Top Five Geothermal Power Generation Markets in 2021
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United States of America, Indonesia, Philippines, Turkey, and New Zealand were the top five geothermal power generation markets in 2021
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United States of America was the leading geothermal power generation market in 2021. The geothermal power generation in United States of America recorded a value of 17,126.1 GWh, up 1.1% YoY, while the geothermal cumulative capacity grew by 0.6% YoY
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Indonesia ranked second with a geothermal power generation of 15,889.5 GWh (up 7.1% YoY), with the other three markets (Philippines, Turkey, and New Zealand) having a cumulative geothermal power generation of 25,973.2 GWh in 2021
Top Five Geothermal Power Generation Markets in 2021
With ever-increasing energy demands, rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of greenhouse gases (GHG), many countries have opted for clean renewable energy sources. Many countries have signed protocols with pre-defined emission reduction targets. The Paris Agreement is the most recent step taken by several countries whereby each country voluntarily determined their emission reduction targets, presented them and pledged to achieve GHG reductions according to these targets. Several countries that have been party to the Paris Agreement have devised plans to reduce conventional power and aid the growth of renewable power to reduce emissions. The main renewable energy sources are Hydro, Geothermal, Wind, Solar, and Biopower.
Geothermal Energy is the thermal energy formed in Earth’s crust due to the radioactive decay of material. This energy is extracted using a geothermal heat pump where water or anti-freeze solution is pumped in to absorb the heat and then converted to electricity using turbines. Geothermal Energy only produces one-sixth of carbon dioxide as compared to a natural gas powerplant and is constantly available unlike other renewable sources such as solar, wind.
Global Geothermal Market is expected to grow through 2021-25. The United States of America is leading the geothermal power market in 2021 along with Indonesia, the Philippines, Turkey, and New Zealand among the top five geothermal power generation markets in the same year.
In 2021, the geothermal power generated in the United States of America was 17,126 Gwh, with a cumulative installed capacity of 3,889 Mwh. Within the US, the state of California leads the power generation from geothermal technology. The US government has provided generous support to the renewable energy industry over the past 10 years. It has put in place various renewable energy incentive programs both at the federal and state level providing different kinds and degrees of support for different renewable energy technologies.
Indonesia ranked second in geothermal power generation of 15,889.5 GWh (up 7.1% YoY), with the other three markets (Philippines, Turkey, and New Zealand) having a cumulative geothermal power generation of 25,973.2 GWh in 2021.
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