Insights on the Enhanced Geothermal Systems Global Market to 2030 - Geothermal Plants Combined with Natural Gas Power Plants Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Enhanced Geothermal Systems Market - A Global and Regional Analysis: Focus on Resource Type, End User, Depth, Simulation Method, Power Station Type, Supply Chain Analysis, Country-Wise Analysis, and Impact of COVID-19 - Analysis and Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.

The global enhanced geothermal system (EGS) market is estimated to be $1,841.4 million in 2020. It is projected to reach a value of $3,673.1 million by 2030, at a CAGR of 7.1% during the forecast period (2022-2030).

Enhanced Geothermal Systems

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).

Companies Mentioned

• Enel SpA
• Ormat Technologies, Inc.
• AltaRock Energy, Inc.
• Royal Dutch Shell Plc
• Kenya Electricity Generating Company Limited
• BESTEC GmbH
• SA Geothermie Bouillante
• Fuji Electric Co., Ltd.
• Calpine Corporation
• Energy Development Corporation
• Mitsubishi Heavy Industries, Ltd
• Toshiba Corporation
• Ansaldo Energia S.p.A.
• Siemens AG

Market Dynamics

Growth Drivers

• Reliable Technology to Produce Continuous Baseload Power
• Rise in Energy Demand Due to Increase in Population and Rapid Industrialization
• Emission Reduction along with Energy Security
• Reliable and Controllable Source of Power

Challenges

• Risks Associated with Exploratory Drilling
• Induced Seismicity
• High Gestation Period for the Plants
• High Initial Costs

Opportunities

• Geothermal Development in the Country Of Africa Provides a Decent Market Opportunity
• Geothermal Plants Combined with Natural Gas Power Plants
• Improving the Efficiency of the Current Generating Sites
• Huge Projects in Indonesia and the Philippines Presents a Market Opportunity to Tap Into

Key Questions Answered in the Report

• What are the driving factors for the global EGS market from 2019 to 2030, and which factors are impeding the growth of the global EGS market?
• Which country are the prime adopters of these systems, and what could be the possible penetration of GS and EGS systems 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 to increase their presence and market share?
• What could be the possible penetration of GS and EGS systems renewable energy generation in different countries and regions?
• What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?

For more information about this report visit https://www.researchandmarkets.com/r/wi5iko