Stratistics MRC’s Global Geothermal Energy Market value is expected to reach $13.08 billion growing at a CAGR of 7.9% during 2023-2030.
Geothermal power is a reliable and independent power generation system that harnesses the warm energy of the earth’s magma. In geothermal power plants, the steam generated by hot water that is located a mile or more below the earth’s surface is used to turn turbines that ignite generators, which then generate electricity. Moreover, steam is used in geothermal power plants to turn large turbines that drive electrical generators. A few miles or more below the surface of the earth are hot water reservoirs, from which steam is produced. Geothermal energy has advantages for the environment, such as lowering air pollution and conserving water.
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During the forecast period, the Asia-Pacific region is expected to have the highest CAGR. The region’s abundant geothermal resources, rising energy demand, and proactive government efforts to reduce carbon emissions account for the growth. Strategic investments in geothermal projects have been made by important players like Indonesia, the Philippines, and Japan in line with their commitment to bolstering renewable energy capacities. The Asia-Pacific region emerges as a formidable contender for driving accelerated growth within the global geothermal energy market by leveraging its thriving economy and unwavering pursuit of sustainable energy.
Some of the key players in Geothermal Energy market include Tata Power Company Limited, Fuji Electric Co. Ltd, Yokogawa Electric Corporation, Terra-Gen Power LLC, Ormat Technologies Inc., Berkshire Hathaway Inc., Korea Electric Power Corporation , Doosan Škoda Power, Siemens AG, Toshiba International Corporation, First Gen Corporation, Aboitiz Power Corporation, ABB Limited, Tetra Tech Inc., Chevron Corp. , Therma Source LLC, Mitsubishi Power, Ltd., Energy Development Corporation , Calpine Corporation , Kenya Electricity Generating Company PLC and U.S. Geothermal Inc.
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Key Developments:
In August 2023, Tata Power announced that its subsidiary Tata Power Renewable Energy Ltd. entered into power purchase agreements with Maharashtra State Electricity Distribution Company Ltd.. The subsidiary of Tata Power has signed two PPAs with MSEDCL for the commissioning of two solar projects of 200 MW and 150 MW capacities, respectively, Tata Power said in a filing to stock exchanges.
In June 2023, Ormat Technologies, Inc. a leading geothermal, energy storage, photovoltaic (PV), solar and recovered energy power company, today announced the signing of agreements with Eastland Generation Limited (EGL) to build a 50MW power plant in New Zealand.
In May 2023, Fuji Electric Corp is excited to announce the launch of the NEW MONITOUCH V10 HMI Series. The V10 joins the MONITOUCH V9, TechnoShot, and X1 series of HMI products available from Fuji Electric Corp.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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