Geothermal Energy Market:Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2024

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Report Code: ZMR-3133 | Report Format : | Status : Upcoming |

Abstract

Geothermal Energy Market: Overview

Geothermal energy is generated from the heat that is naturally available from the earth. Hot water or steam is utilized to produce geothermal energy which can be used to generate electricity. The geothermal energy market is in high demand as it emits much less of any harmful gases and burns less fuel which doesn’t harm the nature. Increasing demand for natural and renewable energy source has led to the growth of geothermal energy market globally. The geothermal energy market is considered to grow more in the developing economies due to the increasing demand for electricity.

Geothermal Energy Market: Growth factors

Geothermal energy is a clean, sustainable energy source which can be used to generate electricity. Rapid urbanization, industrialization, developing economies have created a demand for electricity and geothermal energy can produce electricity. The geothermal energy market is growing because of the reason that geothermal energy can be utilized from the natural geothermal reservoirs and doesn’t need any artificial energy source. There are various risk factors involved while exploring the geothermal reservoirs but government financial benefits have made it convenient and are proved to be one of the major factors in the growth of geothermal energy market. The other major growth driver for this type of market is the adoption of renewable energy source which can be used with the minimum discharge of carbon dioxide and other harmful greenhouse gases. The restraining factor for this market is that the time needed for the recovery of earth’s surface is more than the benefits obtained from the surface which can be quite not affordable from the economic point of view. The geothermal energy market is successfully growing all over the world due to the urge of adoption of renewable energy source without harming the nature. The opportunistic market for the growth in this sector is more towards developing economies.

Geothermal Energy Market: Segmentation

Geothermal energy can be used in various forms: Direct geothermal energy-in this procedure, the hot water is directly used from natural resource and transfers the heat with the help of a heat exchanger. Geothermal heat pump - in this, the heat from beneath the earth is used through the pipes and with the help of heat exchanger and electric compressor, the heat is then transferred to the ducts in the rooms. Geothermal power plant- in this process, hot water or springs is used to generate electricity. Different types of geothermal power plants are a dry steam plant, single flash steam plant, binary cycle plant, double flash plant, triple flash, back pressure. Applications of the geothermal energy market in the different sectors: residential, commercial, industrial.

Geothermal Energy Market: Regional analysis

North America(USA, Canada, Mexico)has dominated the geothermal energy market, followed by Europe(Germany, France, Russia, UK, Italy), Asia Pacific(Philippines, Japan, Indonesia, China, India), South America(Brazil, Argentina, Colombia), Middle East and Africa(Saudi Arabia, Egypt, Nigeria, South Africa, UAE, Kenya, Ethiopia). The Asia Pacific is anticipated to grow in this type of market due to the developing economies demanding electricity.

Geothermal Energy Market: Key players

Some of the key players are 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(Edc), Aboitiz power,  Ormat Industries, Gradient Resources among others.

Geothermal Energy Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • The UK
    • France
    • Germany
  • The Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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