Home > Pressrelease > Geothermal Energy Market size to cross $125 Bn by 2032
Geothermal Energy Market size to cross $125 Bn by 2032
- Published Date: March 4, 2023
Geothermal Energy Market size is poised to exceed USD 125 billion by 2032, according to the latest research report by Global Market Insights Inc.
The UK relies on energy to fuel its vehicles, heat its buildings, produce electricity, and power industry and enterprises. At present, 78% of this energy comes from fossil fuels. To tackle the problems related to the increasing use of fossil fuels, government authorities are introducing various incentives and tax credits for the deployment of renewable sources, which is anticipated to drive the adoption of geothermal energy technologies by end of 2032.
Lower investment cost to boost single flash technology sector
The geothermal energy market from the single flash segment is forecast to reach over 13 GW by 2032. The growing preference for single-flash geothermal power plants for application in high-temperature geothermal sources due to lower investment cost and high efficiency is a major factor spurring the market growth.
A single flash geothermal power plant does not require any additional components, such as heat exchangers to generate steam, which, in turn, lowers the overall capital costs associated with the technology. These setups require fewer wells to achieve high performance, further impelling their espousal in high-temperature geothermal sources, which is foreseen to complement business expansion during 2023-2032.
Browse key spread across 220 pages with 223 market data tables & 25 figures & charts from the report, “Geothermal Energy Market Size By Technology (Binary, Single Flash, Double Flash, Triple Flash, Dry, Back Pressure), Industry Analysis Report & Forecast 2023– 2032” in detail along with the table of contents:
Increasing government funding in geothermal energy development in the United States
The U.S. geothermal energy industry amassed a cumulative capacity of 3.5 GW in 2022 and is set to hold a sizable revenue share by 2032 owing to the stringent targets for the addition of renewable energy to the energy mix. Ongoing government efforts. Moreover, substantial R&D investments to explore the potential for geothermal energy to offer reliable, and uninterrupted electricity across the country are anticipated to fuel the regional industry growth by 2032. For instance, in February 2023, the U.S. Department of Energy announced a funding opportunity of around $74 million for up to seven pilot projects that would assess the feasibility and scalability of enhanced geothermal systems.
Strategic partnerships to define the industry’s competitive landscape
The key players operating in the geothermal energy market include Exergy International Srl, Calpine, Ormat Technologies, Inc., Halliburton, Turboden S.p.A., Toshiba Corporation, Enel Green Power S.p.A., General Electric, Reykjavik Geothermal, Mitsubishi Heavy Industries, Ltd., Ansaldo Energia, Enertime First Gen, Fuji Electric Co., Ltd., and others. Energy businesses are collaborating and establishing cooperative arrangements to jointly develop and execute geothermal projects all over the world, which is expected to positively impact the industry outlook through 2032.
For example, in June 2022, Deutsche ErdWärme, German geothermal power plant developer and European utility company E. ON announced their partnership to promote geothermal energy in Germany by supplying affordably priced green heat and accelerating the region's heat transition.
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