Geothermal Energy Market to Hit US$ 10 Billion by 2033 | Fact.MR Report
Increasing worries about the reliability of electricity and the need for more eco-friendly methods for heating and cooling have resulted in a surge in the usage of geothermal energy.
According to Fact.MR, a company specializing in market research and competitive analysis, the worldwide geothermal energy market is forecasted to achieve a worth of $10 billion by 2033. This growth is expected to occur at a compound annual growth rate of 6.5% from 2023 to 2033.
Geothermal power is a dependable and steady source of energy that doesn't require the burning of external fuels. This type of energy is extracted from underground reservoirs, which can include hot rocks, dry and wet steam sources. The use of geothermal energy is affected by different factors like the temperature of the steam and water, how accessible the reservoirs are, and their porosity and permeability. Depending on these specific characteristics, geothermal energy can be effectively used for things like cooling, heating entire districts, or generating electricity.
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Increasing anxieties surrounding the stability of electricity supply and the urgency to adopt sustainable and eco-friendly energy sources are pushing the geothermal energy sector. Additionally, the growing requirement for efficient cooling and heating solutions like ground-source heat pumps and district heating is anticipated to propel the geothermal energy market.
Main Points from Market Research
In 2023, the worldwide geothermal energy market has a worth of around US$ 5.32 billion.
The global request for geothermal energy is projected to grow steadily at an annual growth rate of 6.5% until the year 2033.
It is projected that by the conclusion of 2033, the worldwide market will achieve a staggering sum of 10 billion US dollars.
The income generated from binary cycle power stations is expected to grow at an average annual growth rate of 6.5% from 2023 to 2033.
The Chinese market is expected to grow at a compound annual growth rate of 6.4% from 2023 to 2033.
The prediction for the growth of the geothermal energy market in Germany indicates a steady increase of 6% per year until 2033.
According to an analyst at Fact.MR, the global geothermal energy market is growing due to the greater utilization of renewable energy sources and the increasing need for clean energy. Additionally, the market is projected to expand as a result of the rising demand for cooling and heating systems that are energy-efficient.
The following companies have been featured in this report
In the worldwide geothermal energy market, companies are actively adopting various strategies to expand their presence in the global market. These strategies include mergers and acquisitions, partnering with other businesses, collaborating with industry players, and expanding into new regions. Moreover, these companies are receiving more funding from different investors because of the growing demand for geothermal energy. This strategic move allows them to increase their capability and remain competitive on a global level.
The Oil and Natural Gas Corporation (ONGC) recently revealed its intentions to initiate the inaugural Geothermal Field Development Project in the Ladakh region of India. On February 6, 2021, the ONGC Energy Centre (OEC) entered into a Memorandum of Understanding (MoU) with the Ladakh Autonomous Hill Development Council, Leh.
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Important Sections of Geothermal Energy Industry Analysis Paper
Based on the type of power plant:
Binary cycle power stations generate electricity by utilizing hot water or steam from geothermal sources to produce high-pressure vapor. This vapor is then used to drive turbines, which in turn generate electricity. These types of power stations offer several advantages over conventional fossil fuel power plants. Firstly, they are much cleaner, as they produce significantly fewer greenhouse gas emissions. This means they have a smaller carbon footprint and contribute less to climate change. Additionally, binary cycle power stations provide a more sustainable and renewable energy source. Geothermal energy is derived from the Earth's natural heat, which is continuously replenished and not depleted like finite fossil fuel reserves. This makes binary cycle power stations a more long-term and reliable energy solution. Furthermore, binary cycle power stations have a smaller environmental impact compared to other renewable energy sources, such as wind or solar power. Geothermal energy is more consistent and reliable, as it is not dependent on weather conditions. This means binary cycle power stations can provide a stable source of electricity, regardless of the time of day or environmental conditions. In conclusion, binary cycle power stations offer an efficient and environmentally friendly solution to meet our growing energy needs. By harnessing geothermal energy, we can reduce our reliance on fossil fuels, lower greenhouse gas emissions, and have a more sustainable and renewable source of electricity.
Flash steam power stations are a type of power plant that utilize the process of flashing high pressure hot water into steam to generate electricity. These stations have been gaining popularity due to their efficiency and sustainability. The concept behind flash steam power stations is simple yet effective. The high pressure water is heated to such an extent that it turns into steam when subjected to lower pressures. This steam is then used to drive turbines, which in turn generate electricity. Overall, flash steam power stations are a great alternative to conventional power plants as they make use of a readily available resource (water) and produce minimal emissions.
Dry steam power stations are facilities that generate electricity by harnessing the power of steam. These stations utilize dry steam, which is obtained directly from underground geothermal reservoirs. The steam is channeled through pipes to turbines, where it expands and drives a generator to produce electricity. This method of power generation is highly efficient and environmentally friendly, as it does not involve the combustion of fossil fuels. Moreover, dry steam power stations have the capability to run continuously and provide a stable source of electricity.
The region encompassing the nations in the middle part of the Eastern Hemisphere and the continent of Africa.
Additional Valuable Perspectives Available
In its latest release, Fact.MR provides an impartial assessment of the worldwide geothermal energy industry. The report includes past records of demand from 2018 to 2022 and projects future statistics for the period 2023 to 2033.
The research reveals important findings about the industry by categorizing power stations into different types such as binary cycle power stations, flash steam power stations, and dry steam power stations. It also considers the power output of these stations, distinguishing between those with a capacity of up to 5 MW and those above 5 MW. Furthermore, it analyzes the end use of the power, whether it is for industrial, residential, or commercial purposes. These insights are examined across five major regions globally, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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