What is the projected growth rate (CAGR) of the Geothermal Power Market from 2024 to 2031, and what is the market value expected to change by 2031?

The Global Geothermal Power Market is expected to grow at a CAGR of 22.6% during the forecast period (2024-2031). 

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What is the Geothermal Power Market ?

Geothermal power is a renewable energy source generated by harnessing heat from beneath the Earth’s surface. Using steam or hot water reservoirs, geothermal plants drive turbines to produce electricity or provide direct heating, offering a consistent and sustainable alternative to fossil fuels.

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Conclusion

As the need for clean and reliable energy grows, geothermal power stands out for its low emissions, base-load capacity, and long-term sustainability. With advancements in drilling and enhanced geothermal systems (EGS), it is poised to play a critical role in the global transition toward renewable energy.

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Top Key Companies:

Calpine, Enel SpA, General Electric, and Mitsubishi Hitachi Power Systems

Market Segments:

By Power Plant Type: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations

By End-Users: Residential, Commercial, Industrial, Others

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