Installed geothermal capacity is forecast to expand in the next five years as energy companies diversify into alternative markets, driven by the accelerating energy transition. Global geothermal power production capacity will rise from 16 gigawatts (GW) at the end of 2020 to 24 GW in 2025, a Rystad Energy analysis shows, unlocking total investments of $25 billion in the next five years. The growth will come as a relief to oil and gas suppliers exposed to well-related services as the number of geothermal wells drilled globally will climb from 223 in 2019 to 380 in 2025. From 2010 to 2020, a total of $40 billion has been invested in new geothermal energy developments. Today’s installed geothermal capacity is dominated by the US with 4 GW, followed by Indonesia, the Philippines, Turkey and Italy. The top 10 geothermal producing countries contribute to 90% of the total market, with many countries […]