Vendor Insights
The global geothermal drilling market for power generation is fragmented due to the presence of numerous vendors. The market comprises category-focused and diversified vendors. The global geothermal drilling market for power generation is expected to grow significantly during the forecast period due to the rising demand for sustainable energy. The fragmented nature of the market, low product differentiation, and high fixed costs increase the competition among the existing players in the market. However, low parity across vendors in terms of size and power, moderate market growth, and moderate product perishability reduce the rivalry among them, making the threat of rivalry moderate during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Baker Hughes Co.
- Deep Rock Manufacturing Co.
- Fraste Spa
- Geotech Drilling Services Ltd.
- Halliburton Co.
- Huisman Equipment BV
- KCA Deutag Alpha Ltd.
- Marton Geotechnical Services Ltd.
- Ormat Technologies Inc.
- Schlumberger Ltd.
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Geographical Market Analysis
Europe was the largest geothermal drilling market share for power generation in 2020. The region is also anticipated to contribute the highest market growth of 38% during the forecast period, mainly, due to the most active users of geothermal energy, especially in small-scale thermal applications rather than in power generation. With the demand for electricity growing in the region, countries such as Germany, France, Iceland, and Croatia are contributing to the regional geothermal drilling market for power generation. Germany and France are also expected to increase their geothermal power capacities with the deployment of new geothermal projects. Other than plant expansions, initiatives by various governments in the region are also expected to propel the demand for geothermal power.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/geothermal-drilling-market-for-power-generation-industry-analysis
Key Segment Analysis
The binary plants segment held the largest application share of the market in 2020. In binary power plants, low to moderately heated geothermal fluid and a secondary fluid with a very low boiling point pass through a heat exchanger. The heat from the geothermal fluid causes the secondary fluid to convert into vapor, which then drives the turbines and, subsequently, the generators for electricity generation.
Binary power plants are closed-loop systems, and nothing apart from water vapor is released into the atmosphere. Dry steam and flash steam plants use the geothermal brine to directly power the turbines. Hence, these plants cannot be utilized for low-temperature geothermal reserves.
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Key Market Drivers:
The rising demand for energy is one of the key drivers influencing the market positively during the forecast period. The combined impact of economic growth and the rise in energy consumption will result in an increased demand for heat pumps. The growing emphasis on renewable energy as part of the changes in the energy mix will pave the way for the increased use of geothermal and hydrothermal heat pumps. Therefore, the growing energy consumption will add significant momentum to the global geothermal heat pump market during the forecast period.
The tremendous growth in the global construction output is expected to be concentrated in three countries: China, the US, and India. Other emerging Asian countries, such as Indonesia, Vietnam, Bangladesh, Thailand, Malaysia, and the Philippines, are also likely to report growth in their construction markets. Over the last decade, the demand for both renewable and non-renewable power has risen significantly in the wake of rapid industrial development and the growing urban population in developing countries such as India, China, Indonesia, and Thailand. The growing per capita income in these economies has promoted the widespread use of consumer electronic devices and appliances, which adds to electricity consumption. Asia's vast coal reserves and rising demand for electricity will likely attract investments for the development of power infrastructure, which, in turn, will increase the demand for geothermal equipment.
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Geothermal Drilling Market For Power Generation Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2021-2025 |
USD 199.86 million |
Market structure |
Fragmented |
YoY growth (%) |
2.97 |
Regional analysis |
Europe, APAC, North America, MEA, and South America |
Performing market contribution |
Europe at 38% |
Key consumer countries |
Turkey, Indonesia, US, Iceland, and New Zealand |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Baker Hughes Co., Deep Rock Manufacturing Co., Fraste Spa, Geotech Drilling Services Ltd., Halliburton Co., Huisman Equipment BV, KCA Deutag Alpha Ltd., Marton Geotechnical Services Ltd., Ormat Technologies Inc., and Schlumberger Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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