The geothermal power market is witnessing significant growth on account of factors such as rising investments in renewable power generation and technological advancements related to increased efficiency of geothermal power plants. Geothermal power is a renewable and sustainable source of energy that utilizes steam from hot water or rocks underground to power turbines that generate electricity. Geothermal energy is considered an environment-friendly option for baseload power generation as it has no greenhouse gas emissions. The technology has wide applications across heating systems and electricity generation. It is considered a reliable source of energy that can work day and night throughout the year.

The Global geothermal power market is estimated to be valued at US$ 6.09 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 To 2031.

Key Takeaways
Key players operating in the Geothermal Power Market Companies are ABB, EDF, Enel SPA (Enel), General Electric (GE), The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, Siemens AG, and Yokogawa Electric Corporation. These key players are focusing on innovative product launches and investments in greenfield geothermal power projects to strengthen their market position.

The growing energy demand across the world and focus on renewable sources of energy present significant opportunities for growth of the geothermal power market. Additionally, supportive government policies and subsidies for renewable power projects in various countries are encouraging investments.

Technological advancements in exploration techniques such as induced seismicity, microseismic monitoring, and reservoir modeling are helping assess geothermal resources more efficiently. Innovations in binary cycle technology and flash steam power plants are also helping increase the overall efficiency of geothermal power generation.

Market drivers
One of the key drivers for the Geothermal Power Market Demand is the rising investments in renewable energy sources owing to climate change concerns. Geothermal power is a clean and sustainable source of energy that does not cause greenhouse gas emissions. The technology is considered suitable for base load power generation as the heat from earth can be harnessed day and night throughout the year. This has increased investments in geothermal exploration and power plant projects globally.

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