Demand for Geothermal Power Set to Soar in Coming Years

The increasing focus of several European, Asian, and North American countries on energy security and sustainable energy is one of the major factors fueling the demand for geothermal power across the world. The governments of these countries are taking initiatives for reducing their oil imports and reliance on non-renewable energy sources for power generation. For example, the European Union, under the Renewable Energy Directive (RED), aims to fulfill at least 20% of its power requirements with renewable energy by 2020.

These initiatives are causing a massive surge in the demand for geothermal energy all over the world, which is, in turn, driving the expansion of the global geothermal power market. Geothermal power is basically the power produced from geothermal power plants from the heat energy stored under the crust. These plants use the steam generated from hot water reservoirs situated beneath the surface of the Earth. The steam is needed for rotating the turbine, which then produces power.

Additionally, geothermal power plants have the ability to achieve power generation efficiencies of more than 90%. Dry steam, binary, and flash are the major technologies used in geothermal power plants. Out of these, the popularity of the flash technology was observed to be the highest in the past. Geographically, the demand for geothermal power was the highest in the Asia-Pacific region in the past years, as per the estimates of P&S Intelligence, a market research company based in India.

These domain experts are being increasingly required for carrying out various operations. Moreover, the demand for manpower and an efficient workforce is quite high as they are needed for drilling wells, operating geothermal drilling rigs, analyzing fluid with mud loggers, and placing cement metal casings in the welding wells. Furthermore, qualified people and trained professionals are heavily required for the operation, maintenance, and designing of geothermal power plants all over the world.

Hence, it can be said with full confidence that the demand for geothermal power will rise tremendously across the world in the forthcoming years, mainly because of the growing requirement for environment-friendly and renewable energy sources and the increasing implementation of favorable government regulations regarding the adoption of geothermal power in several countries.

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