Global Geothermal Power Market Size To Worth USD 12.2 Billion By 2033 | CAGR of 4.44%
Category: Energy & PowerGlobal Geothermal Power Market Size To Worth USD 12.2 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Geothermal Power Market Size is to Grow from 7.9 Billion in 2023 to USD 12.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.44% during the projected period.
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Browse key industry insights spread across 260 pages with 123 Market data tables and figures & charts from the report on the "Global Geothermal Power Market Size, Share, and COVID-19 Impact Analysis, By Type (Dry Steam Plant, Flash Steam Plant, and Binary Cycle Plant), By Application (Electricity Generation, Direct Heating and District Heating, Greenhouse Heating, and Spa & Wellness Facilities), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/geothermal-power-market
Geothermal power plants generate heat by pulling fluids from subsurface reservoirs to the surface. This steam or hot liquid drives turbines, which generate electricity before being reintroduced into the reservoir. They function similarly to coal or nuclear power plants, with the only exception being the heating source employed in geothermal facilities. Geothermal power replaces a nuclear plant's reactor with heat from the earth. It requires high-temperature hydrothermal resources ranging from 300°F to 700°F, which can be found in either dry steam wells or hot water wells. Several rigorous government rules are driving the growth of the global geothermal power industry. Limited access to fossil fuels and rising greenhouse gas emissions are also driving industry expansion. Because geothermal electricity is low-cost and high-capacity, the market is likely to expand over the projection period. The growing need for clean and environmentally friendly sources is propelling market expansion. Although geothermal power projects demand a considerable capital investment, their operational costs are low and consistent. The entire installation expenses of a geothermal power plant include exploration and resource evaluation. However, the hefty capital costs can limit market growth.
The binary cycle plant dominated the market during the forecast period.
Based on type, the global geothermal power market is classified into dry steam plants, flash steam plants, and binary cycle plants. Among these, the binary cycle plant dominated the market during the forecast period. Binary cycle power plants' market dominance stems from their technological benefits. Binary cycle power plants heat a secondary fluid with a lower boiling point than water with geothermal resources at lower temperatures. Following that, the working fluid evaporates and powers a turbine to produce energy. This technology allows binary cycle power plants to tap a greater spectrum of geothermal resources, boosting their adaptability to various geological conditions. Furthermore, binary cycle systems are regarded as environmentally benign due to their low emissions and capacity to maximize the use of geothermal resources.
The electricity generation segment has the biggest share of the market over the forecast period.
Based on application, the global geothermal power market is classified into electricity generation, direct heating and district heating, greenhouse heating, and spa & wellness facilities. Among these, the electricity generation segment has the biggest share of the market over the forecast period. Geothermal power is mostly utilized to produce energy. Geothermal power plants generate electricity by powering turbines using steam or hot water from reservoirs. This category is well-established in places with plentiful geothermal resources and robust geothermal power infrastructure. The stability and constancy of geothermal power plants make electricity generation a desirable and secure energy source. However, direct and district heating are commonly employed in homes, businesses, and factories.
Asia-Pacific is expected to hold the largest share of the geothermal power market over the forecast period.
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Asia-Pacific is expected to hold the largest share of the geothermal power market over the forecast period. The region's expansion is being spurred by government programs aimed at increasing the amount of geothermal power in total energy production. This favorable environment is likely to fuel significant market expansion during the forecast period. The Philippines places a high priority on developing geothermal resources in order to attain energy independence and increase the share of renewable energy. China presents another profitable opportunity for the geothermal electricity business, as the country tightens pollution rules on coal-fired power facilities.
Europe is expected to expand the quickest in the geothermal power market throughout the forecast period. As geothermal energy from renewable sources gains popularity, it accounts for a large market share in Europe. Several European countries generate heat from geothermal power, while others are exploring the potential applications of this renewable resource. Bulgaria has received financing from the Recovery & Resilience Fund to construct two geothermal power plants to produce sustainable hydrogen. Greece and Spain are drafting national rules and researching geothermal energy possibilities.
Major vendors in the geothermal power market include Sumitomo Corporation, Green Mountain, Turboden S.p.A., Reykjavik Geothermal, Atlas Copco AB, KenGen, Halliburton, Calpine, Fuji Electric Co Ltd, Enel Spa, General Electric, Supreme Energy, Ansaldo Energia, Macquarie Group Limited, Sumitomo Corporation, and Others.
Recent Developments
- In April 2022, Peninsula Clean Energy and Ormat Technologies have inked a 15-year Power Purchase Agreement. This community choice aggregator supplies the city of Los Banos and San Mateo County with more than 3,500 gigawatt hours.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global geothermal power market based on the below-mentioned segments:
Global Geothermal Power Market, By Type
- Dry Steam Plant
- Flash Steam Plant
- Binary Cycle Plant
Global Geothermal Power Market, By Application
- Electricity Generation
- Direct Heating and District Heating
- Greenhouse Heating
- Spa & Wellness Facilities
Global Geothermal Power Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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