Enhanced Geothermal System Market to Grow with a CAGR of 5.19% through 2028
Increasing demand for renewable energy sources and technological
advancements in EGS technology are likely to drive the market in the forecast
period.
According to TechSci Research report, “Enhanced
Geothermal System Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Enhanced
Geothermal System Market stood at USD 3.08 billion in 2022 and is anticipated
to grow with a CAGR of 5.19% in the forecast period. One of the primary drivers
propelling the global Enhanced Geothermal System (EGS) market is the urgent
global need for sustainable and reliable renewable energy sources. EGS
technology harnesses the Earth's heat from deep within its crust, providing a
consistent and baseload supply of clean electricity. Unlike some intermittent
renewable sources like wind and solar, EGS power generation is not contingent
on weather conditions or time of day, making it a dependable energy source. In
an era of climate change concerns and the imperative to reduce greenhouse gas
emissions, EGS offers a compelling solution. It produces minimal to no direct
emissions during electricity generation, making it a low-carbon alternative to
fossil fuels. This aligns with international commitments to combat climate
change and transition to greener energy systems, driving increased interest and
investments in EGS projects worldwide. The reliability and consistency of EGS
also contribute to grid stability, making it an attractive option for countries
aiming to integrate more renewable energy into their energy mix. As a result,
the pursuit of sustainable and dependable energy sources is a significant
driver behind the growth of the global EGS market.
Energy security and independence are key
drivers behind the global Enhanced Geothermal System (EGS) market. Many
countries recognize the vulnerabilities associated with reliance on imported
fossil fuels, including economic uncertainties, geopolitical tensions, and
supply disruptions. EGS presents an opportunity to enhance energy security by
providing a domestic and indigenous source of clean power. EGS systems tap into
the Earth's geothermal resources, which are often found beneath a nation's own
territory. This reduces the reliance on foreign energy sources and mitigates
the risks associated with energy imports. EGS projects are not susceptible to
the geopolitical tensions that can disrupt fossil fuel supplies, providing
countries with a more stable and resilient energy supply. The desire for energy
independence is particularly pronounced in regions with limited access to
traditional energy sources or in island nations where importing fossil fuels
can be cost-prohibitive. EGS technology offers a solution to these energy
security challenges by providing a reliable and local source of electricity.
In summary, the pursuit of a sustainable
and dependable renewable energy source, coupled with the desire for energy
security and independence, are two significant drivers fueling the growth of
the global Enhanced Geothermal System (EGS) market. These drivers align with
the broader goals of combating climate change, reducing carbon emissions, and
ensuring a stable and resilient energy supply for nations around the world.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Enhanced Geothermal System Market.”
The Global Enhanced Geothermal System Market is
segmented into resource type, depth, simulation method, end user, power station
type, and region.
Based on resource type, The Hot Dry Rock segment had
the largest market share in 2022 & expected to maintain it in the forecast
period. HDR resources are relatively abundant and widely distributed beneath
the Earth's crust. Unlike some other geothermal resource types, such as
hydrothermal reservoirs, which are confined to specific geological settings,
HDR resources can be found in various regions, increasing their accessibility
for EGS development. This widespread distribution makes HDR a practical option
for many countries seeking to harness geothermal energy. HDR resources offer
the potential for high-temperature gradients at depth. As you drill deeper into
the Earth's crust, temperatures increase significantly. HDR systems can access
these elevated temperatures, enhancing the efficiency and energy output of EGS
projects. The availability of high-temperature heat sources makes HDR
particularly attractive for power generation and direct heating applications.
HDR resources are well-suited for reservoir stimulation techniques, a key
component of EGS development. In EGS projects, hydraulic fracturing (or similar
methods) is employed to create and enhance fractures in the hot rock, allowing
for the circulation of water or heat transfer fluids. HDR formations, with
their fractured nature, facilitate effective reservoir stimulation, making them
ideal for heat extraction. HDR-based EGS systems are versatile and scalable,
accommodating a wide range of energy demands. These systems can be tailored to
meet diverse applications, from small-scale district heating projects to large,
utility-scale power generation facilities. This adaptability ensures that HDR
resources can address various market needs and energy requirements.
Based on depth, The Deep segment had the largest
market share in 2022 and is projected to experience rapid growth during the
forecast period. Deep EGS projects access significantly higher temperature
gradients at greater depths within the Earth's crust. As you drill deeper,
temperatures increase due to the Earth's natural geothermal gradient. This
results in access to higher-temperature heat sources, which are particularly
attractive for electricity generation and industrial applications. The ability
to tap into these elevated temperatures enhances the energy output and
efficiency of deep EGS projects. The higher temperatures available in deep EGS
reservoirs translate into more efficient and productive heat extraction. The
greater temperature differential between the reservoir and the surface allows
for enhanced energy output, making deep EGS projects well-suited for power
generation and large-scale heating applications. This increased energy output
is essential for meeting the demands of power grids and industrial processes.
Deep EGS systems provide a more consistent and stable source of geothermal heat
compared to shallow systems. They are less affected by surface conditions and
seasonal temperature variations, offering the potential for consistent and
baseload power generation. This reliability aligns with the growing need for
stable energy sources to support the grid and meet the continuous demands of
industries and households. Advances in drilling technologies and reservoir
engineering have significantly improved the feasibility and efficiency of deep
EGS projects. Enhanced drilling techniques, including directional drilling and
deep drilling technologies, have made it more practical to access geothermal
resources at greater depths. These technological advancements have reduced
costs and risks associated with deep drilling, accelerating the development of
deep EGS projects. Deep EGS resources are often more abundant and widespread
beneath the Earth's surface compared to shallow resources. The increased
availability of deep geothermal resources provides greater opportunities for
exploration and development. Countries and regions seeking to expand their
geothermal energy capacity find deep EGS projects appealing due to the larger
potential resource base. Deep EGS projects are well-positioned to meet the
rising demand for reliable, continuous, and high-capacity energy generation.
Industries, utilities, and power producers seek clean and stable power sources
to meet their operational and grid reliability needs.
Major companies operating in the Global Enhanced
Geothermal System Market are:
- Enel SpA
- Ormat
Technologies, Inc.
- AltaRock
Energy, Inc.
- Shell Plc
- Kenya
Electricity Generating Company Limited
- BESTEC
GmbH
- Geothermie
Bouillante SA
- Fuji Electric
Co., Ltd.
- Calpine
Corporation
- Energy
Development Corporation
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global Enhanced Geothermal System market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The
growing demand for renewable energy is a major driver of the global EGS market.
EGS is a clean and renewable source of energy that can help to reduce
greenhouse gas emissions and combat climate change. Governments around the
world are providing financial and regulatory support for EGS development. This
support is helping to reduce the costs of EGS projects and make them more
competitive with other forms of energy generation. Additionally, Technological
advancements in EGS technology are making EGS systems more efficient and
cost-effective. This is helping to make EGS a more viable option for commercial
deployment. Furthermore, North America is the largest market for EGS, followed
by Asia Pacific and Europe. The US is the leading country in the global EGS
market, accounting for a significant share of the market in 2022. Other major
markets for EGS include Canada, China, Japan, and Australia. Therefore, the
market of Enhanced Geothermal System is expected to boost in the upcoming years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Enhanced Geothermal System Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented Resource Type (Hot Dry Rock,
Sedimentary Basin, Radiogenic, Molten Magma), By Depth (Shallow, Deep), By
Simulation Method (Hydraulic, Chemical, Thermal), By End User (Residential,
Commercial), By Power Station Type (Dry Steam Power Station, Flash Steam Power
Station, Binary Cycle Power Station), By Region, By Competition”, has evaluated
the future growth potential of Global Enhanced Geothermal System Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Enhanced Geothermal System Market.
Contact
Mr. Ken
Mathews
708 Third
Avenue,
Manhattan, NY,
New York –
10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com