Enhanced Geothermal Systems Market: Segmented: By Power Station Type (Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations), By Resource Type (Convective Hydrothermal, Sedimentary Basin, Solidified Hot Dry Rock, Part Still Molten Magma, Geo-Pressured, Radiogenic), By Depth (Shallow, Deep), By Simulation Method (Hydraulic, Chemical, Thermal, Explosive), By End User (Commercial, Industrial), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Enhanced Geothermal Systems Market to surpass USD 3.9 billion by 2031 from USD 1.9 billion in 2021 at a CAGR of 7.2% in the coming years, i.e., 2021-2031.
Geothermal electricity is generated without the use of natural convective hydrothermal resources in an improved geothermal system (EGS). Until recently, geothermal power systems could only use resources with enough naturally occurring water, heat, and rock permeability to extract energy. Dry and impermeable rock, on the other hand, contains by far the greatest geothermal energy within traditional techniques' reach. EGS technologies use a range of simulation methods, including 'hydraulic stimulation,' to increase and/or produce geothermal resources in this hot dry rock (HDR).
Global Enhanced Geothermal Systems Market is expected to project a notable CAGR of 7.2% by the end of 2031
Several significant drivers are likely to propel the market forward during the forecast period, including reliable technology for producing continuous baseload power and an increase in energy consumption due to population growth. Another market driver is rising industrialization and emission reduction, as well as energy security.
The Flash Steam Power Stations segment is expected to grow with the highest CAGR during 2021-31
On the basis of Power Station Type, the global Enhanced Geothermal Systems Market is fragmented into Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations. Nearly two-thirds of geothermal energy sources developed today are flash steam plants, which are employed where water-dominated geothermal reservoirs have temperatures above 180°C. Over the anticipated period, the single flash is expected to continue its position as the most common geothermal plant type installation.
The Commercial segment is expected to grow with the highest CAGR during 2021-31
Global Enhanced Geothermal Systems Market is classified on the basis of End User into Commercial and Industrial. Globally, the commercial sector holds the largest end-user of EGS-generated electricity. Through EGS plants, the business sector had an electrical demand of 941.2 terawatt-hours in 2020. End-users such as offices, supermarkets/hypermarkets, government, healthcare, hotels, transportation, educational institutions, data centers, banks, convenience stores, cold storage facilities, department stores, and stadiums make the commercial sector an energy-intensive sector.
The Growing Demand due to Rise in Population and Speedy Industrialization
The reliable technology to create continuous baseload electricity, as well as the rise in energy demand owing to population growth and fast industrialization, are the primary drivers of the Global Enhanced Geothermal Systems Market. In addition, emission reduction and energy security are driving the industry. All of these factors are projected to have a significant impact on the market throughout the forecast period.
The Reliable Source of Power
The reliable and controllable power source is yet another market driver that is majorly impacting the progress of the market.
The high initial cost associated with the Enhanced Geothermal Systems
Market restraints include dangers linked with exploratory drilling, induced seismicity, and a long gestation period for plants. Furthermore, the market's growth is hampered by the high upfront expenses connected with these systems.
Global Enhanced Geothermal Systems Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The greatest market for upgraded geothermal systems in the world is North America. Owing to the expanding clean electricity demand and improved emissions-cutting policies, the United States is the key region driving growth in the North American enhanced geothermal energy market.
In the future, the Global Enhanced Geothermal Systems Market is predicted to grow at a rapid pace. The growth is mainly due to the companies that are re-organizing their activities and recovering from the COVID-19 impact, which previously resulted in limiting containment measures including remote working, social distancing, and the temporary closure of commercial activities, which created operational challenges.
Global Enhanced Geothermal Systems Market is further segmented by region into:
Enhanced Geothermal Systems Market Segments:
|Market size value in 2021||USD 1.9 billion|
|Revenue forecast in 2031||USD 3.9 billion|
|Growth Rate||CAGR of 7.2% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Power Station Type, Resource Type, Depth, Simulation Method, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||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, and Other Prominent Players.|
Enhanced Geothermal Systems Market size was estimated at USD 1.9 billion in 2021 and is expected to reach USD 3.9 billion in 2031.
An enhanced geothermal system (EGS) produces geothermal electricity without needing natural convective hydrothermal resources.
Flash Steam Power Stations segment accounted for the largest Enhanced Geothermal Systems Market share.
Key players in the Enhanced Geothermal Systems Market include 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, and Other Prominent Players.
Industry growth is predicted to be fueled by rising energy demand as a result of population growth and fast industrialization.
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