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Researched by Industrial Info Resources (Sugar Land, Texas)--With the growing urgency to address the climate crisis and the demand for clean and sustainable energy resources, geothermal power is finding a seat at the table with solar and wind power. Harnessed from the heat stored beneath the Earth's surface, geothermal power contributes to requirements for electrification to meet the global net-zero emissions goal by 2050.
One of the key advantages of geothermal energy is that it can provide a consistent baseload power supply as compared to other resources such as solar and wind. Furthermore, geothermal power plants emit significantly lower greenhouse gases, with 99% less carbon dioxide and 97% less sulfur dioxide compared with large-scale fossil-fuel-based facilities of the same size.
Industrial Info is tracking 932 active geothermal projects, worth US$111.72 billion. By region, Asia and Africa are the leading investment drivers, globally. Asia dominates the market with approximately 63% of the total global potential spending, followed by Africa with 28%. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a list of detailed project reports.
By country, Indonesia, Tanzania, Kenya and Ethiopia are the top potential spending drivers. Indonesia hosts potential investments worth US$63.58 billion, or 57% of the global total. Tanzania follows with potential investments worth US$12.70 billion.
Indonesia's PT Star Energy is investing US$9.92 billion in a 227-megawatt (MW) Unit 01 and Unit 02 Steam Turbine Retrofit in Indonesia. Subscriber's can click here for the project report and click here for the related plant profile.
With about 91% of the total investments in the early planning stage, there's still considerable effort needed to bring these investments to fruition.
Despite its numerous merits, obstacles remain in tapping into the full potential of geothermal power. Reserve resource location and exploration uncertainty makes harnessing the geothermal power limited to only specific regions. Additionally, high drilling and exploration costs can pose hurdles to geothermal power development.
The capital costs for geothermal power projects are high compared to hydropower, solar and onshore wind, according to the International Renewable Energy Agency (IRENA).
As of 2022, the levelized cost of geothermal power (US$0.06/kWh) was double the cost of wind power (US$0.03/kWh) and approximately 20% more expensive than solar power (US$0.05/kWh), according to Our World in Data.
Advancement in research and technology remains crucial in addressing these hurdles. Moreover, increasing awareness regarding its potential will continue to drive investments in geothermal energy as a viable option for the clean energy transition.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
One of the key advantages of geothermal energy is that it can provide a consistent baseload power supply as compared to other resources such as solar and wind. Furthermore, geothermal power plants emit significantly lower greenhouse gases, with 99% less carbon dioxide and 97% less sulfur dioxide compared with large-scale fossil-fuel-based facilities of the same size.
Industrial Info is tracking 932 active geothermal projects, worth US$111.72 billion. By region, Asia and Africa are the leading investment drivers, globally. Asia dominates the market with approximately 63% of the total global potential spending, followed by Africa with 28%. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a list of detailed project reports.
By country, Indonesia, Tanzania, Kenya and Ethiopia are the top potential spending drivers. Indonesia hosts potential investments worth US$63.58 billion, or 57% of the global total. Tanzania follows with potential investments worth US$12.70 billion.
Indonesia's PT Star Energy is investing US$9.92 billion in a 227-megawatt (MW) Unit 01 and Unit 02 Steam Turbine Retrofit in Indonesia. Subscriber's can click here for the project report and click here for the related plant profile.
With about 91% of the total investments in the early planning stage, there's still considerable effort needed to bring these investments to fruition.
Despite its numerous merits, obstacles remain in tapping into the full potential of geothermal power. Reserve resource location and exploration uncertainty makes harnessing the geothermal power limited to only specific regions. Additionally, high drilling and exploration costs can pose hurdles to geothermal power development.
The capital costs for geothermal power projects are high compared to hydropower, solar and onshore wind, according to the International Renewable Energy Agency (IRENA).
As of 2022, the levelized cost of geothermal power (US$0.06/kWh) was double the cost of wind power (US$0.03/kWh) and approximately 20% more expensive than solar power (US$0.05/kWh), according to Our World in Data.
Advancement in research and technology remains crucial in addressing these hurdles. Moreover, increasing awareness regarding its potential will continue to drive investments in geothermal energy as a viable option for the clean energy transition.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
