Dublin, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The "Enhanced Geothermal Systems Market - A Global and Regional Analysis: Focus on Resource Type, End User, Depth, Simulation Method, Power Station Type, Supply Chain Analysis, Country-Wise Analysis, and Impact of COVID-19 - Analysis and Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The global enhanced geothermal system (EGS) market is estimated to be $1,841.4 million in 2020. It is projected to reach a value of $3,673.1 million by 2030, at a CAGR of 7.1% during the forecast period (2022-2030).
Enhanced Geothermal Systems
Geothermal energy is the thermal energy in the Earth's crust that originates from the formation of the planet and radioactive decay of materials in currently uncertain but possibly roughly equal proportions. A geothermal resource requires fluid, heat, and permeability to generate electricity:
- Fluid - Sufficient fluid must exist naturally or be pumped into the reservoir.
- Heat - The Earth's temperature naturally increases with depth and varies based on geographic location.
- Permeability - In order to access heat, the fluid must come into contact with the heated rock, either via natural fractures or through stimulating the rock.
Conventional hydrothermal resources contain all three elements naturally. Increasingly, however, at places where no natural geothermal resources in the form of steam or hot water exist, the heat of the rock can be used by creating artificial permeability for fluids extracting that heat. This type of geothermal system is known as enhanced geothermal system (EGS).
Market Growth Drivers
- Reliable Technology to Produce Continuous Baseload Power
- Rise in Energy Demand Due to Increase in Population and Rapid Industrialization
- Emission Reduction along with Energy Security
- Reliable and Controllable Source of Power
Market Challenges
- Risks Associated with Exploratory Drilling
- Induced Seismicity
- High Gestation Period for the Plants
- High Initial Costs
Market Opportunities
- Geothermal Development in the Country Of Africa Provides a Decent Market Opportunity
- Geothermal Plants Combined with Natural Gas Power Plants
- Improving the Efficiency of the Current Generating Sites
- Huge Projects in Indonesia and the Philippines Presents a Market Opportunity to Tap Into
Key Companies Profiled
Enel SpA, Ormat Technologies, Inc., AltaRock Energy, Inc., Royal Dutch Shell Plc, Kenya Electricity Generating Company Limited, BESTEC GmbH, SA Geothermie Bouillante, Fuji Electric Co., Ltd., Calpine Corporation, Energy Development Corporation, Mitsubishi Heavy Industries, Ltd, Toshiba Corporation, Ansaldo Energia S.p.A., Siemens AG
How This Report Can Add Value
This extensive report can help with:
- A dedicated section focusing on startup landscape in enhanced geothermal system market covering key startup in the ecosystem, funding analysis, major and top investors in the industry
- Extensive competitive benchmarking of top 15 players offering a holistic view of the global enhanced geothermal system market landscape
- Qualitative and quantitative analysis of enhanced geothermal system market at the region and country-level and granularity by application and product segments
- A detailed plant-level analysis covering all the EGS plants around the world along with EGS plants that are under development.
Product/Innovation Strategy: The product segment helps the readers in understanding the different types of components and technologies used in manufacturing industries across the globe. Also, the study provides the readers with a detailed understanding of the enhanced geothermal system market by application and product.
Key Questions Answered in the Report
- What are the driving factors for the global EGS market from 2019 to 2030, and which factors are impeding the growth of the global EGS market?
- Which country are the prime adopters of these systems, and what could be the possible penetration of GS and EGS systems in renewable energy generation in different countries and regions? What are the future plans of renewable energy generation pertaining to the EGS system market?
- Who are the major players, and what strategic measures are being taken to increase their presence and market share?
- What could be the possible penetration of GS and EGS systems renewable energy generation in different countries and regions?
- What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?
Market Segmentation
Enhanced Geothermal Systems Market by Depth
At high depth, the temperature of the Earth crust increases. Additionally, with the rise in temperature, the performance of EGS plants increases exponentially. Moreover, as the well temperature increases in an EGS plant, the power price becomes competitive with other energy generating sources.
Enhanced Geothermal Systems Market by Power Station Type
Flash steam plants make up almost two-thirds of geothermal energy sources that are installed today and are used where the water-dominated geothermal reservoirs have temperatures that are above 180C. It is expected that the single flash is going to maintain its position as the major geothermal plant type installations over the forecasted duration.
Enhanced Geothermal Systems Market by End User
The commercial sector is the largest end user of EGS generated electricity globally. In 2020, the commercial sector had an electricity demand of 941.2 terawatt-hours through EGS plants. The commercial sector is energy-intensive sector having greater demand from end-users such as offices, supermarkets/hypermarkets, government, healthcare, hospitality, transportation, educational institutions, cold storage facilities, data centers, banks, department stores, convenience stores, and stadiums.
Enhanced Geothermal Systems Market by Region
North America is the largest market for enhanced geothermal systems globally. The U.S. is the primary area driving expansion in the North America enhanced geothermal energy market, owing to rising clean electricity demand and increased emissions-cutting policies.
Key Market Players and Competition Synopsis
Some of the key players operating in the market include Enel SpA, Ormat Technologies, Inc., AltaRock Energy, Inc., Royal Dutch Shell Plc, Kenya Electricity Generating Company Limited, BESTEC GmbH, SA Geothermie Bouillante, Fuji Electric Co., Ltd., Calpine Corporation, Energy Development Corporation, Mitsubishi Heavy Industries, Ltd, Toshiba Corporation, Ansaldo Energia S.p.A., and Siemens AG.
The companies profiled in the report have been selected post-in-depth interviews with experts and understanding details of companies such as their product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the enhanced geothermal system market.
Key Topics Covered:
1 Markets
2 Business Channel
3 Product Type
3.1 Global Enhanced Geothermal Systems Market - Product and Specifications
3.1.1 Market Product and Specification Based on Power Station Type
3.1.1.1 Dry Steam Power Stations
3.1.1.2 Flash Steam Power Stations
3.1.1.3 Binary Cycle Power Stations
3.1.2 Market Product and Specification Based on Depth
3.1.2.1 Shallow
3.1.2.2 Deep
3.1.3 Market Product and Specification Based on Simulation Method
3.1.3.1 Hydraulic
3.1.3.2 Chemical
3.1.3.3 Thermal
3.1.3.4 Explosive
3.2 Demand Analysis of Enhanced Geothermal Systems Market (by Depth)
3.2.1 Shallow
3.2.2 Deep
3.3 Demand Analysis of Enhanced Geothermal Systems Market (by Stimulation Method)
3.4 Demand Analysis of Enhanced Geothermal Systems Market (by Power Station Type)
3.4.1 Hydraulic
3.4.2 Chemical
3.4.3 Thermal
3.4.4 Explosive
3.4.5 Dry Steam Power Stations
3.4.6 Flash Steam Power Stations
3.4.7 Binary Cycle Power Stations
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Plant Level Analysis
5.2 Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/h4w2x7
