Market overview:

Geothermal Power Generation Market has been valued US$ 7.4 billion in the year 2021 and it is estimated to reach US$ 14.86 billion by the year 2027, with a CAGR of 10.1% from 2022 to 2027. Geothermal Power Generation is a type of renewable energy taken from the Earth's core. It comes from heat generated during the original formation of the planet and the radioactive decay of materials. This thermal energy is stored in rocks and fluids in the center of the earth; these are the main factors that have considerably increased the demand for the Geothermal Power Generation in the market, thereby driving the huge growth of the Geothermal Power Generation market in the upcoming years

Market Drivers and Restrains:

The main factors that have considerably increased the demand for the Geothermal Power Generation in the market is mainly due to the 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.

Three types of geothermal power plants are operating presently, which include binary cycle, dry steam, and flash steam. Government organizations are putting in efforts to reduce the dependency on oil for domestic energy use. To do so, several activities are explored and exploited to use renewable energy resources as an alternative energy source. For achieving this goal, the Government of Indonesia formulated a National Energy Policy, which involves guidelines for intensification, conservation, and diversification of energy. Growth is driven by implementation of stringent government regulations related to climate change in developing and developed economies these are the main factors that have considerably increased the demand for the Geothermal Power Generation in the market, thereby driving the huge growth of the Geothermal Power Generation market in the upcoming years

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Report is segmented as:

Geothermal Power Generation Market is segmented on the basis of by application:

By Power Station Type (Flash Steam Power Stations, Dry Steam Power Stations and Binary Cycle Power Stations),

By End User (Commercial, Residential, Industrial and Others)

Geographical Segmentation:

Geothermal Power Generation Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Geothermal Power Generation is due to the increase in government financing and continuous developing technologies in the renewable energy sector these are the main factors that have considerably increased the demand for the in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Geothermal Power Generation Market

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Impact of COVID-19 on Market

Covid-19 pandemic has impacted the growth of the Geothermal Power Generation market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Geothermal Power Generation market. Covid-19 pandemic has impacted huge on the sales revenue Geothermal Power Generation market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Geothermal Power Generation market growth

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