The geothermal electric power generation market is predicted to experience significant growth in the next decade, according to Intellectual Market Insights Research (IMIR). As per the report, the market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.9 percent, surpassing $16,293.14 million by 2032.
Investments in new technologies are underway to enhance the accessibility of geothermal energy for electricity generation and other heating purposes. However, geothermal energy extraction is primarily feasible in regions with easy access to highly heated water sources.
North America presently leads the market, accounting for the highest revenue share. The region is expected to maintain this dominance, fueled by the increasing adoption of geothermal electric power generation. However, the Asia-Pacific (APAC) market is anticipated to register a significant CAGR over the forecast period and achieve substantial growth, mostly because of key geothermal electric power generation companies in Japan and China.
To date, Eavor has generated investments and partnerships with three Japanese entities: Chubu Electric Power, the Japan Energy Fund, and Kajima Corporation, furthering the deployment of clean electric power in the country. This underscores the growing interest in Next-Generation Geothermal solutions and Eavor-Loop™ technology, which can provide electricity, district heating and cooling even in densely populated cities due to its minimal surface footprint.
Driving the growth of the geothermal electric power generation market are several factors, including the rising vulnerabilities in patch management solutions, the growing need for up-to-date software, and the increasing deployment of third-party applications. Additionally, government regulations aimed at promoting patch management further contribute to market expansion.
However, the report indicates that certain challenges might hinder market growth, such as low vulnerability priority reduction, lack of awareness regarding cybersecurity, and patch testing and compatibility issues. These factors necessitate proactive measures to address vulnerabilities and enhance cybersecurity protocols.
Nevertheless, the geothermal electric power generation market presents lucrative opportunities for growth and innovation. With increasing investments in technology and regulatory support, the industry is well-positioned to play a pivotal role in the global transition towards sustainable and renewable energy sources.
