Global geothermal capacity will surge beyond 18.4 gigawatts by 2015 as concerns rise over conventional energy sources and new technologies emerge allowing the resource to be tapped at lesser cost, Earthtimes.org reported.
Global Industry Analysts said the growth of the geothermal industry is heavily dependent on new technologies. Currently, increasing drilling costs for conventional geothermal systems are affecting the economic viability of the resource.
But new technologies, such as several innovative direct-use technologies for air conditioning, will help address installation issues and related costs, the study said.
In another respect, diminishing traditional energy sources and their role in climate change will work for geothermal’s benefit. The analyst cited geothermal energy’s strong potential for mitigating climate change since it is virtually greenhouse gas emission-free.
Geothermal energy, which has a global potential of 70 GW, is also practically accessible anytime unlike solar and wind which have variability issues.
The United States and Asia Pacific countries are leading in harnessing geothermal resources, which they mainly use for electricity production and heating. The United States, the Philippines, Mexico, Indonesia and Italy account for over 75 percent of the world’s geothermal electricity.
That is explained by their location in hot regions or areas along the tectonic plates, such as the Pacific Ring of Fire, which have the highest geothermal potential.
The market analyst’s study shows that Indonesia has the highest geothermal energy potential of 25 GW to 30 GW, as the United States and Latin America trail closely behind. The Oceania regions and the Horn of Africa northeast of the African continent also possess huge potential.
Global Industry Analysts is based in San Jose, California and produces exclusive studies through over 800 employees worldwide.
