Increasing emphasis on generating electricity with minimal GHG emissions
The rising level of the GHG's in the atmosphere can be addressed by replacing fossil fuels with renewable energy resources such as geothermal, solar, wind, and hydropower of power generation. Thus, unlike fossil fuels, geothermal energy generation does not require combustion and saves up to four-fifths of the expenditure on electricity bills than conventional fossil fuel resources.
This increased emphasis on generating electricity with minimal GHG will lead to the expansion of the global geothermal drilling market for power generation at a CAGR of almost 9% during the forecast period.
Development of EGS
EGS provides high potential for outreaching geothermal energy and provides an opportunity to expand the use of geothermal resources. The process of EGS is used to cover the artificial fractures by adding proppants to connect injection and production wells by chemical and hydraulic stimulation. This development of EGS is expected to have a positive impact on the overall market growth.
Market Dynamics
The market report looks at factors such as rising demand for energy, increasing investments in geothermal energy projects, and increasing emphasis on generating electricity with minimal GHG emissions.
However, the uncertainties in the high capital requirement, competition from alternative energy sources, and challenges associated with geothermal drilling may hamper the growth of geothermal drilling market for power generation over the forecast period.
Segment Analysis
The geothermal drilling market for power generation market analysis considers power generation from both binary plants and steam plants. The analysis also considers the geothermal drilling for power generation in APAC, America, and EMEA.
In 2018, the binary-plant segment had a significant share, and this trend is expected to continue over the forecast period. Factors such as an increase in the construction of binary geothermal plants will proliferate geothermal drilling activities, which will play a significant role in the binary-plant segment to maintain its market position.
Competitive Landscape
With the presence of several major players, global geothermal drilling market is fragmented. The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several geothermal drilling market manufacturers, that include:
Baker Hughes, a GE Co
Halliburton Co
Huisman Equipment
Ormat Technologies
Schlumberger
Also, geothermal drilling market for power generation, market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Key Topics Covered
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
Market ecosystem
Market characteristics
Market segmentation analysis
PART 04: MARKET SIZING
Market definition
Market sizing 2018
Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition
PART 06: MARKET SEGMENTATION BY APPLICATION
Comparison by application
Binary plants - Market size and forecast 2018-2023
Steam plants - Market size and forecast 2018-2023
Market opportunity by application
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
Geographic comparison
EMEA - Market size and forecast 2018-2023
APAC - Market size and forecast 2018-2023
Americas - Market size and forecast 2018-2023
Key leading countries
Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
Identification of huge untapped geothermal potential
Development of EGS
Application of ML techniques to geothermal exploration