(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Geothermal Energy Market by Type (Direct Dry Steam Plant, Flash Plant, and Binary Plant) and by Application (Residential, Industrial, and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global demand for geothermal energy market was valued at approximately USD 4 billion in 2018 and is expected to generate around USD 9 billion by 2025, at a CAGR of around 11% between 2019 and 2025.
Geothermal energy is a renewable form of energy and one of its biggest advantages is its constant availability. The continuous flow of heat from the Earth ensures an unlimited supply of energy for billions and trillions of years to come. The global geothermal energy market is likely to experience significant growth in the future, owing to the rapid depletion of non-renewable energy resources. Currently, the overutilization of non-renewable energy resources has led to the scarcity of fossil fuels and their extracts. Additionally, fossil fuels lead to increased carbon emissions, which contributes to air pollution and global warming. To avoid this, governments across the world along with various regulatory and civic bodies have formulated stringent rules and regulations regarding sustainability and eco-friendliness. These norms and regulations will further stimulate the use of renewable energy resources. The ongoing constructional activities owing to rapid urbanization will also spur the market growth in the forthcoming years. Geothermal energy is used for heating and cooling purposes of large infrastructural buildings, which is also contributing to the geothermal energy market growth. However, the high installation costs of geothermal energy may hamper market growth in the future.
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Based on type, the geothermal energy market is segmented into direct dry steam plant, flash plant, and binary plant. The flash plant segment is expected to dominate the global market, as conventional geothermal energy is produced from flash plants. By application, the market is categorized into industrial, residential, and commercial. The industrial segment is expected to dominate the global market, owing to the high demand for clean and sustainable energy.
North America held an extensive share of the global geothermal energy market in 2018 and is expected to continue with its regional authority over the upcoming years. This regional growth can be attributed to the rising clean energy demand and increasing emission reduction measures. Moreover, the growing demand for cooling and heating systems will have a positive impact on this regional market growth. The Asia Pacific region is expected to provide significant opportunities for the global geothermal energy market, due to the growing demand for clean and green electricity, rapid industrialization, and swift urbanization. Additionally, the government initiatives to produce electricity from renewable energy resources is another factor that will foster the geothermal energy market growth in the Asia Pacific region over the forecast time period.
Some key players of the global geothermal energy market are Mitsubishi Heavy Industries, Berkshire Hathaway Energy, Enel Green Power North America Inc., Toshiba International Corp., Hyundai, Chevron Corporation, Pertamina Geothermal Energy (PGE), Energy Development Corporation, Aboitiz Power, Ormat Industries, and Gradient Resources.
This report segments the global geothermal energy market into:
Global Geothermal Energy Market: Type Analysis
- Direct Dry Steam Plant
- Binary Plant
- Flash Plant
Global Geothermal Energy Market: Application Analysis
- Residential
- Industrial
- Commercial
Global Geothermal Energy Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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