Market Research Report
Geothermal Energy Market Size By Technology (Binary, Single Flash, Double Flash, Triple Flash, Dry, Back Pressure), Industry Analysis Report, Country Outlook, Covid-19 Impact Analysis Competitive Market Share & Forecast, 2021 - 2027
|Geothermal Energy Market Size By Technology (Binary, Single Flash, Double Flash, Triple Flash, Dry, Back Pressure), Industry Analysis Report, Country Outlook, Covid-19 Impact Analysis Competitive Market Share & Forecast, 2021 - 2027|
Published: May 4, 2021
Global Market Insights Inc.
Content info: 160 Pages
Delivery time: 2-3 business days
The geothermal energy market growth graph is forecast to depict a major gains by 2027 owing to rising environmental awareness, availability of numerous unexploited natural hot springs, increasing energy security concerns, and growing adoption of binary technology. Growing focus toward reducing carbon footprints of energy generating stations will also add up towards market growth.
Geothermal energy is a form of renewable energy that comes from the sub-surface of the earth, where the planet's molten core acts as a sustainable source of heat. As per IRENA (International Renewable Energy Agency), geothermal energy has grown increasingly from nearly 10 GW globally in 2010 to approximately 13.3GW in 2018. Yet, the energy source remains one of the most under tapped sources of clean power in the world.
Steam, or water, usually carries geothermal energy to the surface of the earth from inside its crust. People utilize geothermal heat to generate electricity, to heat buildings, and for bathing.
The geothermal energy market is segmented in terms of technology and regional landscape.
In terms of technology, the market for geothermal energy is categorized into back pressure, dry, triple flash, double flash, single flash, and binary. The binary segment is slated to record strong growth in coming years. Wide applicability across low- and medium-temperature geothermal fields coupled with improved thermal efficiency and environmental benefits will drive the demand for binary technology segment.
Binary cycle power plants are generally closed-loop systems, and nearly nothing excluding water vapor is released to the atmosphere. Binary just like flash-steam and dry-steam plants, make use of hot steam which is naturally sourced which is generated by activity from inside the Earth's core.
These power plants mostly differ from flash and dry steam systems in that the steam or water from the geothermal reservoir does not come in contact with the generator/turbine units.
The dry technology segment will witness robust growth over the coming years owing to the strict government mandates thus leading to surge in geothermal energy adoption. The dry steam plants utilize hydrothermal fluids that are mainly steam. Here the steam travels directly to a turbine, which fuels a generator that generates electricity.
On the regional front, growing concerns toward the reduction of carbon footprints from energy generating stations will increase the demand for geothermal energy across the U.S. over the coming years.
In Europe, Italy is anticipated to clock in remunerative growth over the analysis timeline owing to the availability of numerous unexploited natural hot springs across the peninsula. This factor is greatly influencing the transition of the country's national energy toward geothermal energy sources.
Indonesia is forecast to register tremendous gains attributing to the rising environmental awareness, increasing energy security concerns and ongoing electrification of remote areas in the nation.