Global Geothermal Exploration Market to Harness Renewable Energy with a CAGR of 9.1% by 2030
According to a new report published by MarkWide Research, titled, “Global Geothermal Exploration Market,” the global market for geothermal exploration is poised for significant growth. Geothermal energy, derived from the Earth’s heat, represents a sustainable and renewable source of power.
The report reveals that the global geothermal exploration market is projected to witness a robust CAGR of 9.1% over the forecast period from 2023 to 2030. This growth is driven by increasing emphasis on clean energy sources, government incentives for geothermal development, and the need to reduce carbon emissions.
Key Findings from the Report:
- Renewable Energy: Geothermal energy is a clean and sustainable source of power, providing electricity and heating for various applications.
- Reduced Carbon Footprint: Geothermal power plants produce minimal greenhouse gas emissions, contributing to efforts to combat climate change.
- Resource Assessment: Geothermal exploration involves assessing the viability of geothermal resources, including heat flow and subsurface reservoirs.
- Global Adoption: Geothermal energy is utilized in regions with significant geothermal potential, including the United States, Iceland, and New Zealand.
- Technological Advancements: Ongoing advancements in geothermal technology improve energy extraction efficiency and cost-effectiveness.
Market Forecast:
The report indicates that the global geothermal exploration market is currently valued at $2.4 billion in 2023 and is projected to reach $5.3 billion by 2030, with a CAGR of 9.1% during the forecast period. North America and Europe are expected to be key regions for geothermal exploration and development.
Company Profiles:
Key players in the global geothermal exploration market include Ormat Technologies, Inc., Enel Green Power S.p.A., and Reykjavik Energy. These companies are at the forefront of geothermal energy production and innovation.
Conclusion:
The global geothermal exploration market is set for significant growth, driven by the increasing focus on renewable energy sources and sustainable power generation. With a projected CAGR of 9.1% by 2030, this market offers opportunities for companies to contribute to the transition to clean and environmentally friendly energy solutions.