Geothermal Energy Market is anticipated to expand at a Robust compound annual growth rate (CAGR) from 2021 to 2031 | Calpine, Enel Spa, ABB, Terra-Gen Power LLC, Chevron

New York, Geothermal energy is thermal energy generated and stored in the Earth. Thermal energy is the energy that determines the temperature of matter. The Earth's geothermal energy originates from the original formation of the planet and from the radioactive decay of minerals. The geothermal gradient, which is the difference in temperature between the core of the planet and its surface, drives a continuous conduction of thermal energy in the form of heat from the core to the surface. Earth's internal heat is thermal energy generated from radioactive decay and continual heat loss from Earth's formation.

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Key Trends

Geothermal energy is increasingly being used as a renewable and sustainable source of power around the world. The technology is constantly evolving, and the key trends in geothermal energy technology include the following:

1. Increasing use of geothermal energy for electricity generation: Geothermal power plants are now being built in many countries, including the United States, Iceland, Italy, and New Zealand. The increasing use of geothermal energy for electricity generation is driven by the need for renewable and sustainable sources of power.

2. Advances in geothermal heat pump technology: Geothermal heat pumps are becoming more efficient and are able to extract more heat from the ground. This is leading to increased use of geothermal energy for heating and cooling buildings.

3. Development of new geothermal resources: New geothermal resources are being developed, including in countries such as Kenya and Ethiopia. This is opening up new opportunities for the use of geothermal energy.

4. Increase in investment in geothermal energy: There is an increasing trend of investment in geothermal energy projects, both by governments and the private sector. This is helping to drive the development of the geothermal industry.

Key Drivers

There are a few key drivers of geothermal energy market.

The first is the increasing price of fossil fuels. This has led to a greater interest in renewable energy sources, like geothermal, that are not subject to the same price fluctuations.

The second driver is the increasing awareness of the environmental impacts of fossil fuel use, and the desire to move to cleaner energy sources.

The third driver is the advances in technology that have made geothermal energy more viable as a power source.

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Market Segments

The geothermal energy market bifurcated on the basis of power, end-use, and region. On the basis of power, it is segmented into dry steam, flash steam, binary cycle, and others. By end-use, it is analyzed across residential, commercial, industrial, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.

Key Players

The geothermal energy market report includes players such as Calpine, Enel Spa, ABB, Terra-Gen Power LLC, Chevron, Siemens AG, Tata Power, Gradient Resources, Toshiba, and EthosEnergy.

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