The Geothermal Energy Market value is set to cross USD 50 Billion by 2027, as reported in the latest study by Global Market Insights, Inc. Shifting government focus toward clean energy development primarily in the upcoming economies along with growing concern toward increasing greenhouse gas emissions will positively enhance the market growth in the forecast timeline.
Increasing demand for clean energy coupled with the limited utilization of the conventional fuels owing to climate change goals will contribute to the existing demand for renewables. The use of fossil fuels contributes to both carbon dioxide and greenhouse gas emissions. Strict government policies and mandates across various economies encouraging the use of renewables is set to accelerate the geothermal energy industry outlook.
Growing industrialization, rising electricity demand from off grid areas along with increasing adoption of clean energy production methods will complement the industry scenario. Various advancements in the technological processes coupled with varied advantages offered by geothermal are some of the key factors contributing to the overall market size. Ongoing research & development activities toward direct utilization of geothermal in niche application areas including heating for buildings will further contribute to the business landscape.
Some major findings of the geothermal energy market report include:
- Growing concerns toward air pollution & growing emissions along with continuous development of technologies in the renewable energy sector is set to drive the market growth.
- Increase in the government financing to promote geothermal energy across economies will augment the industry landscape.
- Rising implementation of policies and measures to accelerate the use of renewable energy owing to climate change across the countries will stimulate the business landscape.
- Key players operating across the geothermal energy market are Ormat Technologies, Toshiba Corporation, Terra Gen, Mitsubishi Power Ltd. and Exergy International among others.
Flash steam plants are the most common geothermal power plants that convert hot fluids into steam to drive the generator turbines. It is further classified into single, dual, and triple power plants based on the number of flash containers or separators used in the technology setup. Large scale adoption of flash steam plants in countries comprising Mexico, huge potential of geothermal heating for buildings along with geothermal being a sustainable, stable, and reliable energy resource will propel the geothermal energy market forecasts.
Italy’s geothermal energy industry is poised to witness over 1% CAGR through 2027. The availability of numerous unexploited natural hot springs across the peninsula is the major factor influencing the transition toward geothermal energy sources. The growing adoption of district heating coupled with efforts to reduce the increasing carbon footprint is anticipated to accelerate the geothermal energy adoption across Europe. COVID-19 has affected the development of geothermal projects, leading to delay in a number of projects, however with the introduction of vaccines & less cases encountered, the overall industry growth will propel in the coming times.