Westford, USA, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Several factors drive Europe's leadership in the geothermal drilling market. One of the primary factors is the increasing energy demand, as Europe seeks to meet its energy needs sustainably while reducing emissions. It has led to a greater focus on efficient resource utilization, which geothermal energy provides. In addition, increasing initiatives undertaken by governments, such as financial benefits and tax refunds to promote sustainable energy production, are anticipated to create a favorable environment for growth in the geothermal energy market globally. Finally, increasing geothermal energy adoption for small-scale thermal applications is also a vital driver of the market's growth.
According to SkyQuest, the geothermal power industry in the United States witnessing steady growth over the years, with a total capacity of 2,634 MW of geothermal power plant capacity currently in operation. Out of this full capacity, the majority, 1,927 MW, is generated from steam-powered plants, while the rest is from binary cycle-powered plants. However, a significant shift is happening in the industry, as geothermal power technology is moving away from steam and towards binary-cycle power.
Browse in-depth T.O.C. on "Geothermal Drilling Market"
- Pages - 261
- Tables - 90
- Figures - 66
Geothermal drilling is a crucial process in the generation of geothermal energy. This process involves boring boreholes into the soil to extract heat, which is then used to generate electricity. Geothermal drilling typically accounts for between 30% and 50% of the total cost of a geothermal electricity installation, making it a critical component of any geothermal energy project. In recent years, there has been continuous growing interest in geothermal energy as a renewable and sustainable energy source.
Get a sample copy of this report:
https://skyquestt.com/sample-request/geothermal-drilling-market
Prominent Players in Geothermal Drilling Market
- Baker Hughes Co.
- Fraste Spa
- First Gen Corporation
- Deep Rock Manufacturing Co.
- Mitsubishi Power, Ltd.
- Halliburton Co.
- Geotech Drilling Services Ltd.
- KCA Deutag Alpha Ltd.
- Huisman Equipment BV
- Tetra Tech, Inc.
- Ormat Technologies Inc.
- Marton Geotechnical Services Ltd.
- Schlumberger Ltd.
- Engie SA
- Geotechnical Services Ltd.
Binary Plants Segment to Witness Higher Traction Thanks to Major Technological Breakthroughs
The binary plants segment of the geothermal drilling market accounted for the largest share in 2022. This growth is being driven by the increasing demand for more efficient and sustainable methods of energy production, particularly in the field of electricity generation. Binary power plants use a unique technology that involves a heat exchanger processing a backup fluid with a very low boiling point and a relatively warm geothermal fluid. The heat vaporizes the backup fluid from the geothermal fluid, which then powers turbines to produce electricity.
The geothermal drilling market in Europe experienced the largest market share in 2021 and is projected to continue to generate the largest market growth during the projection timeframe. This growth is estimated to be around 38% and is driven by various factors, including the region's significant investment in renewable energy sources, particularly in small-scale thermal applications. Europe emerges as the home to some of the most active geothermal energy users, with businesses and governments investing heavily in geothermal technology to reduce their reliance on non-renewable energy sources.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/geothermal-drilling-market
2001-3000m Segment to Capture Higher Revenue owing to Rising Investments from Drilling Companies for Modern Technologies and Equipment
The geothermal drilling market is experiencing significant growth in the 2001-3000m segment, which currently holds the largest market share. This growth is driven by several factors, including reducing operational risks and providing reliable equipment for drilling deep geothermal wells. In addition, drilling companies are investing in advanced technologies and equipment that can handle the unique challenges of drilling at depths of 2000-3000m. Another key factor driving growth in this segment is the advancement in geological 3D surveying technology.
According to market projections, the Asia-Pacific region is set to experience significant growth in the construction industry, with a considerable Compound Annual Growth Rate (CAGR) from 2022 to 2028. China, India, and Brazil are expected to experience the largest increase in building output globally, driving demand for infrastructure and construction-related products and services.
SkyQuest's latest report on the geothermal drilling market provides valuable insights into the industry, shedding light on various critical market trends currently driving the sector. The report is an essential resource for businesses, investors, and analysts, providing an in-depth analysis of the market's key aspects and implications. The report also highlights the impact of mergers, acquisitions, partnerships, product portfolios, product pipelines, and business policies on the market's overall growth trajectory.
Key Developments in Geothermal Drilling Market
- Saskatchewan's Deep Earth Energy Production Corp. has announced plans to begin constructing Canada's first commercial-scale facility for producing electricity from geothermal heat. The project, set to start construction this year, highlights Canada's ability to adapt its oil and gas expertise to produce more environmentally friendly energy. In addition, deep Earth Energy Production Corp.'s project is a significant milestone for Canada's renewable energy sector, demonstrating the potential for geothermal energy to contribute to the country's sustainable energy mix.
- Archer Ltd., an international drilling and service company, has recently acquired 50% of the shares in Iceland Drilling (Jardboranir hf.), a geothermal drilling company, for $8.25 million or approximately ISK 1.13 billion. The investment by Archer is aimed at supporting the continued expansion and growth of the company. In addition, the acquisition of shares by Archer is expected to bring new opportunities for the company, as it will allow them to leverage Archer's expertise and resources to expand its operations.
- London-based power producer Globeleq has secured funding agreements worth Sh9 billion ($72 million) to support the construction of a 35MW geothermal power plant at Menengai Crater in Nakuru County, Kenya. The agreements were signed with several financiers to aid the construction of the power plant, which is set to begin this year and conclude by September 2025. The construction of the 35MW geothermal power plant will help meet the country's increasing energy demands and contribute to a more sustainable future.
Speak to Analyst for your custom requirements:
https://skyquestt.com/speak-with-analyst/geothermal-drilling-market
Key Questions Answered in Geothermal Drilling Market Report
- How have the global events impacting the market's growth, and what role do technological advancements play in driving the market growth?
- In which geographic regions is the market projected to experience the highest growth rate during the forecast period, and what distribution channels are most popular in those regions?
- How changing government regulations and policies influencing market growth, and what are some potential long-term impacts of these regulations?
- What are the most significant technological and innovation challenges faced by players in the market, and how are they overcome them?
Related Reports in SkyQuest’s Library:
Global Distributed Generation Market
Global Liner Hanger Systems Market
Global Oilfield Equipment Rental Market
Global Offshore Support Vessels Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
