Global geothermal energy development looks set for future growth

Global geothermal energy development had a positive year in 2014. According to a report by the Geothermal Energy Association (GEA) global geothermal capacity has increased by 700 MW in 2014, which is a significant increase compared to 600 MW in 2013.

GEA further reports that at the end of 2014 there were 1.8 GW of power under construction and 11.7 GW of capacity additions in development in 80 different countries of the world.

Not only are governments of many countries considering this renewable energy source to meet their clean energy goals but there is also a significant help from World Bank that continues to fund geothermal energy projects worldwide.

The fastest growing geothermal markets are the emerging economies in the South Pacific, Central America and East Africa. Indonesia and Philippines have strong geothermal energy development in the South pacific, Costa Rica and El Salvador in Central America and Kenya in East Africa.

Many energy analysts believe that geothermal energy will become a primary source of renewable energy in East Africa. In fact, certain estimates say that by 2040, geothermal energy could become the second largest power source in East Africa.

GEA predicts bright future for global geothermal energy development in years to come claiming that by 2024 global geothermal power generation should reach a minimum of 20 GW.

Global geothermal capacity should significantly grow in 2015, though United States is expected to experience slowdown due to U.S. state and federal policy adjustments.