Global Power Inverter Market Overview (2022-2027)
• Historical Market Size (2021): 176.4 GWh
• Forecast CAGR (2022-2027): 2.8%
• Forecast Market Size (2027): 107.8 GWh
What are the growth prospects of the Geothermal power Industry ?
The global Geothermal power Market size reached 107.8 GWh in 2022. Looking forward, IMARC Group expects the market to reach a value of 176.4 GWh by 2028, exhibiting a growth rate (CAGR) of 2.8%during 2023-2028.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What is a Geothermal power Market ?
Geothermal power represents a form of renewable energy produced from heat stored within the continental crust of the earth. It originates from the radioactive decay of substances and utilizes hydrothermal resources that combine water and heat.
Geothermal power is widely used in various establishments for heating and cooling buildings, gold mining, electricity generation, and milk pasteurizing. It is a sustainable and non-traditional source that assists in eliminating the combustion of fossil fuels, reducing air pollution, and ensuring low maintenance, high power output, silent energy production processes, and economic development. As a result, geothermal energy is a safe, extensively available, and stable power source that produces electricity with minimum environmental impact.
What are the major market drivers in the Geothermal power Market ?
The escalating demand for this eco-friendly, reliable, high-capacity, and cost-effective solution is among the primary factors driving the geothermal power market.
In addition, the elevating requirement to reduce air pollution, owing to the rising environmental concerns, global warming, and the high instances of respiratory disease, is further augmenting the market growth.
Besides this, the growing popularity of geothermal power over other renewable sources, such as hydropower, wind energy, and bioenergy, on account of the various advantages, including minimum land usage, zero liquid pollution, and high availability, is also catalyzing the global market.
Moreover, the introduction of horizontal drilling techniques to explore good reservoir formation and produce energy at comparatively lower costs is acting as another significant growth-inducing factor. Apart from this, the utilization of binary cycle technology in several power plants, owing to its reservoir sustainability, high-reliability operation, efficiency, environmental friendliness, and enhanced performance, is also stimulating the market growth.
Furthermore, the inflating need for artificial intelligence (AI) in these systems to empower the platform with intelligent behavior, learning, and informed decision-making capabilities is expected to bolster the geothermal power market in the coming years.
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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Power Plant Type:
o Binary Cycle Power Plants
o Flash Steam Plants
o Dry Steam Plants
Breakup by End User:
o Industrial
o Residential
o Commercial
o Others
Regional Insights:
· Asia Pacific
· North America
· Europe
· Middle East and Africa
· Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
List of Major Key Players:
The major players in the market are ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.
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