BOULDER, Colo.--(BUSINESS WIRE)--Although geothermal power projects typically take many years to develop, the geothermal power industry is rapidly expanding beyond its traditional markets. Promising resources in emerging markets and innovative technology demonstration projects are helping to exploit untapped geographic potential. According to a new report from Pike Research, a part of Navigant’s Energy Practice, a total of 454 geothermal power projects are now under active development worldwide, with surface exploration already underway. Sixty-four countries have geothermal projects slated for development, compared to fewer than 30 countries just a few years ago, the study concludes.
“Although a substantial portion of this capacity will never reach fruition, it’s clear that both project developers and investors have recognized the vast energy potential of geothermal resources, signaling a likely expansion in geothermal activity over the next decade.”
“As of the first quarter of 2013, an estimated 18.5 gigawatts of geothermal power capacity is in the pipeline,” says senior research analyst Mackinnon Lawrence. “Although a substantial portion of this capacity will never reach fruition, it’s clear that both project developers and investors have recognized the vast energy potential of geothermal resources, signaling a likely expansion in geothermal activity over the next decade.”
Conventional geothermal (hydrothermal) power, representing 90 percent of the projects identified in the report, exploits naturally occurring pockets of steam or hot water close to the Earth’s surface to generate electricity. Because such conditions are rare, the majority of today’s geothermal power projects are located in rift zones or volcanically active parts of the world where such anomalies are more likely to be present. Advances in enhanced geothermal system (EGS) technology, which uses deep drilling and injected water to create underground steam reservoirs, could open up new areas to geothermal power projects. According to the report, 252 megawatts of EGS capacity is currently under development across North America, Asia Pacific, Western Europe, and Eastern Europe.
The report, “Geothermal Power Projects”, includes a database covering geothermal power projects targeting hydrothermal, EGS, and coproduction resources. The database lists projects by geographic region and provides key metrics on development stage, resource temperature characteristics, expected project completion date, and total capacity. The goal of this database is to provide the best up-to-date summary of geothermal power projects available globally. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant’s global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Geothermal Power Projects,” is a summary and reflects Pike Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.