geothermal energy is poised to play a vital role in meeting the global energy demand while reducing greenhouse gas emissions and promoting economic growth.

Who are the leading players in the geothermal energy market?
-Baker Hughes Company, Turboden S.p.A., Calpine, Mitsubishi Heavy Industries, SLB, Ormat Technologies, NIBE Group, EthosEnergy, Reykjavik Geothermal, Toshiba International Corporation.

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This release was published on openPR.