Geothermal Power Market Experiences Huge Growth With the Arrival of Several New Projects in the Sector

  • Analysis
  • 16-March-2021

Earth’s core has a high temperature. When the temperature at 2,890 km is looked at, it can reach 5,400°C, which is equal to the temperature present at the sun's surface. This heat at the core eventually moves upward over time and results in the formation of molten rock known as Magma. These rocks creep to the surface carrying a significant source of heat. Geo-thermal energy companies drill wells which leads the hot water to come up slowly. The heat is then extracted and used to make electricity or heat homes situated in close proximity.

The researchers in Iceland have recently brought up a project in the Dunedin region where they expect to see if geothermal energy can be gained by drilling at the location. It is a known fact that the region has 30% higher than expected heat flow. The scientists are hopeful that they would be able to use this spot for the generation of geothermal energy.

Several researchers have understood the potential that geothermal energy holds. This is because it provides a greener heating system. It is likely to positively impact the Geothermal Power Market worldwide. This is backed by the ambition of all countries to make themselves habitats of renewable energy. In addition, there is no clear emphasis on net zero projects through which nations want to de-carbonize their respective government by the year 2050. This reason further would lead to a boost in the Geothermal Energy market.

Around the globe, geothermal energy plants can account for about 600 in number; some are in the process of being built, whereas others are already in operation. Moreover, it is expected that another 600 plants will emerge in the coming future as countries start their own projects.

In Europe, major utilities are considering geothermal energy as a way of moving forward. Since 2008, projects that help generate energy from heat have accelerated, and several projects are indulged in heating homes and businesses. Paris itself has wells all over the city which offer heat to various districts. Munich has also invested a lot in this type of energy.

Iceland has long been at the frontline of utilizing geothermal energy. This is because it has so many volcanic regions, which form solid rocks once magma passes through it. Then they offer heat to the drilling teams as the hot rocks cool only after some time. The United States is also not far in this new trend. It has signed nine purchase power agreements based on geothermal projects since 2019, compared to the annual average of just two that it has before.

The reason geothermal energy is increasingly gaining popularity is that the heat it provides can be used for several types of applications. Moreover, it is continuously available, making it better than other renewable sources like solar and wind power as they vary in intensity.

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