Geothermal Power Market Size to Worth Around US$ 7.1 Bn by 2030

Tokyo, June 01, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global geothermal power market size was valued at US$ 5.3 billion in 2021. Geothermal power is sustainable energy source. Geothermal power is produced using geothermal power which is a renewable source. Due to the concerns regarding the climate change many strict regulations are implemented by government in the developed and the developing nations which shall help in the growth of the market.

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During the pandemic the production and supply chains had disrupted and the demand but the good sense of size had also diminished. The geothermal reservoirs are naturally refilled and they have an enormous capacity for power generation. The benefits offered by the geothermal power will drive the market during the forecast period and it will be used in the future for generation of power.

Regional Snapshots

In the U S the geothermal power generation is forecasted to have the highest market growth. Other geographic markets or Europe and Japan which are also grow well during the forecast period. The North American region is the leading market of the geothermal power across the globe. Most of the geothermal power plants are located in Hawaii in the United states. This location is useful as the geothermal power resources are close to the Earth's surface. Maximum amount of geothermal power is generated in California. About 91% of the country's steam power capacity is with California. Geothermal power is primarily generated in Nevada and California. Many new projects are also planned in this region. In order to develop the geothermal project for the clarke lake the canada's minister of natural resources announced an investment of U.S. dollar 40.5 million. Due to rapid urbanization and industrialization the Asia Pacific region is expected to have a positive market growth during the forecast period. As a growing demand for electrification of low income groups and rural communities the market is expected to grow during the forecast period. In the Asia Pacific region the governments are various countries are investing and taking initiatives for promoting a sustainable energy generation. In the countries of Philippines, Japan and Indonesia there is a large scale geothermal production.

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Report Highlights

• The binary cycle power plant segment is expected to witness a good growth during the forecast. Many new projects are announced with the use of the binary cycle power plant. As the binary plans can operate at the reservoirs with low temperatures they happen to offer various options for the suitable locations.
• On the basis of the region, the North American market is expected to lead the geothermal power across the world. All the western states of North America have the geothermal power plants. California generates maximum electricity with the help of geothermal power.

Scope of the Report

Market Dynamics

Drivers

The market for geothermal power is driven by the rising demand for geothermal power as it has a high capacity of geothermal power which is provided at a low cost. As the geothermal power plants cause less pollution as compared to other sources this market is expected to grow during the forecast period. Geothermal power generation is extremely beneficial when it is compared to the other renewable energy sources like wind, bioenergy or hydropower. The usage of land in geothermal power generation is less. The greenhouse gases emission is also less in the geothermal power generation. As as a limited presence of the fossil fuels and and increased greenhouse gas emissions across the globe the market for the geothermal power generation is expected to grow during the forecast period. Many organisations, associations and institutes are investing a lot of amount in the geothermal power. In order to develop 150 MW geothermal plant and agreement work U.S. dollar 800 million was signed by Ethiopia. To establish the first ever geothermal field project in India situated in ladakh a memorandum of understanding was signed by the administration of the union territory of ladakh in February 2021.

Restraints

The increasing amount of investment for the geothermal power plants is hindering the growth of the market. The increased investments for developing more and more geothermal power plants could also harm the environment.

Opportunities

As the market for geothermal power is growing continuously as the benefits offered are no greenshouse gas emission during the production of the energy and many nations are investing this power .

Challenges

The challenges in the growth of the geothermal power market are the restricted resource, transmission loss, limited suitable geographical areas and there is also a possibility of depleting the steam resources from the underground. The equipment which is used for digging up the wells and setting up power plants is extraordinary and it is extremely expensive as a need of trained staff for the geothermal power plant. The process is also extremely time consuming which poses a great challenge for the growth of this market. Another drawback is that once the energy is extracted from the underground wells it has to be used where it is extracted, it cannot be transported to a different facility.

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Recent developments

A memorandum of understanding was signed between ladakh autonomous hill development council and the ONGC energy center. This will be the first geothermal field development project in ladakh carried out by oil and natural gas corporation.

Market Segmentation

By Plant Type

• Binary Cycle Power Plants
• Flash Steam Plants
• Dry Steam Plants
  
  

By End User

• Residential
• Industrial
• Commercial
• Others

By Power Output

• Up to 5 MW
• Above 5 MW

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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