Geothermal Energy – Market Analysis and Forecasts

As global energy demand increases and efforts to curb greenhouse gas emissions intensify, an increasing number of countries throughout the world are looking to tap domestic geothermal resources to drive low carbon development. A clean, base load source of power, geothermal offers consistent electricity production nearly 24 hours a day with little to no emissions. Worldwide potential is immense, but geothermal remains an underutilized resource and represents only a small fraction of the global renewable energy portfolio. Improved access to resource data, more efficient drilling processes, increased understanding about the industry’s potential, and improving access to financing are driving expanding interest in the sector.

Today, more than 10.7 gigawatts (GW) of geothermal power capacity is online across 26 countries with a combined output of approximately 67 terawatt hours (TWh) of electricity. Currently, the United States is the global geothermal leader with 3,086 megawatt (MW) of installed capacity. Seven countries account for 88% of global capacity, and among countries utilizing geothermal resources, seven obtain 10-30% of their total electricity supply from domestic geothermal sources. Conventional geothermal resources account for nearly all online capacity. However enhanced geothermal systems (EGS), which holds the most theoretical potential, and co-produced wells provide potentially lucrative opportunities for expansion outside of rift zones or volcanically active regions throughout the world.

This Pike Research report analyzes the global market opportunity for electricity production from conventional, EGS, and co-produced geothermal resources. The study includes a comprehensive examination of market drivers, existing and emerging technologies, the public policy and regulatory environment, and key industry players. Global market forecasts, segmented by geography, extend through 2020 and include profiles of key countries actively developing geothermal power projects.