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Geothermal Energy Market Size, Share, Trends & Industry Growth Analysis Report to 2024-2032

The global geothermal energy market size was worth around USD 7.39 billion in 2023 and is predicted to grow to around USD 12.99 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.60% between 2024 and 2032.

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Geothermal Energy Market Overview

Geothermal energy is a renewable source of energy that is characterised by its consistent availability. The infinite supply of energy for billions and trillions of years to come is guaranteed by the continuous influx of heat from the Earth. Geothermal energy is the pure and sustainable heat that emanates from the Earth. The geothermal energy resources range from the shallow ground to heated water and hot rock that are located a few miles beneath the Earth’s surface. Additionally, geothermal energy is employed for energy generation. Geothermal heat is utilised directly, without the use of heat exchangers or power plants.

The study encompasses the drivers and restraints of the geothermal energy market, as well as their influence on demand during the forecast period. Furthermore, the report encompasses an examination of the global geothermal energy market’s opportunities.

We have incorporated a competitive landscape and an analysis of Porter’s Five Forces model for the geothermal energy market to provide the consumers of this report with a comprehensive understanding of the market. The research includes a market attractiveness analysis, which evaluates the market size, growth rate, and general attractiveness of all segments.

Growth Factors in the Geothermal Energy Market

The rapid depletion of non-renewable energy resources is expected to result in substantial development in the global geothermal energy market in the future. At present, the scarcity of fossil fuels and their derivatives is a result of the overutilization of non-renewable energy resources. Furthermore, the use of fossil fuels results in an increase in carbon emissions, which in turn contributes to global warming and air pollution. Stringent rules and regulations regarding sustainability and eco-friendliness have been established by governments worldwide, as well as a variety of regulatory and civic bodies, in order to prevent this.

The utilisation of renewable energy resources will be further promoted by these norms and regulations. In the years ahead, the market will also be stimulated by the ongoing construction activities that are a result of the accelerated urbanisation. The geothermal energy market is also being bolstered by the utilisation of geothermal energy for the heating and cooling of large infrastructural structures. Nevertheless, the future development of the market may be impeded by the high installation costs of geothermal energy.

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The Global Geothermal Energy Market is segmented based on product, application and region

Global Geothermal Energy Market: Product Segment Analysis

● Direct Dry Steam Plant

● Binary Plant

● Flash Plant

Global Geothermal Energy Market: Application Segment Analysis

● Residential

● Industrial

● Commercial

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The Global Geothermal Energy market profiles key players such as:

● Mitsubishi Heavy Industries

● Berkshire Hathaway Energy

● Enel Green Power North America Inc.

● Toshiba International Corp.

● Hyundai

● Chevron Corporation

● Pertamina Geothermal Energy (PGE)

● Energy Development Corporation

● Aboitiz Power

● Ormat Industries

● Gradient Resources

Regional Analysis of the Geothermal Energy Market

The historic and forecast demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are all included in the regional segment.

The global geothermal energy market was significantly dominated by North America in 2023, and it is anticipated that this regional dominance will persist in the years ahead. This development in the region can be attributed to the growing demand for clean energy and the growth of emission reduction measures. Additionally, the expansion of this regional market will be bolstered by the increasing demand for ventilation and heating systems. Due to the swift urbanisation, rapid industrialisation, and increasing demand for pure and green electricity, the Asia Pacific region is anticipated to offer substantial opportunities for the global geothermal energy market.

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