Global Geothermal Power Set to Double Capacity as Developmental Tool

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Over the past 10 to 15 years, different sources of renewable power have jockeyed for position in the power mix and for a favored place on various governments' funding/subsidy lists. The generation of power from geothermal sources has been on a relatively small scale for decades, but is now set for a higher profile and greater exploitation through 2030.

According to Mark Taylor, an analyst from New Energy Finance (NEF) who spoke at the U.S. and international geothermal energy finance meeting in New York last week, global geothermal power capacity is forecast to reach 28,300 megawatts (MW) in 62 markets in 2030. In 2012, geothermal sourced 11,400 MW in 25 markets. Leading the expansion will be countries such as Indonesia, Chile and Kenya, which sit on suitable geological formations.

Taylor said that geothermal is now being seen as a development tool and can be used as a driver of economic growth. Indonesia's geothermal capacity is estimated to triple to 5,600 MW and account for 20% of power output, which would make it the world's largest player in the sector. In 2012, it ranked third with 1,300 MW.

From a zero base, Chile will increase to 1,900 MW and Kenya will expand from 202 MW to 3,500 MW, according to NEF.

In 2012, the U.S. was the largest market with about 3,000 MW, which represented about 27% of global capacity. The Philippines was in second place with 1,700 MW and 15% of the global total.

Industrial Info believes that if geothermal follows the development patterns of other renewable sources after they first hit the headlines, geothermal could be a great deal larger in 2030 than current estimates forecast.

For related information, see November 19, 2012, article - Geothermal Power Projects Emerge in Indonesia.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.