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The geothermal energy market has witnessed robust growth, climbing from $5.74 billion in 2023 to $6.18 billion in 2024, with a CAGR of 7.8%. This growth is attributed to early exploration efforts, government policies, environmental concerns, international cooperation, and geopolitical factors. Looking ahead, the market is expected to maintain strong growth, expanding to $7.94 billion by 2028, with a CAGR of 6.5%. Driven by climate change mitigation efforts, transportation electrification, geothermal heating and cooling system adoption, and urbanization impacts, major trends in the forecast period include enhanced geothermal systems expansion, hybrid systems development, geothermal district heating and cooling, and geothermal power decentralization.

The geothermal energy market is poised for substantial growth, driven by increased investments in the renewable energy sector, which spur project development and deployment. With global energy investment projected to rise by over 8% in 2022, reaching $2.4 trillion, and significant investments directed towards solar power generation, the momentum is set for the geothermal energy market to thrive, fueled by the growing interest in sustainable energy sources.

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What Are The Key Trends That Influence Geothermal Energy Market Share Analysis?
Major companies in the geothermal energy market are embracing strategic partnerships to offer sustainable energy solutions. These partnerships leverage mutual strengths to benefit both parties. For instance, in April 2022, Robinson Oil Corporation partnered with Dandelion Energy to provide homeowners with cost-effective geothermal heating and cooling solutions. This collaboration aims to meet the growing demand for environmentally friendly home comfort solutions.

Which Market Players Are Driving Growth In The Geothermal Energy Market?
Major companies operating in the market areBerkshire Hathaway Energy, Chevron Corporation, Mitsubishi Corporation, Enel Group, Engie SA, Siemens AG, General Electric Group, KEPCO Group, PT. Pertamina Geothermal Energy, Asea Brown Boveri Ltd, Toshiba International Corporation, Calpine Corporation, Tetra Tech Inc, Aboitiz Power Corporation, First Gen Corporation, Ormat Technologies, Energy Development Corporation, EthosEnergy Group, Therma Source LLC, Sarulla Operations Ltd, Turboden S.P.A., Terra-Green Power LLC, Gradient Resources, ElectraTherm, Reykjavik Geothermal

How Is The Global Geothermal Energy Market Segmented?
The geothermal energy market covered in this report is segmented –
1) By Technology: Binary Cycle Plants, Flash Steam Plants, Dry Steam Plants, Ground Source Heat Pumps, Direct Systems, Other Technologies
2) By Application: Power Generation, Residential Heating And Cooling, Commercial Heating And Cooling
3) By End Use: Industrial, Residential, Commercial

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The Geothermal Energy Global Market Report 2024 provides an overview of the geothermal energymarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The geothermal energy market forecast analyzes geothermal energy market size, geothermal energy market share, leading competitor and their market positions.

The Table Of Content For The Geothermal Energy Market Include
1. Geothermal Energy Market Executive Summary
2. Geothermal Energy Market Segments
3. Geothermal Energy Market Size And Template Market Growth Rate
4.  Key Geothermal Energy Market Trends
5. Major Geothermal Energy Market Drivers
……
25. Key Mergers And Acquisitions In The Geothermal Energy Market
26. Top Geothermal Energy Companies
27. Geothermal Energy Market Opportunities And Strategies
28. Geothermal Energy Market, Conclusions And Recommendations
29. Appendix

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