Research Nester assesses the growth and market size of the global enhanced geothermal system market which is anticipated to be on account of the rising adoption of natural resources for heat and cold sources in many sectors across the world to reduce expenditure.
New York – May 26, 2023 - Research Nester’s recent market research analysis on “Enhanced Geothermal System Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global enhanced geothermal system market in terms of market segmentation by power station type, depth, resource type, simulation method, end-user, and by region.
Increasing Demand Power Consumption and Growing Prices of Fossil Fuels to Drive Global Market Share of Enhanced Geothermal System
The global enhanced geothermal system market is estimated to grow majorly on account of the increased use of electricity with the rising population and the use of electronic appliances for every household and organizational work. Also, the growing utilization of the internet with digitalization technology and internet network penetration across the world is propelling market growth. The hike in market growth is attributed to the easy availability of underground heat sources from the rocks and with no harm to the environment it is preferred by many industries to generate heat. The geothermal system heats and cools the buildings through a single cycle without the involvement of multiple machinery and power sources influencing the market growth.
Further, the growing number of industries and the cost of turbine installation and power generation costs are estimated to boost the market growth. The steam sources from geothermal systems have been utilized from ancient times for bathing and cooking purposes. The application of geothermal energy is in demand as it is highly stable, green energy, and has less operating cost with no installation of pumps is expected to fuel the market growth. 75% of the energy consumption is reduced using geothermal systems for energy generation.
Some of the major growth factors and challenges that are associated with the growth of the global enhanced geothermal system market are:
Growth Drivers:
· Increasing demand for sustainable sources or natural sources
· Rising energy expenditure with population growth
Challenges:
The rising investment cost of geothermal systems as the construction involves drilling, grinding rocks of deep, and less steam generation are some of the major factors anticipated to hamper the global market size of enhanced geothermal systems. The probability of the right steam spot is not perfect as there can be dry holes with low water pathways which decreases the production rate hindering the growth of the market. This loss is a burden for the investor and the cost of drilling a new geothermal facility also affects the investment budget.
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By power station type, the global enhanced geothermal system market is segmented into dry steam power stations, flash steam power stations, and binary cycle power stations. The flash steam power stations segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Besides, the binary cycle power stations segment is anticipated to garner substantial growth in the coming years. The binary geothermal power station is the advanced method as it transfers the steam into the next chamber after the generation of extracting energy saving the production cost and driving the market segment growth. The steam generated in both the liquid chambers operates the turbines producing more energy and the use of two liquid chambers gives the name binary which means two. Properties such as reservoir stability, high operational reliability, and environmental safety are fueling the market segment growth. These types of power stations can produce energy even from low-temperature geothermal sources hence raising the market demand.
By region, the Europe-enhanced geothermal system market is to hold a tremendous market share by the end of 2035. This growth is anticipated by the deployment of geothermal heating systems by the European population as it is cost-efficient. Rising funds and investment in geothermal technology with growing projects to reduce the production cost is stated to cross the market value. The development of plans to utilize both direct and extracted heat from the geothermal systems to generate electricity is poised to promote market growth. The focus of the government to decrease the electricity operational costs and high capital investments in power plants is set to hike the market growth.
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This report also provides the existing competitive scenario of some of the key players of the global enhanced geothermal system market which includes company profiling of Ormat Technologies, Inc., AltaRock Energy, Inc., BESTEC GmbH, SA Geothermie Bouillante, Fuji Electric Co., Ltd., Calpine Corporation, Energy Development Corporation, Ansaldo Energia S.p.A., Mitsubishi Heavy Industries, Ltd Toshiba Corporation, Siemens AG, and others.
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