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 Market Study Report, Latin America geothermal energy market is slated to register notable returns over the forecast period 2017-2027.
 

As per the report findings, increasing adoption of clean sources of energy, and rising demand for advanced renewable energy technologies among various end-use verticals are propelling Latin America geothermal energy market growth.
 

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Moreover, growing environmental concerns which are driving governments to impose strict emissions regulations and launch favorable policies for use of renewable sources is also propelling overall industry remuneration.
 

For the uninitiated, geothermal energy is converted to electricity using the steam produced by hot water reservoirs situated a few miles below the ground. This steam spins the turbines attached to generators of geothermal plants, thus producing enough electricity to sustain a city. Geothermal energy is mainly used for electricity generation, heating systems for buildings, and for bathing.
 

Based on technology type, Latin America geothermal energy market is split into binary, double flash, single flash, triple flash, back pressure, and dry variants. Among these, double flash segment is poised to garner remarkable growth over the forecast period, owing to higher efficiency and capacity to produce power. The technology has a low emission rate, and high flexibility, while also incurring lower running costs.
 

On the regional front, Guatemala market is touted to grow at a healthy rate over the assessment period. This can be attributed to growing demand for energy sources that minimize carbon footprint of fossil fuel-based power plants, increasing government efforts to promote sustainable power resources, heavy investment inflow, and rising R&D activities throughout the region.
 

Prominent players in Latin America geothermal energy industry sphere include Halliburton Co., Calpine Corp., Enel Green Power S.p.A., Exergy International S.r.l., Terra Gen LLC, Ormat Technologies Inc., Fuji Electric Corp., Toshiba Energy Systems & Solutions Corp., and General Electric Co.