Geothermal Power Market Analysis, Share, Growth and Future Scope

Geothermal Power: The Future of Clean Energy

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The increasing focus on energy security and energy independence and the rising implementation of favorable government policies regarding geothermal power projects are the main factors fueling the surging popularity of geothermal power across the world. Many European, Asian, and North American countries are increasingly focusing on becoming extremely energy independent. This is facilitating the optimization of various renewable energy sources, which is, in turn, propelling the demand for geothermal power across the globe.

Furthermore, many countries are enacting policies for reducing their oil imports and focusing heavily on geothermal energy projects. For example, the European Union’s objectives under the Renewable Energy Directive (RED) for fulfilling a minimum of 20% of their power requirements with renewable energy sources by 2020, are boosting the production of power from various renewable energy sources. This is, in turn, driving the advancement of the global geothermal power market.

Download report sample at: https://www.psmarketresearch.com/market-analysis/geothermalpower-market/report-sample As a result, the value of the market is predicted to grow to $6,518.9 million by 2022. In addition to this, the market will exhibit a CAGR of 11.6% from 2016 to 2022. Geothermal energy is the energy produced from geothermal power plants by utilizing the heat energy stored under the crust of the Earth. These plants use the steam generated from the hot water reservoirs located under the planet’s surface.

This steam is mainly needed for rotating the turbine, which then produces electricity. Due to the various advantages of geothermal energy such as the ability to cause lesser atmospheric pollution, requiring less utilization of land, and the capability to cause zero or negligible pollution because of the reinjection of the effluent fluid, over the other renewable ones such as wind, bioenergy, and hydropower, it is increasingly being adopted for power generation all over the globe.

When technology is taken into consideration, the geothermal power market is classified into flash, dry steam, and binary. Out of these, the flash category recorded the highest growth in the market in the past years. Across the globe, the market registered the highest growth in the Asia-Pacific (APAC) region in the years gone by and this trend is likely to continue in the forthcoming years as well. This will be because of the high-power requirement.

Besides the aforementioned factor, the rapid expansion of the geothermal power industry is also contributing toward the growing popularity of geothermal energy in the region. One of the major trends currently being witnessed in the geothermal power market is the soaring demand for workforce for energy generation, as per the observations of the market research company, P&S Intelligence. Geochemists, geophysicists, geologists, and various other experts are required in these plants for performing operations such as power

exploration, generation, and distribution.

Hence, it can be said with certainty that the demand for geothermal energy would shoot-up across the world in the upcoming years, mainly because of the rising requirement for renewable energy sources and the soaring implementation of favorable government policies regarding the adoption of geothermal energy in several countries around the world.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/geothermal-power-market GLOBAL GEOTHERMAL POWER MARKET •

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By Technology Type o

Dry Steam

o

Flash

o

Binary

By Region o

North America

o

Europe

o

Asia-Pacific

o

Latin America

o

Rest of the World

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