Geothermal energy is a renewable resource that offers clean, reliable, and cost-effective power. This is because, unlike fossil fuels, it does not pollute the air or create greenhouse gasses that contribute to global warming. It can be produced in a variety of ways, depending on the type of geothermal system available. The most common are steam- and hot water-based power plants, often located near hot springs, volcanic activity, or tectonic plate boundaries. At these sites, energy is extracted from underground by pumping superheated water or steam to the surface. The steam flows through a turbine, drives a generator, and produces electricity. Water that is not used for electricity is returned to the underground reservoirs.
Market Dynamics:
The global geothermal power market is thriving with the advent of new technology and growing demand for renewable energy sources. Due to the rapid industrialization and urbanization in developing countries, there is a major need for electricity. Thus, the global geothermal power market is projected to grow at a high rate in the forecast period. Moreover, key players in the global geothermal power market are focusing on developing their production facilities to tap the potential of geothermal resources. Furthermore, increasing government policies to encourage the use of geothermal energy are another factor boosting growth of the market. These policies offer a variety of financial incentives to support the development and deployment of the power generation from geothermal resources.
On the other hand, high cost associated with the establishing power plant is expected to hamper the market growth.
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*Browse 24 market data tables and 28 figures on "Global Geothermal Power Market” - Global forecast to 2030
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