The geothermal energy market is set to expand significantly, with projections indicating it will reach USD 13.56 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.3%. This growth is driven by the rising demand for renewable power generation, the increasing adoption of ground source heat pumps, and supportive government policies aimed at promoting sustainable energy initiatives.
Among the various technologies utilized in geothermal energy, the flash steam plants segment is expected to achieve the highest growth rate. This is attributed to advancements in technology that enable these plants to operate more efficiently, resulting in lower carbon dioxide emissions compared to traditional energy sources. Flash steam plants can vary in capacity from single-flash systems, which range from 0.2 to 80 megawatts (MW), to triple-flash systems, which can generate between 60 and 150 MW. Notably, flash steam plants emit approximately 27 kg of CO2 per megawatt-hour (MWh), whereas binary cycle plants produce zero emissions.
Power generation remains the predominant application of geothermal energy, largely due to the pressing need for sustainable energy solutions. This sector is expected to maintain its status as the largest application area, outpacing other uses such as residential and commercial heating and cooling. The ability of geothermal energy to provide a stable and continuous power supply, unlike intermittent sources like solar and wind, enhances its appeal.
North America is anticipated to be the second-largest market for geothermal energy, driven by ongoing technological advancements and substantial investments in the sector. Key market players include Ormat Technologies, Mitsubishi Heavy Industries, and GE Vernova, which are contributing to the geographical expansion and technological evolution within the industry.
The report titled “Geothermal Energy Market by Application (Power Generation, Residential & Commercial Heating and Cooling), Temperature (Low, Medium, & High Temperature), Technology, and Region – Global Forecast to 2030” has been added to ResearchAndMarkets.com. This report provides a detailed analysis of market dynamics, highlighting both the drivers of growth such as the demand for renewable power and government incentives, as well as challenges such as competition from alternative energy sources and high exploration costs.
In summary, the geothermal energy sector is poised for robust growth through 2030, driven by technological advancements and a strong focus on sustainable energy solutions. The market’s expansion will not only contribute to energy security but also play a vital role in decarbonization efforts globally.
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