Geothermal Electricity Global Market Sees Growth Rate Of 10% Through 2022
5 Jan, 2022
The global geothermal electricity market size is expected to grow from $5.53 in billion 2021 to $6.06 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. The growth in the geothermal electricity market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The geothermal electricity market is expected to reach $8.46 billion in 2026 at a CAGR of 8.7%.
What is the Global Geothermal Electricity Market?
The geothermal electric power generation market consists of sales of geothermal electric power and related services. Geothermal energy is derived using the Earth's internal heat energy to generate steam through a series of wells and is fed to the power plant to generate electricity.
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What drives the Global Geothermal Electricity Market?
The companies in geothermal electric power generation market are investing in new technologies to make geothermal energy easily accessible to generate electricity and for other heating purposes. The large amount of geothermal energy is extracted only from places where it is easy to access very hot water. However, in countries like the UK and France, the availability of such hot water or hot water steam is very less as compared to places with volcanoes, such as Iceland and Indonesia. Following which companies are investing towards new approaches to make geothermal energy easily extractable and available. For instance, Climeon, a Sweden based company, invented technology that operates in temperatures between 70°C-120°C and uses the temperature differences between hot and cold water to produce electricity. The method, unlike solar and wind power, is continuously available and is not affected by the weather.
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https://www.thebusinessresearchcompany.com/report/geothermal-electricity-global-market-reportGlobal Geothermal Electricity Market Segments
The global geothermal electricity market is segmented:
By Type: Back Pressure, Binary, Double Flash, Dry Steam, Single Flash, Triple Flash
By End-User: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Station
By Application: Residential, Commercial, Industrial, Others
By Geography: The regions covered in the geothermal electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Geothermal Electricity Global Market Report 2022 provides market size and growth forecasts for the global geothermal electricity market, global geothermal electricity market share, geothermal electricity market segments and geographies, geothermal electricity market competitive landscape including leading competitors’ revenues, profiles and market shares. The geothermal electricity market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Geothermal Electricity Industry Playersinclude Calpine Corp, Comision Federal de, Energy Development Corp., Electricadad (CFE) Enel SpA, Chevron Corporation, COMISION FEDERAL DE ELECTRICADAD (CFE), ENEL SPA, U.S. Geothermal Inc., KenGen, Contact Energy, Orkuveita Reykjavikur, Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd, Northern California Power Agency, Terra-Gen, LLC, ORMAT, Aboitiz Power, Calpine Corporation, Mercury, Pertamina Geothermal Energy, Raya Group, and Cyrq Energy. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.