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).
Enhanced Geothermal Systems Industry Overview
The global Enhanced Geothermal System is estimated to be $886.8 million in 2020. It is projected to reach a value of $1,354.2 million by 2030, at a CAGR of 4.4% during the forecast period (2021-2030).
Market Segmentation
Enhanced Geothermal Systems Market by Depth
At high depth, the temperature of the Earth’s 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. Owing to these advantages, deep EGS is expected to be the fastest-growing segment, growing at a CAGR of 4.7% during the forecast period 2021-2030.
Enhanced Geothermal Systems Market by Power Station Type
Binary cycle power stations make up almost two-thirds of geothermal energy sources installed currently and are used where the water-dominated geothermal reservoirs with temperatures above 180°C are present.
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 MWe through EGS plants. The commercial sector is an 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 systems market, owing to rising clean electricity demand and increasing emission-cutting policies.
Key Market Players and Competition Synopsis
Enel SpA, Ormat Technologies, Inc., AltaRock Energy, Inc., Royal Dutch Shell Plc, Kenya Electricity Generating Company Limited, BESTEC GmbH, SA Géothermie Bouillante, Fuji Electric Co., Ltd., Calpine Corporation, Energy Development Corporation, Mitsubishi Heavy Industries, Ltd, Toshiba Corporation, Ansaldo Energia S.p.A., 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.
Request Sample - https://bisresearch.com/requestsample?id=1218type=download
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. The following aspects of plants are covered in detail:
- Power Station Type Used
- Rock Structure Analysis
- Geographical requirements
- Depth and other suitable requirements
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 2020 to 2030, and which factors are impeding the growth of the global EGS market?
- Which countries are the prime adopters of these systems, and what could be the possible market demand of EGS 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 by them to increase their presence and market share?
- What are the key developmental strategies implemented by the key players to sustain in the competitive market?
BIS Research Offerings - https://bisresearch.com/our-offerings/subscriptions
You May Also Like -
Transportation Grade Bioethanol Market
EV Fast Charging System Market
