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Geothermal Power Generation Market to Rear Excessive Growth During 2024
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Over the past few years, several factors have encouraged the growth and development of geothermal power generation around the world. The most prominent of these factors being, favorable prices, tariff benefits, soft loans for development, and renewable energy, the impact of which is analyzed by the report in detail. While stringent government regulations pertaining to the globally-accepted environment protection laws may pose challenges in front of the stakeholders, the market as a unit is likely to benefit from the proliferation of the latest technologies. However, regulations imposed to curb groundwater pollution and land ownership laws are other bottlenecks, which the market will have to address to achieve a hindrance-free growth.
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To present a holistic overview, the report segments the global geothermal power generation market on the basis of power type and the technology utilized by plants for harnessing geothermal power. The technologies that are most prevalent in the market include binary cycle, dry steam, and flash steam. The increasing uptake of these technologies across the energy sector is significantly fuelling demand from the global geothermal power generation market. Of these, flash plants held a major share of the market, according to the report. However, the technology is likely to lose its market share in response to the rising demand for binary cycle power plants in the industry.
The TMR report segments the global geothermal power generation market into Europe, Asia Pacific, North America, and Rest of the World (RoW). It states that the segment of binary cycle power plants fetches maximum demand from North America. Incessant exploitation of geothermal energy over a long period of time has led the U.S. market into maturity.
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This has impelled the growing implementation of the binary cycle technology in the country, thereby giving a boost to the market for the technology in North America. Furthermore, the European market has also reached saturation considering countries such as Italy, and Iceland are obtaining significant portions of electricity consumed from geothermal sources. Hence, Asia Pacific at present dominates the global market for geothermal power generation. The region is also anticipated to exhibit a positive growth in terms of geothermal power generation, due to the presence of a substantial amount of unexplored and underdeveloped geothermal resources. A similar pattern of growth is also observed in countries encompassed within Rest of the World, states the report..
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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