According to a new report published by UnivDatos Markets Insights, the Enhanced Geothermal System Market was valued at more than USD 4.6 billion in 2030 and is expected to grow at a CAGR of around 6.4% from 2022-2030. The analysis has been segmented into Power Station Type (Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations); Depth (Shallow and Deep); Simulation Mode (Hydraulic, Chemical, Thermal, and Explosive); Region/Country.
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The Enhanced Geothermal System market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Enhanced Geothermal System market. The Enhanced Geothermal System market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Enhanced Geothermal System market at the global and regional levels.
Market Overview
An Enhanced Geothermal System (EGS) produces geothermal power without the requirement for natural convective hydrothermal resources. Traditionally, geothermal energy systems could utilize only resources where naturally occurring heat, water, and rock permeability are sufficient to allow energy extraction. Most geothermal energy is in dry and impermeable rock which conventional geothermal energy systems were not able to extract. EGS technology enhances the existing geothermal resource and can even create a geothermal resource where conventional methods were not effective. EGS achieves this by injecting fluid in rocks where permeability is not sufficient by using various simulation methods such as hydraulic stimulation.
Factors such as a rise in demand for cleaner energy by consumers, innovation in geothermal energy, and a rise in investments by industries and governments in renewable energy are some of the prominent factors that are positively influencing the market growth globally.
Some of the major 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, Siemens AG, Fuji Electric Co., Ltd., Calpine Corporation and Energy Development Corporation.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted industries and has transformed the way industries are delivered. The COVID-19 pandemic had far-reaching effects at multiple stages of the supply chain, with these impacts set to have short-, medium-, and long-term influences such as shortage of raw materials, the economic slowdown of industries, brand owners, consumers, stoppage of manufacturing, and overall impact on the supply chain.
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The global Enhanced Geothermal System market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on Power Station Type, the Enhanced Geothermal System market is segmented into Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations. The Binary Cycle Power Stations segment accounted for a significant market share, and it is estimated to register substantial growth during the projected timeframe. Binary Cycle Power Station differs from dry steam and flash steam power stations as the geothermal reservoir fluids never encounter the power plant's turbine units. Low-temperature geothermal fluids pass through a heat exchanger with a secondary fluid. According to National Renewable Energy Laboratory In the USA, other than one triple flash plant in 2011, all geothermal capacity additions from 2000 through 2020 have been binary plants. This trend is expected to continue in the USA due to the flexibility of binary technology, which enables the utilization of lower-temperature resources as well as being entirely emission-free.
· Based on Depth, the Enhanced Geothermal System market is bifurcated into shallow and deep. Among them, the deep segment captured a significant market share and is expected to grow at a substantial growth rate during the projected period. There is no uniform definition for shallow and deep in the world and it differs in each country. In most countries, the depth separation is regulated by the Mining Act requiring a permit for drilling (mostly between 100 and 400 meters below the surface). The Mining Act influences the drilling market and the depth range.
· Based on Simulation Mode, the Enhanced Geothermal System market is segmented into Hydraulic, Chemical, Thermal, and Explosive. The hydraulic segment accounted for a significant market share, and it is estimated to register substantial growth during the projected timeframe. Hydraulic stimulation can be described as the injection of fluids at high flow rates into a reservoir to develop new fractures or reactivate and enhance the hydraulic performance of existing fractures. As the market for enhanced geothermal is still in the early stages, most countries are investing in EGS pilot projects in order to check the feasibility of the project. Countries such as the USA have given huge grants in order to develop EGS which has given a significant boost to the EGS market for the projected period. The longest-operating commercial EGS project currently generating power is the Soultz experimental EGS project in Alsace, France.
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Enhanced Geothermal System Market Geographical Segmentation Includes:
· North and South America (U.S., Mexico, Rest of North and South America)
· Europe (Germany, U.K., France, Italy, Rest of Europe)
· Asia-Pacific (Indonesia, Philippines, Australia, Japan, Rest of Asia-Pacific)
· Rest of the World
Europe caters extensive share of the Enhanced Geothermal System market and is expected to showcase the highest growth in the Enhanced Geothermal System during the forecast period due to their aggressive investments in the energy sector in order to achieve net zero emission goal of 2050. Europe has invested heavily in the renewable energy sector which includes the geothermal sector, and countries such as Germany, France, and U.K. are focusing on geothermal energy with Germany taking the lead. BloombergNEF estimates that net zero scenario of Europe would see investment of over $3.8 trillion by 2050, with almost 40% of the investment occurring before 2030.
The major players targeting the market include
· Enel SpA
· Ormat Technologies, Inc.
· AltaRock Energy, Inc.
· Royal Dutch Shell Plc
· Kenya Electricity Generating Company Limited
· BESTEC GmbH
· Siemens AG
· Fuji Electric Co., Ltd.
· Calpine Corporation
· Energy Development Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Enhanced Geothermal System market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Enhanced Geothermal System market?
• Which factors are influencing the Enhanced Geothermal System market over the forecast period?
• What are the global challenges, threats, and risks in the Enhanced Geothermal System market?
• Which factors are propelling and restraining the Enhanced Geothermal System market?
• What are the demanding global regions of the Enhanced Geothermal System market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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