Energy Sector Update: Latest News and Trends

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The geothermal energy market is poised for significant growth, with projections indicating a USD 13.56 billion valuation by 2030, growing at a CAGR of 5.3% [1]. This surge is driven by the increasing demand for renewable power generation, the adoption of ground source heat pumps, and favorable government policies. Flash steam plants are expected to register the highest growth rate due to their advanced technology and lower CO2 emissions.

Geothermal energy's primary application is power generation, driven by the need for sustainable energy solutions. North America is projected to be the second-largest market, fueled by technological advancements and substantial investments. Key players in this market include Ormat, MITSUBISHI HEAVY INDUSTRIES, and GE Vernova.

The market faces challenges such as resource uncertainty, high exploration costs, and competition from other renewable energy sources. However, opportunities exist in co-production with oil and gas wells, and the potential of low- and medium-temperature resources for decarbonization. Innovations like Enhanced Geothermal Systems (EGS) and upgrades to existing plants, such as the Darajat Geothermal Power Plant in Indonesia, are expanding geothermal applications.

For more information, visit [1].

References:
[1] https://finance.yahoo.com/news/geothermal-energy-industry-research-report-134800397.html