LONDON--(BUSINESS WIRE)--The global geothermal drill bits market for power generation is poised to reach USD 20.38 million by 2023, according to a new report by Technavio, progressing at a CAGR of close to 9% during the forecast period.
“The growing world population and the rapid industrialization in developing nations has triggered the global demand for energy. Thus, the use of geothermal energy is increasing as there are vast untapped geothermal resources, which can be used to generate electricity. Thus, the growing energy demand will drive the demand for geothermal resources, thereby fueling market growth,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by increasing investments in geothermal energy projects. In addition, the increasing emphasis on generating electricity with minimal GHG emissions is anticipated to further boost the geothermal drill bits market for power generation during the forecast period.
The adoption of renewable sources of energy has increased significantly owing to low carbon emissions from these resources. Thus, there has been a significant increase in investments in renewable energy across the world. Geothermal energy is one of the renewable power generation technologies that have been receiving significant funds and investments over the years. Such funds will lead to a rise in the number of geothermal power projects, thereby driving the growth of the geothermal drill bits market for power generation during the forecast period.
Burning fossil fuels such as coal and oil has contributed to the rising levels of GHGs in the atmosphere. Thus, there is a high demand for renewables such as geothermal energy. Unlike fossil fuels, geothermal power generation does not require combustion and releases low amounts of GHGs into the atmosphere. In most cases, geothermal plants produce zero emissions. Thus, the increasing emphasis on generating electricity with minimal GHG emissions will drive the growth of the market.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- America West Drilling Supply Inc.
- Baker Hughes, a GE Co. LLC
- Bit Brokers International Ltd.
- Blast Hole Bit Co. LLC
- Epiroc AB
Market Segmentation by Type:
The geothermal drill bits market for power generation can be broadly categorized into the following types:
Key Regions for the Geothermal drill bits market for power generation:
Featuring a breakdown of region-wise market shares until 2019.
- The Americas
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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