Wilmington, Delaware, United States, April 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global enhanced geothermal system market is projected to reach US$ 3.9 Bn by 2031. Need for sustainable energy substitute to reduce carbon emissions from industrial processes and power plants is fueling the market. Geothermal energy is recognized as a sustainable renewable source of energy, and is increasingly gaining traction among other renewable energies due to physical and economic advantages.
Geothermal energy is a renewable source of energy, which is derived from the Earth’s crust. An EGS is able to obtain the stored heat by forcing water under high pressure from surface reservoirs. It exhibits the potential to use the non-exhausting heat of the earth’s crust and help serve the energy needs of generations to come.
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Key Findings of the Study
Consistent Baseload Power Opens Vast Revenue Streams: Critical advantage of EGS to yield consistent baseload power with minimal to zero adverse effects on the environment is bolstering industry growth. Demand for geothermal energy is rising consistently compared to other renewable sources of energy, owing to its enormous baseload potential and zero storage requirement.
In a low-carbon energy future, significant volume of baseload provided by geothermal sources would safeguard against fluctuations in gas prices and supply interruptions, as well as ceased activity of nuclear power plants.
Geothermal power plants are functional 24x7. The output of geothermal power plant is highly predictable and consistent, thus making energy planning remarkably accurate. Demonstrated ability of EGSs helps meet the baseload energy requirement to serve power demand is propelling market development.
High capacity and smaller surface footprint are additional advantages of EGSs. This allows them to be located close to population concentrations, thereby reducing the distribution and infrastructure costs.
Consistent Research and Development to Fuel Market Growth: Substantial investment in R&D activities is anticipated in order to provide 100 gigawatts (GW) or higher output capacity in the next five decades. For instance, the U.S. Department of Energy provided funding to Ormat Technologies to activate a non-commercial well on the outskirts of its existing operating geothermal system at Nevada. The stimulation led to the successful creation of an EGS reservoir and added 1.7 MW of electricity production capacity to existing geothermal power plant.
Technological advancements in the right direction in order to serve the needs of a sustainable future coupled with targeted R&D in specific areas could attract attention of key OEMs to further invest in new renewable energy sources, which, in turn, is anticipated to boost market size. Such initiatives could significantly reduce the cost of power plants, drilling, and stimulation, thereby increasing access to low-grade EGS at depths of 6 kms or more.
High Preference in Commercial Sector to Boost Market Value: In terms of end-use, the enhanced geothermal systems market has been classified into residential and commercial. The commercial segment recorded 941.2 terawatt-hours of electricity consumption through EGS plants in 2022.
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Growth Drivers
- Increase in efforts to develop geothermal energy due to its physical and economic advantages drives the enhanced geothermal system market
- Rise in interest in geothermal energy among commercial and industrial consumers for various end-use applications boosts adoption of EGSs
Regional Analysis
North America accounted for nearly 36% of global enhanced geothermal system market share in 2022. The region is anticipated to account for significant market share during the forecast period. Rise in demand for power in the residential and commercial sectors is a key factor propelling the enhanced geothermal systems market growth in the region.
Asia Pacific accounted for 27.5% market share in 2022. The region is home to well-developed industrialized economies, such as Japan and New Zealand, and several developing countries that are focused on R&D. This is anticipated to create significant opportunities in the market in the region.
Europe accounted for 23.46% share of the global market in 2021. The market in the region is anticipated to grow at a significant pace during the forecast period. This is ascribed to stringent mandates introduced by the European Union to reduce carbon emissions by 2050.
Competitive Insights
The enhanced geothermal system market is moderately consolidated with a small number of large-scale vendors holding major share. Majority of EGS manufacturers are focused on R&D activities. Product innovation, product development, and exploring new regions are some of the expansion strategies adopted by major players globally.
Prominent players in the enhanced geothermal system market include Ormat Technologies, Inc., BESTEC GmbH, Alta Rock Energy, Inc., and Kenya Electricity Generating Company Limited.
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The enhanced geothermal system market is segmented as follows:
Enhanced Geothermal System Market, by Resource Type
- Hot Dry Rock
- Sedimentary Basin
- Radiogenic
- Molten Magma
Enhanced Geothermal System Market, by Depth
- Shallow
- Deep
Enhanced Geothermal System Market, by Simulation Method
- Hydraulic
- Chemical
- Thermal
Enhanced Geothermal System Market, by End-use
- Residential
- Commercial
Enhanced Geothermal System Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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