Geothermal Power Generation Market Outlook 2031
- The global geothermal power generation market was valued at US$ 10.09 Bn in 2020
- It is estimated to expand at a CAGR of 13.38% from 2021 to 2031
- The global geothermal power generation market is expected to reach the US$ 40.15 Bn by the end of 2031
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Analysts’ Viewpoint on Geothermal Power Generation Market Scenario
The global geothermal power generation market is expected to witness potential growth opportunities in the upcoming years due to proven environmental benefits. The global market is expanding rapidly due to installed capacity and investments. It is a cost-efficient alternative for energy utilization. In addition, the growing popularity of renewable geothermal power generation is expected to grow at a progressive rate in the near future. However, companies are facing some challenges in the global geothermal power generation market such as resource availability constraints, high capital costs, emission issues, etc. Geothermal power generation plants are most likely to be set up in regions surrounding the Pacific Rim. This is limiting the growth of the market in most other regions and thus, players need to invest carefully.
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Rise in Awareness about Environmental Benefits to Drive Global Market
The global geothermal power generation market is majorly driven by factors such as environmental benefits of geothermal energy, cost efficiency, enhanced scalability, etc. In addition, favorable policies and high-capacity utilization & stability are projected to accelerate the market growth over the next few years. Market players are focusing on mergers & acquisitions to grab promising opportunities in the near future. Technological advancement in geothermal power generation is expected to accelerate the growth opportunities in the upcoming years. Moreover, increase in adoption of technology such as binary cycle, flash steam, dry steam, etc. is expected to boost the market. The rise in demand for binary cycle power plants across the globe is projected to contribute to the rapid expansion of the market.
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Geothermal power generation plants emit very less carbon dioxide as compared to conventional power systems driven by coal. Geothermal plants have much lesser land requirements as compared to other power plants, thus driving their demand. Geothermal plants have the capacity to operate 24 hours a day. All these factors are expected to boost the demand for geothermal power plants.
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Increase in Adoption and Popularity of Binary Cycle Technology to Accelerate Market Growth
The rising popularity of the binary cycle technology is due to its efficiency and enhanced performance. In order to harness the geothermal energy, there is an unavailability of high heat resources across the globe. Thus, there is an increasing demand for efficient energy generation technology such as the binary cycle technology. This technology allows harnessing the energy even at low quality heat. Extreme heat resources are not available abundantly; this is a major issue while harnessing the geothermal energy.
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The development of the binary cycle technology is extremely useful in this scenario. Thus, binary cycle plants enable the efficient use of geothermal resources and will open many new doors of opportunities in the market. Plants using the binary cycle technology emit virtually no carbon dioxide and thus, form an attractive option for power generation in terms of environmental compliance perspective.
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