October 24, 2019 (Investorideas.com Newswire) Still far from achieving commercialization, geothermal energy presents the advantage of constant availability compared to other renewable sources such as wind or solar. Geothermal energy capacity registered meager growth at a compound annual growth rate (CAGR) of 3.2% from 2000 until 2018. Barriers to the sector's growth have been an unfavorable policy regime, lack of access to finance and associated investments risks. However, it is expected that geothermal energy is likely to gain some traction due to the rapid depletion of non-renewable energy reserves and technological advancements.
According to leading data and analytics company GlobalData, global investments in the geothermal sector in 2018 amounted to an estimated US$3.2bn and are likely to peak in 2022-23 at US$4bn.
The top ten countries for total geothermal plant capacity remained (in descending order) the US, Indonesia, the Philippines, Turkey, New Zealand, Mexico, Italy, Kenya, Japan and Costa Rica, which together represented almost 86% of global geothermal installed capacity at the end of 2018. The US is the biggest market, with more than 25% of the installed capacity, followed by Indonesia and the Philippines with 13% market share, respectively.
Among the top ten largest geothermal power projects, four are located in Indonesia, representing almost 47% of the total capacity of these projects. The country, which is rich in geothermal resources, has over five gigawatts (GW) of project pipeline under various stages of development. GlobalData estimates that Indonesia will become the largest market by 2027, overtaking the US. Indonesia's Gunung Salak Geothermal Power Plant has remained the unchallenged leader in the list of top geothermal projects, with a capacity of 375 megawatts (MW).
Ankit Mathur, Practice Head of Power at GlobalData, comments: "Mexico has the second largest number of projects among the list of top ten geothermal projects. However, Mexico's geothermal market is likely to witness meager growth until 2030, with only three to four projects in the pipeline in early development stage.
"The most recent entry into the list is the 330MW Sarulla 1 project in Indonesia, which was commissioned in 2017. On the other hand, the oldest project is the 195.5MW Olkaria I project in Kenya, which was commissioned in 1981."
For more information
To gain access to our latest press releases: GlobalData Media Centre
Analysts available for comment. Please contact the GlobalData Press Office:
EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809
Notes to Editors:
Comments provided by Ankit Mathur, Practice Head of Power at GlobalData
4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make timelier and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com