LONDON--(BUSINESS WIRE)--The geothermal drilling market size for power generation is expected to post a CAGR of almost 9% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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.
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As per Technavio, the development of EGS will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
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 increasing the reach of geothermal energy. Furthermore, it is a chance to extend the use of geothermal resources to other areas. Although it is still in the nascent stage of development, it has high growth potential and is expected to grow significantly during the forecast period. This will have a positive 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 machine learning (ML) techniques to geothermal exploration, rising demand for energy, increasing investments in geothermal energy projects, and the identification of huge untapped geothermal potential will contribute to the growth of the geothermal drilling market for power generation during the forecast period,” says a senior analyst at Technavio.
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Geothermal Drilling Market for Power Generation: Segmentation Analysis
This market research report segments the 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, owing to the rise in the adoption of renewable energy in the region. Furthermore, the growing construction of geothermal drilling projects in economies including Turkey is expected to boost the market growth in EMEA. However, APAC is expected to witness the fastest growth owing to the growing construction of power generation plants in Indonesia, New Zealand, Japan, and the Philippines.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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