India Geothermal Energy Market Revenue, Future, Growth Opportunities, Forecast By 2032

India Geothermal Energy Market Overview:

India Geothermal Energy Market to grow at a exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2023 – 2032).

Exploration and Potential: India has been conducting geological surveys to identify areas with high geothermal potential. Regions such as the Himalayan foothills, the western and eastern parts of the country, and certain areas in states like Jammu and Kashmir, Himachal Pradesh, and Uttarakhand have shown promise for geothermal energy development.

Projects and Initiatives: Several initiatives and projects have been undertaken to harness geothermal energy. The Indian government, through agencies like the Ministry of New and Renewable Energy (MNRE), has been working on policies and incentives to promote the development of geothermal resources.

Technological Advancements: Advancements in geothermal technology and drilling techniques have been crucial in tapping into India’s geothermal potential. Research and development efforts are ongoing to improve efficiency and reduce the costs associated with geothermal energy extraction.

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Policy Support: The government has shown a commitment to supporting renewable energy sources, including geothermal energy, through various policy frameworks. Incentives such as subsidies, tax benefits, and favorable regulations are being considered to encourage private sector participation in geothermal projects.

Market Competitive Landscape:

• Ormat (US)
• Mitsubishi Heavy Industries (Japan)
• Baker Hughes Company (US)
• NIBE Group (Sweden)
• SLB (US)

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Market Drivers:

Renewable Energy Targets: India has set ambitious targets to increase the share of renewable energy in its overall energy mix. Geothermal energy, being a clean and sustainable source, aligns with these goals, driving the government’s interest and investments in its development.

Reduced Greenhouse Gas Emissions: Geothermal energy is a low-emission power source, helping India to reduce its carbon footprint. As the country focuses on environmental sustainability and combating climate change, the adoption of geothermal energy becomes crucial.

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Energy Security: Geothermal energy provides a reliable and consistent source of power, contributing to India’s energy security. By diversifying the energy mix, the country can reduce its dependence on traditional fossil fuels and mitigate the impact of energy supply disruptions.

Abundant Geothermal Resources: India possesses significant geothermal potential, especially in regions with high geothermal gradients. States like Jammu and Kashmir, Himachal Pradesh, and parts of the Western Ghats exhibit favorable geothermal conditions, providing a natural advantage for the development of geothermal projects.

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Market Segmentation

Geothermal Energy Application Outlook

Power Generation, Residential, Commercial Heating & Cooling

Geothermal Energy Temperature Outlook

Low temperature, Medium Temperature, High Temperature

Geothermal Energy Technology Outlook

Binary Cycle Plants, Flash Steam Plants, Dry Steam Plants, Ground Source Steam Plants, Direct Systems, Others

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