As governments worldwide are unleashing initiatives to ramp up energy security and independence over the past three years, the global geothermal power markets have experienced high growth. Other factors spearheading expansion in this market are escalating energy prices, volatile fuel costs, and government incentives on renewable energy. Low levelized cost of energy (LCOE) renders the cost of geothermal energy competitive compared to other sources of electricity generation. In most regions, energy from geothermal sources is less expensive than wind, solar and biomass power.
Analysis from Frost & Sullivan's Global Geothermal Power Market research finds that the market earned revenues of more than $1.16 billion in 2010 and estimates this to reach $5.89 billion in 2017.
"By the end of 2010, there were about 10,902 megawatts (MW) of geothermal installed capacity in the world, and the majority of this capacity was installed in the Asia Pacific (APAC) region and represented almost 41.1 percent of the total market in 2010," said Frost & Sullivan Senior Industry Analyst Georgina Benedetti. "All the regions are expected to grow in the foreseeable future, with some showing stronger growth."
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