According to the research report titled ‘Latin America Geothermal Energy Market Forecast 2027 By Technology, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share,’ available with MarketStudyReport, Latin America geothermal energy market is expected to amass notable gains during 2020-2027.
 

Escalating demand for clean and renewable energy sources, and growing electricity needs across the region are propelling the growth of Latin America geothermal energy market. Rising focus of several companies to adopt green energy sources owing to increased cognizance about their environmental benefits is also driving the market development.
 

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In addition, constant surge in installation of geothermal plants and the formation of energy development groups across several nations to help in extraction and use of this energy form are aiding the industry outlook.
 

For the unversed, geothermal energy is a form of clean energy that generates electricity from steam that is produced in natural hot water reservoirs located a few miles below the earth’s crust.
 

By technology type, the marketplace is split into single flash, back pressure, dry, double flash, binary, and triple flash. Among these, the double flash segment is anticipated to witness significant demand from end use industries over the forecast period, as it possesses the ability to increase the overall efficiency of geothermal energy production and the power that is generated is higher in proportion to alternative methods.
 

The regional ambit of Latin America geothermal energy market is defined by nations like Guatemala, El Salvador, Nicaragua, and Costa Rica. Among these, Guatemala market is projected to showcase lucrative expansion trends during 2020-2027, accreditable to rising demand for energy sources that can decrease the carbon footprint of fossil fuel-based power plants and stringent government rules to reduce the nation’s dependency on fossil fuels.
 

Meanwhile, rising focus of the country’s research and development centers to introduce high end technologies for minimizing GHG emissions and financial aid from bodies like Inter-American Development Bank and World Bank Group are also adding momentum to regional market progression.
 

Key players operating in Latin America geothermal energy industry are Halliburton Energy Services Inc., Calpine Corporation, Enel Green Power S.p.A, Exergy International S.r.l, Mitsubishi Power, Ltd, Terra-Gen LLC, Ormat Technologies, Inc, Fuji Electric Co., Ltd, Toshiba Energy Systems & Solutions Corporation, and General Electric Company.