The global geothermal market will experience high growth in the next few years, going from $1.16 billion in revenues in 2010 to an estimated $5.89 billion in 2017.
A recent analysis from research firm Frost & Sullivan saw the geothermal market growing due to government initiatives to ramp up energy security and independence.
"By the end of 2010, there were about 10,902 megawatts of geothermal installed capacity in the world, and the majority of this capacity was installed in the Asia Pacific region and represented almost 41.1% of the total market in 2010," said senior industry analyst Georgina Benedetti.
Escalating energy prices and volatile fuel costs are spurring governments to look at other sources of energy, such as geothermal power, and provide incentives for their development.
For example, in North America, geothermal energy qualifies for inclusion under tax programs such as the U.S. Production Tax Credit and the Canadian ecoEnergy for Renewable Power Program. At the regional level, many renewable portfolio standards also offer incentives for geothermal development.
The analysis also looks at the barriers to the development of geothermal power projects. These would be difficulties in determining areas with sufficient geothermal resources; drilling risks; and the initial high cost of geothermal plants. . .View Full Article