Geothermal Energy Market to Hit US$ 10 Billion by 2033 | Fact.MR Report
Rising Electricity Security Concerns and Demand for Sustainable Heating & Cooling Technologies Driving Adoption of Geothermal Energy
Rockville , Aug. 07, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global geothermal energy market is projected to reach a value of US$ 10 billion by 2033, growing at a CAGR of 6.5% from 2023 to 2033.Geothermal energy stands as a reliable and consistent energy source, obtained without the need for external fuel combustion. This form of energy is harnessed from underground reservoirs, including hot rocks, hot dry steam, and wet steam sources. Utilization of geothermal energy is influenced by several factors such as the temperature of steam and water, accessibility of reservoirs, porosity, and permeability. Depending on its specific properties, geothermal energy can be effectively utilized for various purposes such as cooling, district heating, or electricity generation.
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Growing concerns about electricity security and the need for clean and environmentally friendly energy sources are propelling the geothermal energy market. Furthermore, the rising demand for cooling and heating technologies, such as ground-source heat pumps and district heating, is expected to drive the geothermal energy industry forward.
*Key Takeaways from Market Study*
· The global market for geothermal energy is valued at US$ 5.32 billion in 2023.
· Worldwide demand for geothermal energy is predicted to advance at a CAGR of 6.5% through 2033.
· By the end of 2033, the global market is anticipated to reach US$ 10 billion.
· Revenue from binary cycle power stations is projected to increase at a CAGR of 6.5% from 2023 to 2033.
· The market in China is set to expand at a CAGR of 6.4% during the projected period (2023 to 2033).
· The geothermal energy market in Germany is forecasted to expand at a CAGR of 6% through 2033.
*“**I**ncreasing **use of renewable energy sources** as well as **rising** demand for clean energy **is** driving the global geothermal **energy** market. Furthermore, **growing** demand for** energy-efficient** cooling **&** heating systems* *is expected to fuel market expansion**,”* says a Fact.MR analyst.
*Key Companies Profiled in This Report*
· Tetra Tech, Inc.
· Ormat Technologies, Inc.
· Engie SA
· Mitsubishi Power, Ltd.
· First Gen Corporation
· Calpine
· Gradient Resources
· EthosEnergy
· Toshiba International Corporation
· Chevron
*Market Competition*
In the global geothermal power market, industry participants are actively pursuing diverse inorganic growth strategies such as mergers & acquisitions, joint ventures, partnerships, collaborations, and regional expansions to strengthen their position in the global market. Additionally, these market players are also attracting increased funding from various investors due to the rising demand for geothermal power. This strategic initiative enables them to expand their capacity and maintain competitiveness on a global scale.
· The Oil and Natural Gas Corporation (ONGC) recently announced its plans to carry out the first Geothermal Field Development Project in Ladakh (India). On February 6, 2021, the ONGC Energy Centre (OEC) signed a Memorandum of Understanding (MoU) with the Ladakh Autonomous Hill Development Council, Leh.*Get Customization on this Report for Specific Research Solutions:*
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*Key Segments of Geothermal Energy Industry Research** report*
· *By Power Station Type:*
· Binary Cycle Power Stations
· Flash Steam Power Stations
· Dry Steam Power Stations
· *By Power Output:*
· Up to 5 MW
· Above 5 MW
· *By End Use:*
· Industrial
· Residential
· Commercial
· *By Region:*
· North America
· Latin America
· Europe
· Asia Pacific
· Middle East & Africa*More Valuable Insights* *on Offer*
Fact.MR, in its new offering, presents an unbiased analysis of the global geothermal energy market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on power station type (binary cycle power stations, flash steam power stations, dry steam power stations), power output (up to 5 MW, above 5 MW), and end use (industrial, residential, commercial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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