Driven by the world’s need to respond to global energy challenges, the renewable energy sector has emerged as one of the fastest growing business sectors globally. Renewable energy generation relies on proven technologies to harness power from virtually limitless natural resources such as wind, sun, water and the earth’s own heat.
The market to harvest the earth’s heat is still the most unexplored technique of the renewable energy spectrum. The heat in the upper six miles of the earth’s crust contains 50,000 times as much energy as found in all the world’s oil and gas reserves combined. Despite this abundance, in 2013 only 11.772 GW of geothermal electricity generating capacity has been harnessed worldwide, which represents less than 1% of the total global energy consumption.
However, primarily driven by the capacity of geothermal to provide cheap base load power, various countries are renewing their interest into the commercialization of the power of the earth’s heat. Furthermore, geothermal energy does contain various clear advantages over other types of renewable energy resources and the current market shows parallels with the early start-up potential of the oil and gas market in the early 1900’s. The geothermal energy market is continuing to increase rapidly as the renewables sector develops at breakneck speed.
The Transmark group, through the specialized experience and expertise of its subsidiaries Transmark Renewables and Transmark Services, aims to capitalize on this attractive opportunity. By applying international standards and with its highly dedicated team, Transmark has become a market leader in geothermal development with projects in Chile, Turkey, the Netherlands and expressed interest in Kenya.
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