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GLOBAL OVERVIEW The global geothermal power market continued to grow substantially in 2011-12, outpacing the US geothermal market by a noticeable margin. As of May 2012, approximately 11,224 MW of installed geothermal power capacity was online globally. In 2010 geothermal energy generated twice the amount of electricity as solar energy did worldwide.1 Geothermal growth is currently fueled by a number of factors: economic growth, especially in developing markets; the electrification of low-income and rural communities; increasing concerns regarding energy security and its impact on economic security. Additionally, the majority of the growth in the development of global geothermal resources is occurring in countries with large, untapped, conventional resources. As more countries recognize and understand the economic value of their geothermal resources, their development and utilization becomes a higher priority. Figure 1: Global Context of US Geothermal Installed Capacity 1960 – 2012 12000 10000 8000 6000 4000 2000 2012 Global Capacity: ~11224 MW 2012 US Capacity: ~3187 MW 0 1960 1965 1970 1975 1980 1985 United States Other 2000 2005 2010 2012 1990 1995 Source: GEA New technology appears to be underpinning geothermal expansion in some regions which have already seen significant development of their conventional resources. In the US and Europe, for example, the geothermal industry is increasingly using binary technology that can utilize more moderate and low temperature resources to generate electricity. Also, energy and economic security are compelling drivers for the adoption of policies supporting geothermal development in countries like Chile and Japan. In nearly every case, national policies are propelling growth in the strongest markets, while the current world leader – the US – appears to be growing more slowly due to policy uncertainties. This report highlights geothermal resource development in certain countries, as well as the policy and economic drivers behind that development. The market trends observed will be the object of more thorough analysis in future studies. 3 Installed Capacity (MW)PDF Image | Geothermal International Market Report
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