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The global geothermal power market was valued at $4.6 billion in 2018, and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026. Geothermal energy is a form of energy in which heat energy from deep inside the earth is collected and used for producing electricity, cooking, and other purposes. The geothermal energy in the Earth’s crust comes from both the globe’s initial formation and the radioactive decay of materials like potassium, thorium, and uranium in the crust. Geothermal energy is a low-cost, dependable, long-lasting, and environmentally sustainable source of energy. The total amount of energy that can be recovered and used on the surface is calculated to be 1.4 106 terawatt-years.
The growth of the geothermal energy market is being driven by growing electricity security issues due to renewable and environmentally friendly resources. Furthermore, rising demand for heating and cooling systems, such as ground source heat pumps and district heating, is expected to drive the geothermal energy market forward. However, potential pollution, surface instability, and the high capital cost of constructing a plant are expected to restrict the geothermal energy market’s growth during the forecast era.
Three types of geothermal power plants are operating presently, which include binary cycle, dry steam, and flash steam. Furthermore, government sponsored initiatives to encourage renewable energy development, such as financial incentives and tax refunds, are expected to provide multiple growth opportunities for the geothermal energy industry in the coming years.
The global geothermal energy market is divided into power plant type, terminal utilization and region. The market is split into dry Steam Plants, steam flash plants and binary cycle power plants by type of power station. It is divided into residential, commercial, industrial and others based on final use.
In North America, Europe, Asia-Pacific and LAMEA, the geothermal market analysis takes place regionally. Among those regions the Asia-Pacific region, due to factors such as electrification of low revenue and rural communities, is expected to enjoy a boom over the forecast period. In renewable energy, India is one of the main players. India reaffirmed its commitment to clean energy and reduced emissions of carbon. In the country’s national budget, which aims to increase the share of renewable energy production in overall energy production, India also has increased emphasis on renewables. The goal is to increase production to 175 GW by 2022, which is expected by the Asia Pacific region to boost geothermal energy growth.
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