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 stored beneath the Earth’s surface. Using natural steam or hot water reservoirs, geothermal plants drive turbines to produce electricity or provide direct heating, offering a stable, low-emission alternative to fossil fuels.

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Conclusion

With its ability to deliver consistent base-load power and minimal environmental impact, geothermal energy is a vital part of the clean energy mix. Advances in enhanced geothermal systems (EGS) and drilling technologies are expanding its potential, positioning geothermal power as a key contributor to global decarbonization goals.

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Top Key Companies:

Calpine, Gradient Resources, Enel Spa, General Electric, The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, and Siemens AG

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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