Geothermal Market Poised for Accelerated Growth in Coming Years

Geothermal energy is set to play a significant, albeit small role in the power mix of the future, building on its currently modest 0.3% share of the world’s power supply. As global economies ramp up their efforts to decarbonize, the importance of renewable baseload energy sources such as geothermal is expected to increase in the coming years. Installed geothermal power generation capacity currently stands at 16.8 gigawatts electric (GWe) worldwide, with almost 800 megawatts electric (MWe) expected to be added this year. This year’s…