Geothermal expo demonstrates strong market optimism

Geothermal expo demonstrates strong market optimism

The GRC Annual Meeting and Geothermal Energy Association Energy Expo are industry events held to promote the expansion of geothermal technology adoption. Various technologies from companies around the world are presented to attendees so industry experts see new developments firsthand. Frank discussions about new opportunities and challenges facing the geothermal industry in the U.S. and other countries are held.

“Each year, the GEA brings together the geothermal business community from all around the world at its EXPO,” said GEA Executive Director Karl Gawell, according to the press release. “The sense from the industry was strong optimism for sustained growth in the global market, despite lagging U.S. markets, and hope that as the United States works to meet higher state RPS requirements and new climate change goals the value of geothermal will be recognized which will spur growth.”

Industry experts are aware that geothermal technology is growing in popularity in residential and commercial applications. Renewable Energy World reported that the U.S. geothermal energy industry ended the 2012 year with a growth of 5 percent in a year-over-year comparison. The country added 147.05 megawatts of new generation capacity in 2012, – bringing the total energy production capacity currently available to 3.39 gigawatts.

While this energy capacity is significantly less than what solar or wind is contributing to the renewables industry, the figure is still demonstrating growth. Large geothermal wells require intense drilling that can take significantly longer to develop than solar panel fields that will provide the same output. Despite this, experts still believe geothermal will create a new modern, clean way to gather and produce energy for years to come.

According to the GEA, more than 700 geothermal projects under development in the world are expected to double current worldwide energy production capacity limits from the current 12,000 megawatts, to about 27,000 megawatts.