USD 134.51 billion
Report ID: SQSG10A2001 | Region: Global | Published Date: October, 2022 | Pages: 261 | Tables: 90 | Figures: 66
Geothermal Drilling Market size was valued at USD 134.51 billion in 2021, and it is expected to reach a value of USD 189.26 billion by 2028, at a CAGR of 5.0% over the forecast period (2022 - 2028).
The process of boring boreholes into the soil to draw heat from it is known as geothermal drilling. It is an essential component of the project because it pays for between 30% and 50% of the cost of a geothermal electricity installation. The oil and gas business conducts exploration and production using the same cutting-edge techniques, particularly in low enthalpy sedimentary environments. Deep-seated, large-diameter boreholes, and also long-lasting well integrities, are required for effective geothermal exploitation.
One of the key growth drivers will be the expanding focus of various economies on the generation of renewable energy and the increasing world demand for energy. The market's growth is also being further boosted by strategic moves made by prominent players.
US Geothermal Drilling Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 134.51 billion
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The global geothermal drilling market segmentation is based on application, depth, well, and region. Based on application the market is segmented into binary plants and steam plants. Based on the depth the market is segmented into below 1000 m, 1000-2000 m, 2001-3000 m, and above 3000 m. Based on well the market is segmented into production, slim, and injection. Based on region the global geothermal drilling market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Application
In 2021, the binary plants market category accounted for the largest application share. In binary power plants, a heat exchanger processes a backup fluid with a very low boiling point and a low to relatively warm geothermal fluid. The backup fluid turns into vapor due to the heat from the geothermal fluid, which then powers the turbines and ultimately the generators to produce electricity.
Only water vapor is discharged into the environment by binary power plants, which are closed-loop systems. Geothermal brine is used in dry steam and flash steam facilities to directly drive the turbines. The use of these facilities for reduced-temperature geothermal reserves is therefore not possible.
Analysis by Depth
In 2021, the sector with the largest market share was 2001-3000m. The primary reason driving the growth of the geothermal drilling market in this sector is the increasing focus of drilling service opportunities on lowering operational risks while also offering dependable equipment to drill deep geothermal wells. Moreover, one of the key factors affecting the development of this market during the projection timeframe is advancement in the geological 3D surveying technology, that can assess the existence of geothermal fields at depths of roughly 2000–3000 m.
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In 2021, Europe held the biggest market share for geothermal drilling. During the projection timeframe, the area is also estimated to generate the largest market growth of 38%, primarily as a result of the most active geothermal energy users, particularly in small-scale thermal applications as opposed to power generation. Countries like Germany, France, Iceland, and Croatia are making contributions to the regional geothermal drilling industry as a result of the rising need for electricity in the region. With the implementation of new geothermal schemes, Germany and France are also expected to enhance their geothermal power capacities. In addition to plant expansions, regional government activities are also expected to drive up demand for geothermal energy.
Over the course of the forecast period, the Asia-Pacific market is projected to experience considerable CAGR. Three nations—China, India, and Brazil—are expected to experience the largest rise in the world's output of building. Construction markets are also projected to increase in other emerging Asian nations like Indonesia, Vietnam, Bangladesh, Thailand, Malaysia, and the Philippines. Due to the accelerated industrialization and expanding urban populations in emerging countries such As India, China, Indonesia, and Thailand, both the requirement for sustainable and non-renewable energy has increased dramatically over the past ten years. The increasing use of consumer electronics and appliances in these countries has been encouraged by the rising per capita income, which increases the need for electricity.
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The existence of various providers has led to the fragmentation of the worldwide geothermal drilling industry. Manufacturers on the market are both widespread and category-focused. The competitiveness amongst the industry's current participants is heightened by the fragmented nature of the market, the lack of significantly differentiated products, and the substantial fixed costs. The risk of competition is, nevertheless, only mild during the projected timeframe due to low distributor parity in terms of size and strength, moderate market growth, and moderate product perishability. For instance, Block Energy awarded a contract to Baker Hughes Company in 2021 to assist drilling activities in Georgia as well as evaluate and eventually create geothermal, carbon capture, and hydrogen applications in the Samgori, Patardzeuli, and West Rustavi fields.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the market category for binary plants represented the largest application share in 2021. The industry with the biggest market share in 2021 was 2001-3000m. The largest market share for geothermal drilling in 2021 was held by Europe. The Asia-Pacific market is expected to witness a sizable CAGR during the forecast period.
|Market size value in 2021||USD 134.51 billion|
|Market size value in 2028||USD 189.26 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Geothermal Drilling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Geothermal Drilling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG10A2001