LONDON--(BUSINESS WIRE)--The global geothermal drilling market for power generation is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio.
The rising levels of GHGs in the atmosphere will lead to an increase in the use of renewable energy sources such as geothermal, solar, wind, and hydropower for power generation. Unlike fossil fuels, geothermal energy generation does not require combustion and releases low amounts of GHGs into the atmosphere. Thus, the increasing emphasis on generating electricity with minimal GHG emissions will increase the demand for geothermal energy during the forecast period.
As per Technavio, the development of EGS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global geothermal drilling market for power generation 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Geothermal Drilling Market for Power Generation: Development of EGS
Geothermal energy generation currently comes from hydrothermal reservoirs and is limited to few locations across the world. EGS provides high potential for outreaching geothermal energy. It provides the opportunity to expand the use of geothermal resources to the other areas. Although it is still in the nascent stage of development, it has high growth potential and is expected to grow during the forecast period. This will have a significant impact on the geothermal drilling market growth for power generation during the forecast period.
“Apart from the development of EGS, other factors such as the growing application of ML techniques to geothermal exploration, and the identification of huge untapped geothermal potential will have a significant impact on the growth of the geothermal drilling market for power generation during the forecast period,” says a senior analyst at Technavio.
Global Geothermal drilling market for power generation: Segmentation Analysis
This market research report segments the global geothermal drilling market for power generation by application (binary plants, and steam plants), and geographic regions (EMEA, the Americas, and APAC).
The EMEA region led the geothermal drilling market for power generation in 2018, followed by APAC, and the Americas, respectively. The market dominance of EMEA can be attributed to the rise in the adoption of renewable energy in the region.
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