Geothermal Power Market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global market.
The global geothermal power market is projected to reach a CAGR of 6.2% to 2028.
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Geothermal power is a stable and independent power generation system, which uses warm vitality of the earth's magma to produce power. Geothermal power plants utilize the steam that is produced from hot water found around a mile or more below the earth's surface to rotate turbines that start a generator, which further produces electricity.
Volatile fossil fuel prices, limited presence of fossil fuels, rise in greenhouse gas emission, high capacity of geothermal power, cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increase in demand for energy are some of the factors that have supported long-term expansion for Geothermal Power Market.
Key Players
· Enel Green Power S.p.A.
· Ormat Technologies Inc.
· Kenya Pertamina Geothermal Energy
· Electricity Generating Company PLC
· Calpine Corporation
· Aboitiz Power Corporation
· Energy Development Corporation
· Fuji Electric Co. Ltd.
· Toshiba Energy Systems & Solutions Corporation
· Mitsubishi Gas Chemical Company Inc. and More
Recent Developments
Oil and Natural Gas Corporation (ONGC) is likely to carry out the first Geothermal Field Development Project in Ladakh, India. A Memorandum of Understanding (MoU) has been signed by the ONGC Energy Centre (OEC) with Ladakh and the Ladakh Autonomous Hill Development Council, Leh, on 6th February 2021.
In April 2020, early civil works for the construction of a combined geothermal heat and power plant in Kirchanschöring, Germany had started. The excavators started digging large trenches preparing for water pipes, sewage, electricity, and internet.
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