Geothermal Drilling Market Research Report

 

Global Geothermal Drilling Market

The GMI Research forecasts that the Geothermal Drilling Market is witnessing an upsurge in demand over the forecast period. This is mainly due to altering individual lifestyle, increasing inclination towards the deployment of decorative materials in the interior of houses and ongoing expansion in government investment.

Introduction of the Geothermal Drilling Market

Geothermal drilling refers to the technique of generating boreholes in the earth to extract heat from the ground. It covers approximately 30% to 50% of the value of a geothermal electricity project, making it an important part of the project. For sustainable exploitation, deep-seated, large-diameter boreholes,  and long-lasting well integrities are required.

Key Players of the Global Geothermal Drilling Market:

·        Marton Geotechnical Services Ltd.

·        Huisman Equipment B.V.

·        KCA Deutag

·        Baker Hughes Company

·        Fraste Spa

·        Schlumberger Limited

·        Ormat

·        Halliburton

·        DeepRock

·        Geotech Drilling

Geothermal Drilling Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

The prominent drivers responsible for the growth of the global geothermal drilling market includes the increasing implementation of renewable resources, which include geothermal, led by the rising levels of greenhouse gases (GHGs) in the atmosphere and the intensifying focus on clean energy production. For example, in 2020, DEEP Earth Energy Production Corp., declared the completion of the testing and drilling program for the Saskatchewan Geothermal Project. Furthermore, the substantial increase in the prices of oil has promoted geothermal energy as a resource that holds potential opportunities for the market. Furthermore, the augmenting integration of machine learning techniques in the exploration activities, surging demand for energy, identification of untapped reservoirs, and intensifying investments for these energy projects, will further strengthen the geothermal drilling market size.

Well Type Segment Drivers

Based on the well type, production is contemplated to grow at a higher rate over the forecast period. This is mainly due to the high chances of success in the production well over other wells, which minimizes the exploration costs. Moreover, they are restricted for the production of oil, and natural gas and heat can be produced out of the earth from those wells. This also reduces the lease cost for the contractors because abandonment wells cost less as compared to new fields, thus supporting the market growth.

Regional Drivers

Based on the regional coverage, Asia-Pacific will experience a faster growth owing to the soaring demand for oil and natural gas led by the mounting rate of population, primarily in China, Indonesia, and India. For example, the Ministry of Finance in Indonesia, in 2019, framed a risk reduction facility with the help of a geothermal drilling program to assist exploration and investment into geothermal development. Furthermore, the aggravating concentration on reducing GHG discharge for oil and natural gas production further stimulates the market growth

Geothermal Drilling Market Segmentation:

Segmentation by Well Type

·        Production

·        Slim

·        Injection

Segmentation by Depth

·        Below 1000 m

·        1000 – 2000 m

·        2001 – 3000 m

·        Above 3000 m

Segmentation by Region:

·        North America

o   United States of America

o   Canada

 

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

 

Comments

Post a Comment

Popular posts from this blog

Hi-Fi System Market Research Report

 Growth opportunities in the Hi-Fi system market look promising over the next six years. This is mainly due to the rising demand for portable devices such as smartphones, and laptops, the continuous technological advancement in the Hi-Fi systems, like integration of AI and machine learning, and the increasing penetration of the internet. Request for a FREE Sample Report on Hi-Fi System Market Hi-Fi System Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers The augmenting demand for portable devices and the growing need for infotainment services are the crucial drivers fuelling the growth of the global Hi-Fi system market .  Rising portable device demand such as laptops, tablets, and smartphones strengthens the demand for wireless audio products in the HI-FI system market. Also, the ongoing technological developments in Hi-Fi systems, like the amalgamation of machine learning and artificial intelligence, are ...
Read more

Tight Gas Market Research Report

  Growth opportunities in the tight gas market look promising over the next six years. This is mainly due to the favourable government strategies, funds and aids for the gas production and the development of sophisticated technology. Request for a FREE Sample Report on Tight Gas Market Tight Gas Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers One of the prominent drivers responsible for the growth of the global tight gas market includes the augmenting demand for million barrels each day. In accordance with the U.S. Energy Information Administration, the demand of the barrels from 2016 Q1 to 2017 Q1 augmented from 1 million in 2016 to more than 2 million in 2017, and the same trend is anticipated in the future, which will change the perspective of the market, thereby fulfilling the market demand. Also, the emergence of low-cost gas supplies from different sources will change over the chauffeurs of natura...
Read more

Vitreoretinal Surgery Devices Market Research Report

 Growth opportunities in the vitreoretinal surgery devices market look promising over the next six years. This is mainly due to the increasing technological advancements and the rise in the geriatric population coupled with the rising eye disorders. Request for a FREE Sample Report on Vitreoretinal Surgery Devices Market Vitreoretinal Surgery Devices Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers The increase in the geriatric population across the world along with the surging number of eye disorders including diabetic retinopathy, detached retina, macular hole, and CMV retinitis, and the growing awareness concerned with eye health are the key drivers stimulating the growth of the global vitreoretinal surgery devices market. The use of vitreoretinal surgeries to treat various eye-related disorders, with the help of several procedures, is effective in restoring and improving vision. Furthermore, the ongoing t...
Read more