Geothermal Energy Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 In binary cycle power plants, the water or steam below the earth never comes in direct contact with the turbines. Instead, water from geothermal reservoirs is pumped through a heat exchanger where it heats a second liquid-like isobutene (which boils at a lower temperature than water).

This second liquid is heated into steam, which powers the generator's turbines. The hot water from the earth is recycled into the earth through the injection well, and the second liquid is recycled through the turbine and back into the heat exchanger, where it can be used again.

Dry-steam and flash plants, which require rarer, high-temperature, shallow reservoirs, produce higher power output and are more economically efficient than binary plants. However, they offer more options for suitable locations because binary plants can operate at reservoirs with lower temperatures.

The Geothermal Energy Market size in terms of installed base is expected to grow from 15.27 gigawatt in 2023 to 17.44 gigawatt by 2028, at a CAGR of 2.69% during the forecast period (2023-2028).The geothermal energy market is estimated to be at 15.27 GW by the end of this year and is projected to reach 17.44 GW in the next five years, registering a CAGR of over 2.69% during the forecast period.

Over the medium term, factors such as the increasing electricity security concerns due to clean and eco-friendly resources. In addition, increasing demand for heating and cooling systems, including ground source heat pumps and district heating, are driving the growth of the geothermal energy market.

On the other hand, the lucrative market for alternative clean energy sources like solar and wind is likely to hinder the market growth during the forecast period. 

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