Precision Business Insights has published a report on the global geothermal energy market, estimating its value at USD 7,437 Million in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/geothermal-energy-market
The geothermal energy market refers to the business that uses heat from under the Earth's surface to create power and provide direct heating solutions. Geothermal energy is a renewable and sustainable source that harnesses the Earth's interior heat, giving it a viable alternative to fossil fuels.
Drivers:
- Rising Demand for Renewable Energy – Governments and industries are increasingly investing in sustainable energy sources to reduce carbon emissions and combat climate change.
- Growing Electricity Demand – The need for continuous power supply in residential, commercial, and industrial sectors is driving the expansion of geothermal energy projects.
The global geothermal energy market segmentation:
1) By Plant Type: Binary cycle power plant, Dry Steam Plant, Flash Steam Plants
2) By Power Output: Up to 5MW, Above 5MW
3) By End User: Residential, Industrial, Commercial, Others
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Regional Overview:
The report also examines the current concerns and their Future Effects on the geothermal energy market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the geothermal energy market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
The competitive landscape is dominated by major players like Ormat Technologies, Inc., Mitsubishi Power, Ltd, Engie SA, Tetra Tech, Inc., Toshiba International Corporation, Enel Green Power S.p.A., Toshiba International Corp., EthosEnergy Group, Chevron Corp., Berkshire Hathaway Inc.
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