SELBYVILLE, Del., May 10, 2021 /PRNewswire/ — The Geothermal Energy Market value is set to cross USD 50 Billion by 2027, as reported in the latest study by Global Market Insights, Inc. Shifting government focus toward clean energy development primarily in the upcoming economies along with growing concern toward increasing greenhouse gas emissions will positively enhance the market growth in the forecast timeline.
Increasing demand for clean energy coupled with the limited utilization of the conventional fuels owing to climate change goals will contribute to the existing demand of renewables. The use of fossil fuels contributes to both carbon dioxide and greenhouse gas emissions. Strict government policies and mandates across various economies encouraging the use of renewables is set to accelerate the geothermal energy industry outlook.