Traders should always have their eye on the future, and one market which has attracted a lot of interest in recent times is the geothermal sector. In this news item, we take a look at this industry and assess its merits.
The geothermal market refers to alternative forms of energy which use the earth’s heat. That is – sources such as rocks and hot fluids which are found beneath the earth’s surface. Iceland has emerged as the fulcrum for this kind of energy extraction, developing methods of boring deep holes in the ground to reach the rocks below, and then pumping water through the rocks in order to warm it up for the purposes of heating, or electricity generation.
The UK Geothermal Market
It is safe to say that the geothermal market is under development in the UK, after a group of investors begun a project in Cornwall which is expected to launch by the year 2020. Two deep wells will be drilled in order to find out if generating geothermal power is feasible.
Their hopes are to establish a power plant which operates with steam, thanks to the hot water which comes up from beneath the ground.
Expert View
Forecasts estimate that the global geothermal market will be worth $57 billion by the year 2027.