Why Are Countries Preferring Geothermal Power over Other Renewable Energy Sources?

Geothermal energy is generated from the heat energy stored under the crust of the Earth, using the steam produced from the hot reservoirs present beneath the surface. These power plants operate a high temperatures, within a range of 300 °F–700 °F, utilizing the hydrothermal resources that come from either hot water wells or dry steam wells. The steam produced by the hydrothermal resources is needed for the rotation of the turbine, to generate electricity.

The increasing shift toward geothermal energy can be credited to the advantages offered by it over other non-conventional sources, including bioenergy, wind, and hydropower. Some advantages of geothermal energy are low atmospheric pollution, zero liquid pollution on the re-injection of the effluent liquid, less land usage, and high availability. These benefits will fuel the geothermal power market growth will at a CAGR of 11.6% during forecast period. The market was valued at $3,233.5 million in 2015, and it is expected to reach $6,518.9 million by 2022.


Unlike solar and wind energy, geothermal energy is not affected by the variations in season or weather. Geothermal power plants offer a high electricity production capacity and low outage rate. The high capacity of these plants helps in attracting investments from governments and private organizations. Moreover, this form of non-conventional energy serves as a more-reliable source of electricity when compared to nuclear power plants and fossil fuels.

According to P&S Intelligence, the Asia-Pacific (APAC) region dominates the geothermal power market due to the high energy demand and need for reducing the dependence on fossil fuels for power generation. Numerous governments in the region are focusing on shifting from conventional energy sources to green sources, such as geothermal, wind, and solar, due to the surging awareness regarding the harms of fossil fuel combustion. These countries are focusing on exploring the potential of geothermal energy for electricity generation, as this source is both sustainable and environment-friendly.

Thus, the increasing preference for geothermal energy can be credited to the multiple advantages it offers over other renewable power sources and favorable policies for its adoption.

Source: www.psmarketresearch.com

Comments

Post a Comment

Popular posts from this blog

Why Oxygen-Free Copper Market Opportunities Galore in APAC?

Image
 The major factors in the global oxygen-free copper market are skyrocketing demand for oxygen-free copper wires in the electronics & electrical industry and electric vehicles (EVs). This surging demand is owing to their ease of welding, renowned creep resistance, high impact strength, high thermal and electrical conductivity, and high ductility. The market is predicted to grow significantly in the coming years. The outbreak of COVID-19 had disrupted the entire circular economy, significantly reducing this market’s sales because of the ruptured logistical network, shutdown of electronic & electrical product factories, and reduced EV production. Within the grade system, the oxygen-free copper market can be bifurcated into oxygen-free electronic and oxygen-free categories. The latter bifurcation generated higher revenue in the market in the past, not only in terms of value but also in terms of volume. The category will continue to exhibit this trend in the coming years as well. T
Read more

How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

Image
The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years. Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil
Read more

Sales of Hexamine Set to Shoot Up in Coming Years

Image
The mushrooming usage of hexamine in several industries such as rubber, pharmaceutical, explosives, and fuels is a major factor responsible for its soaring sales across the world. Moreover, the booming population in several countries is pushing up the demand for medical and pharmaceutical products. This is due to the fact that the surging population is causing poverty, which is, in turn, propelling the incidence of various diseases such as neurological disorders and urinary tract infections. Apart from the aforementioned factors, the rising requirement for hexamine in the plastic industry is also contributing toward the surging sales of the material throughout the world. It is used in plastic synthesis and heavily required in the packaging and construction industries, on account of these industries being prominent end users of plastics. With the surging population level, the number of construction and infrastructural development projects is increasing rapidly in many countries around t
Read more