With no majestic white turbines or shiny panels to catch the eye, geothermal energy doesn’t have the flashiness of wind or solar. But a new report predicts a growth rate for the technology that’s enough to attract some attention. Frost & Sullivan forecasts that the geothermal power market, which had around $1.16 billion in global investment in 2010, will surge to $5.89 billion by 2017.

Frost says that, in most regions, energy pulled from deep inside the earth is less expensive than solar, wind or biomass power. So far, the Asia Pacific region is the biggest hot spot for geothermal, accounting for more than half of the world’s 10,902 megawatts of installed capacity. But the report suggests European investment in the technology is likely to grow faster in coming years, partly thanks to financial incentives for the technology offered through the Intelligent Energy Europe program. The U.S. also encourages geothermal energy installations through the production tax credit.

There’s no doubt that there’s some momentum behind the technology. Just last month, Fuji Electric announced it was investing $10 million in a geothermal plant in California. Still, there are some reasons for caution. The Frost & Sullivan report notes that it’s hard to know where geothermal resources are strong before you start drilling, making the projects a risk for investors, and the initial cost of a geothermal plant can be high.

Frost suggests technical advances will help address those issues in coming years, but it’s worth noting that the firm’s assessment could be optimistic. A report by Pike Research last year suggested that geothermal installations would increase between 2010 and 2020, but only by between 34 and 134 percent.

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