Geothermal energy market is gaining momentum

March 28, 2014 0 By John Max

Representatives to come together for geothermal power conference being held in the US

Geothermal Energy - Iceland Geothermal WellRepresentatives from 24 countries will come together in Washington D.C. in April in order to participate in an event being hosted by the Geothermal Energy Association. The event is meant to highlight matters concerning geothermal development in the U.S. and elsewhere in the world. During the event, the Geothermal Energy Association is expected to release the results of its annual international geothermal market update, showcasing the growth that this form of renewable energy has made throughout the world over the past year.

Geothermal power market is showing strong signs of growth

Geothermal power has been making progress in many parts of the world. Several countries are beginning to tap into the power of the earth in order to distance themselves from fossil-fuels or expand the diversity of their energy portfolios. Like other forms of renewable energy, geothermal power represents certain economic prospects. By focusing more heavily on clean energy, some countries are hoping to find an increase in economic activity through the emergence of projects that create jobs. Clean energy can also reduce the cost of electrical power in general as it reduces the need for fossil-fuels, which are becoming increasingly expensive.

More than 700 geothermal projects are currently under development around the world

The international geothermal market has been booming over the past year. Some 700 geothermal projects are currently under development in 76 countries. In the U.S., support for geothermal power has been increasing, with new initiatives taking root in Nevada, California, and Oregon. These initiatives are part of the country’s overarching energy plan, which has it focusing on a wide range of clean energies.

Countries show favor for geothermal power’s economic prospects

Geothermal power is most popular in countries that have significant geological activity. Countries located along the Ring of Fire, for instance, have shown a strong interest in geothermal power. Japan is one of these countries and has played a role in the growth that the international market has seen recently. Iceland has also become a staunch supporter of geothermal power, focusing primarily on its economic prospects.