Geothermal power produced by geothermal energy, is the heat produced from the Earth which is clean and sustainable. The rapid reduction of fossil fuels & global warming due to their usage has increased the importance of green energy. The several governments across the globe have started several plans and schemes, to endorse and boost the generation of geothermal energy. Various factors such as rapidly growing urbanization, industrialization, & increasing manufacturing sectors in developing economies, and increasing importance for renewable electricity generation are driving the growth of the market over the forecasted period.
As per the latest report published by Variant Market Research, Global Geothermal Power Market is estimated to reach $8,507 million by 2024; growing at a CAGR of 11.5% from 2016 to 2024.
Major factors driving the global geothermal power market are rapidly growing urbanization, industrialization, and increasing manufacturing sectors in developing economies, and increasing importance for renewable electricity generation. However, potential emissions, and surface uncertainty may hamper the market growth. Furthermore, government initiatives such as economic benefits and tax refunds to encourage sustainable energy production would unfold with numerous growth opportunities in the forecasted years.
Major segments in the global geothermal power market are technology type, and geography. Technology type comprises dry steam, flash, binary, and other technology types. Further, the market is categorized by flash as single flash, double flash, and triple flash.