Press release
Geothermal Power Market to Reflect Impressive Growth Rate During 2024 - 2031 |ABB, EDF, Enel SPA (Enel), General Electric (GE)
Geothermal Power Market
The global geothermal power market size was valued at US$ 5.49 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030.
Market Dynamics:
The global geothermal power market is expected to witness significant growth over the forecast period owing to two key drivers - supportive government policies promoting renewable energy sources and growing emphasis on reducing dependence on fossil fuels. Many governments around the world offer subsidiaries and tax exemptions to companies investing in geothermal power projects. Additionally, rapid industrialization and urbanization in developing economies have increased energy demands which are expected to be increasingly met through renewable sources like geothermal to mitigate environmental impacts. Furthermore, geothermal energy provides a reliable baseload power and its 24×7 operation helps ensure grid stability unlike intermittent solar and wind sources.
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Major Market Drivers for Geothermal Power Market
Growing Demand for Renewable Energy Sources
Geothermal power is considered a renewable source of energy as it taps into the earth's natural heat. With growing global concerns around climate change and carbon emissions, many countries are looking to shift away from fossil fuels and increase their reliance on green and renewable sources of energy for power generation. Geothermal energy is a base load renewable energy source that can provide continuous output without being dependent on weather patterns. This has increased its attractiveness for utilities and nations aiming to decarbonize their power grids.
Major Market Opportunity for Geothermal Power Market
Utilization of Abandoned Oil and Gas Wells
Many depleted or abandoned oil and gas wells can potentially be refurbished and reutilized for geothermal applications by reinjecting water into underground reservoirs and producing steam. This provides an opportunity to leverage existing drilling infrastructure and makes geothermal projects more economically viable. According to some estimates, retrofitting or repurposing old wells for geothermal energy generation could help access over 20 GW of additional geothermal resource capacity in the United States alone. Rising emphasis on sustainability is encouraging second life use of non-productive wells left behind by fossil fuel industries.
Major Market Trends in Geothermal Power Market
Growing Focus on Binary Cycle Power Plants
Binary cycle geothermal power plants that use lower temperature geothermal resources between 150-300°C are gaining popularity as these expand accessible geothermal reserves and lower levelized costs of electricity production. In a binary plant, lower temperature geothermal fluid is used to heat a separate working fluid that undergoes phase change to drive turbines for power generation. More countries are now exploring development of binary technology supported by private sector R&D to make geothermal commercially viable even from moderate-low enthalpy resources. This shifts the geothermal landscape positively.
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Top Companies Featured in This Report:
★ ABB
★ EDF
★ Enel SPA (Enel)
★ General Electric (GE)
★ The Tata Power Company Limited
★ Mitsubishi Hitachi Power Systems Inc.
★ Toshiba Corporation
★ Korea Electric Power Corporation
★ Siemens AG
★ Yokogawa Electric Corporation
Market Segmentation:
By Product Type:
★ By Power Station Type: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations
★ By End Use: Residential, Commercial, Industrial, Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
📈 What was the size of the Geothermal Power Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Geothermal Power Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Geothermal Power Market?
📈 How does the market share of Geothermal Power Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Geothermal Power Market?
📈 Which segment of the Geothermal Power Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Geothermal Power sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/5830
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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