Global Geothermal Drilling Market

Global Geothermal Drilling Market Size, Share, Growth Analysis, By Application(Binary Plants, Steam Plants), By Depth(Below 1000 m, 1000-2000 m), By Well(Production, Slim) - Industry Forecast 2023-2030


Report ID: SQMIG10A2022 | Region: Global | Published Date: February, 2024
Pages: 261 | Tables: 90 | Figures: 66

Global Geothermal Drilling Market Insights

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.

Market snapshot - 2022 - 2028

Global Market Size

USD 134.51 billion

Largest Segment

Binary Plants

Fastest Growth

Binary Plants

Growth Rate

5.0% CAGR

Global Geothermal Drilling Market 2021-2028 ($ Mn)
Country Share for Europe Region- 2021 (%)
Global Geothermal Drilling Market Size by Application 2021-2028 ($ Mn)
Global Geothermal Drilling Market Size by Application 2021-2028 (%)

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Global Geothermal Drilling Market Segmental Analysis

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.

Geothermal Drilling Market 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.

Geothermal Drilling Market 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.

Global Geothermal Drilling Market By Application, 2021 (%), 2021 (%)

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Global Geothermal Drilling Market Regional Insights

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.

Global Geothermal Drilling Market By Geography, 2021 - 2028, 2022 - 2028
  • Largest
  • Fastest

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Global Geothermal Drilling Market Dynamics

Geothermal Drilling MarketDriver

  • Activists are concentrating on the necessity of producing clean energy. Moreover, regional and international agencies have praised technology that uses less power to produce energy. The majority of geothermal projects currently aspire to drill using zero-emission methods. The global geothermal drilling market will grow as drilling contractors' operations match the demand for energy-efficient technology.
  • The use of geothermal drilling for power generation in remote regions has become a major trend in many different places. The global geothermal drilling market will expand at a spectacular rate as this trend picks up steam. The fact that geothermal power generation is not weather-dependent is a major factor in market demand.

Geothermal Drilling Market Restraint

  • In the geothermal drilling business, high entry costs could act as an obstacle to market growth. About 40% of the total capital cost for new high-temperature geothermal plants goes toward the expense of drilling geothermal wells and developing geothermal fields. Geothermal facilities cost more to construct than conventional sources because of this upfront expense.

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Global Geothermal Drilling Market Competitive Landscape

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.

Geothermal Drilling Market Top Players Company Profiles

Geothermal Drilling Market Recent Development

  • In February 2022, a business based in Iceland and Dominica agreed to a USD12.5 million deal for the drilling of two wells. According to Vince Henderson, Dominica's Minister of Climate Resilience, "We signed the deal with the Iceland Drilling Company, and they will be coming to Dominica later this year to dig two new wells."
  • In January 2022, a percussive drilling device called GeoVolve Hammer has been introduced by the international energy technology company HydroVolve to reduce the capital cost of geothermal wells by 50%.
  • In January 2022, New Geothermal Technical Section Launched by SPE. The technical portion will emphasize transferring techniques and technologies from the oil and gas sector to the development of geothermal energy while promoting best practices in the sector.

Global Geothermal Drilling Key Market Trends

  • An important element promoting the increase of the geothermal drilling market share for power production is the significant geothermal capability. Although the high costs associated with drilling and exploring have limited the utilization of geothermal energy, assistance from the government is predicted to assist in lowering investment risk, which will, in turn, encourage the expansion of the geothermal drilling market for power generation during the projected timeline. The latent geothermal potential can be realized with the appropriate kind of assistance and strategically placed incentives. Machine learning (ML) is an application of artificial intelligence that gives systems the ability to benefit from the experience and get better without having to be explicitly programmed. The development of new geothermal resources with the use of ML algorithms in geothermal E&P might fuel the market's expansion throughout the course of the projected period.

Global Geothermal Drilling Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 134.51 billion
Market size value in 2028 USD 189.26 billion
Growth Rate 5.0%
Base year 2021
Forecast period 2022 - 2028
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Binary Plants, Steam Plants
  • Depth
    • Below 1000 m, 1000-2000 m, 2001-3000 m, Above 3000 m
  • Well
    • Production, Slim, Injection
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)
Companies covered
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Geothermal Drilling Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Geothermal Drilling Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Geothermal Drilling Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Geothermal Drilling Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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 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. 'Baker Hughes Co. (US)', 'Deep Rock Manufacturing Co. (US)', 'Fraste Spa (Australia)', 'Geotech Drilling Services Ltd. (Canada)', 'Halliburton Co. (US)', 'Huisman Equipment BV (Netherlands)', 'KCA Deutag Alpha Ltd. (UK)', 'Marton Geotechnical Services Ltd. (UK)', 'Ormat Technologies Inc. (US)', 'Schlumberger Ltd. (US)'

Activists are concentrating on the necessity of producing clean energy. Moreover, regional and international agencies have praised technology that uses less power to produce energy. The majority of geothermal projects currently aspire to drill using zero-emission methods. The global geothermal drilling market will grow as drilling contractors' operations match the demand for energy-efficient technology.

An important element promoting the increase of the geothermal drilling market share for power production is the significant geothermal capability. Although the high costs associated with drilling and exploring have limited the utilization of geothermal energy, assistance from the government is predicted to assist in lowering investment risk, which will, in turn, encourage the expansion of the geothermal drilling market for power generation during the projected timeline. The latent geothermal potential can be realized with the appropriate kind of assistance and strategically placed incentives. Machine learning (ML) is an application of artificial intelligence that gives systems the ability to benefit from the experience and get better without having to be explicitly programmed. The development of new geothermal resources with the use of ML algorithms in geothermal E&P might fuel the market's expansion throughout the course of the projected period.

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.

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Global Geothermal Drilling Market

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