Geothermal Power Market Size, Growth, Industry Forecast 2023-2028

Posted by

The global geothermal power market size reached 107.8 GWh in 2022. Looking forward, IMARC Group expects the market to reach a value of 176.4 GWh by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.

What Is Geothermal Power?

Geothermal power is a renewable source of energy that utilizes the natural heat stored within the crust of the Earth to generate electricity. It is tapped into the internal heat of the Earth by using wells to access hot water and steam reservoirs beneath the surface. It is sustainable in nature and produces minimal greenhouse gas emissions, which makes it an environmentally friendly option for meeting energy needs. It is a reliable solution for businesses and industries to reduce their carbon footprint and secure a stable energy source. It is especially well-suited for regions with high geothermal activity, such as geothermal hotspots, where the internal heat of Earth is more accessible and abundant. It is a promising solution to diversify energy sources, reduce reliance on fossil fuels, and combat climate change. It offers a consistent and reliable energy supply and is not affected by weather conditions, such as solar or wind power. It assists in providing a consistent and reliable source of electricity. Besides this, it aids in enhancing energy security by providing a consistent source of electricity without fluctuations. As it helps in mitigating air pollution, reducing carbon dioxide (CO2) emissions, and combating climate change, the demand for geothermal power is increasing around the world.

Request For Sample Report: https://www.imarcgroup.com/geotherma…/requestsample

What Are The Growth Prospects Of The Geothermal Power Industry?

At present, the rising focus on maintaining sustainability in the environment across the globe represents one of the major factors strengthening the growth of the market. In line with this, the growing concerns about energy availability during peak periods to reduce the risk of financial losses in an organization are positively influencing the market. Additionally, the increasing adoption of geothermal power, as it provides electricity to remote or off-grid areas and reduces the need for costly and environmentally harmful fuel transportation, is propelling the growth of the market. Apart from this, the rising integration of geothermal energy with conventional sources to ensure a consistent energy supply among businesses is offering lucrative growth opportunities to industry investors. In addition, there is an increase in demand for energy to perform numerous tasks across the globe. This, coupled with the rising development of enhanced geothermal systems (EGS) to expand its geographical scope, is contributing to the growth of the market. Besides this, advancements in drilling techniques to enable more efficient access to geothermal reservoirs, reduce operational costs, and increase the feasibility of power projects, are offering a positive market outlook. Moreover, governing agencies of several countries are encouraging the adoption of renewable energy to lower greenhouse gas (GHG) emissions and enhance energy security worldwide, which is bolstering the growth of the market.

Who Are The Key Players/Companies In Geothermal Power Market?

  • Ansaldo Energia S.p.A.
  • ABB Ltd.
  • Berkshire Hathaway Energy (Berkshire Hathaway Inc.)
  • Calpine Corporation
  • Enel S.p.A.
  • First Gen Corporation
  • Fuji Electric Co. Ltd.
  • Halliburton Company
  • Mitsubishi Corporation
  • Ormat Technologies Inc.
  • Toshiba Corporation
  • Yokogawa Electric Corporation.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Power Plant Type:
Binary Cycle Power Plants
Flash Steam Plants
Dry Steam Plants

Breakup by End User:
Industrial
Residential
Commercial
Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Email: sales@imarcgroup.com

Follow us on Twitter: @imarcglobal

LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/

Leave a Reply

Your email address will not be published. Required fields are marked *