The global geothermal energy market expansion is impelled by a rise in the demand for clean energy in addition to the limited usage of conventional fuels on account of climate change goals. While the utilization of fossil fuels contributes to both greenhouse gas emissions and carbon dioxide, several tech firms are taking an interest in harnessing geothermal energy for the realization of clean energy objectives.
Speaking of an instance, Google was in news in May 2021 for its ambition of operating its complete business on carbon-free energy on a 24 by 7 basis by 2030. The moonshot has secured a welcome boost with the disclosure that the company will be turning towards next-gen geothermal energy for powering data centers and infrastructure across Nevada.
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Such steps by major firms are expected to augment the demand for geothermal energy. These coupled with the formulation of stringent regulatory policies and mandates by numerous economies for the usage of renewables, will further boost the market expansion. Moreover, a shift in the focus towards the adoption of renewable energy carriers and the high capacity of thermal power is expected to augment market share over the assessment period.
Considering the above factors, research conducted by Global Market Insights, Inc., projects that the geothermal energy market size will surpass a valuation of USD 50 billion through 2027.
Looking at few major trends that are potentially driving the expansion of geothermal energy industry revenue:
Soaring demand for flash steam plants
The global geothermal energy market is witnessing a robust demand for flash steam plants that are used in the conversion of hot fluids into steam for driving generator turbines. On the basis of separators or flash containers that are utilized in the setup of technology, these plants are categorized into single, dual, as well as triple power plants.
The industry landscape is propelled by the large scale adoption of flash steam plants in countries including Mexico. Geothermal energy is gaining traction as it is a stable, sustainable, reliable resource.
Rising industrialization and technological advancements
Increasing industrialization coupled with the surging demand for electricity from off grid areas is expected to stimulate the growth of geothermal energy market size through the estimated period. Numerous advantages of geothermal energy and various developments in technology are likely to drive industry share through 2027.
Moreover, ongoing advancements in research & development activities coupled with the direct utilization of geothermal energy in niche application sectors comprising heating for buildings will impel product demand over the coming years.
Presence of numerous unexploited hot springs in Italy
The geothermal energy market in Italy will expand at a rate of over 1% between 2021 and 2027. This is due to the availability of several unexploited natural hot springs. The Europe geothermal energy industry is propelled by the increasing adoption of district heating combined with efforts for the reduction of the growing carbon footprint.
However, the COVID-19 pandemic has impacted the development of geothermal projects and has caused a delay in numerous projects. But with the introduction of vaccines and a fall in the number of cases, the industry landscape will be boosted in the upcoming years.
On the whole, rising concerns about growing emissions and air pollution will augment geothermal energy market size through the anticipated period.
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