Geothermal Drilling Market

Introduction of the Geothermal Drilling Market for Power Generation Report

Geothermal drilling is the process of developing boreholes in the earth to extract heat from the earth. It represents 30% to 50% of the cost of a geothermal electricity project. Geothermal drilling uses the same state of the art technology as the oil and gas industries use, specifically in low enthalpy sedimentary settings. Sustainable geothermal exploitation needs deep-seated, large-diameter boreholes, and long-lasting well integrities.

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Market Dynamic

Key Drivers and Emerging Trends

The major factor propelling the growth of the global geothermal drilling market size for power generation is the growing focus of several economies towards clean energy production. The increasing levels of greenhouse gases (GHGs) in the atmosphere is leading to the rising use of renewable sources for power generation, such as geothermal, wind, solar, and hydropower. For instance, in 2020, DEEP Earth Energy Production Corp. completed the drilling and testing program for Saskatchewan Geothermal Project. Furthermore, the rising application of machine learning techniques in geothermal exploration, growing investments in geothermal energy projects, increasing demand for energy, and identification of huge untapped geothermal reservoirs are some other factors bolstering the growth of the global geothermal drilling market for power generation.

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Plant Type – Segment Analysis

Based on the plant type, the binary plants segment is expected to grow at a higher CAGR over the forecast period. This is mainly attributed to the ability of binary plants to use low-temperature geothermal fluids. In addition, the scope of binary plants for the power generation is more as compared to other geothermal plants since most of the geothermal reserves have low to moderate heat. For instance, Ormat Technologies and Toshiba Corporation announced that one of the world’s largest power plant, Sarulla geothermal power plant, has started commercial operations and is located in Indonesia’s North Sumatra. These factors play a crucial role in supplementing the growth of the binary plants segment in the global geothermal drilling market for power generation.

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Region – Segment Analysis

Based on the region, the Asia-Pacific region is anticipated to grow at a faster CAGR over the forecast period. This is majorly due to the growing demand for electricity owing to the increasing population in countries such as India, China, and Indonesia. For instance, in 2019, Indonesia’s Ministry of Finance prepared a risk mitigation facility through a geothermal drilling program to support investment and exploration into geothermal development. Countries, such as Japan, Indonesia, and Philippines have an installed capacity of approx. 4300 MW. In addition, the rising emphasis on minimal GHG emissions for the generation of electricity is bolstering the growth of the market. Unlike fossil fuels, geothermal power generation does not require combustion and saves up to four-fifth of the expenditure on electricity bills. These factors are significantly surging the growth of the geothermal drilling market for power generation in Asia-Pacific. 

Top Market Players

Various notable players operating in the market include Baker Hughes Company, Fraste Spa, DeepRock, Halliburton, Geotech Drilling, Schlumberger Limited, KCA Deutag, Huisman Equipment B.V., Ormat, and Marton Geotechnical Services Ltd., among others. 

Key Developments:

• • In 2020, Schlumberger New Energy, a new Schlumberger Business, partnered with GeoFrame Energy, a geothermal project development company. This integration is aimed to leverage Schlumberger’s expertise to develop profitable and efficient geothermal power generation projects.
  • In 2018, DeepRock launched M-50 Stealth Prepper, which is the latest DeepRock portable technology. It provides faster drilling with less work on the operator and is great to be used in 2” and 4” water wells in geothermal drilling. 

Segments covered in the Report:

The global geothermal drilling market for power generation has been segmented on the basis of plant type, and regions. Based on plant type, the market is segmented into dry steam plants, flash plants, binary plants, and hybrid plants. 

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Key questions answered in this research report:

• • At what pace is global geothermal drilling market for power generation growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in geothermal drilling market for power generation? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global geothermal drilling market for power generation?
  • Which plant type generated maximum revenues in 2019 and identify the most promising plant type during the forecast period?
  • What are the various plant type areas of global Geothermal Drilling Market for Power Generation and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Geothermal Drilling Market for Power Generation by Plant Type

• • Dry Steam Plants
  • Flash Plants
  • Binary Plants
  • Hybrid Plants

Global Geothermal Drilling Market for Power Generation by Region

• • North America Geothermal Drilling Market for Power Generation (Option 1: As a part of the free 25% customization)
    • North America Geothermal Drilling Market for Power Generation by Plant Type
    • US Geothermal Drilling Market for Power Generation All-Up
    • Canada Geothermal Drilling Market for Power Generation All-Up
  • Europe Geothermal Drilling Market for Power Generation (Option 2: As a part of the free 25% customization)
    • Europe Geothermal Drilling Market for Power Generation by Plant Type
    • UK Geothermal Drilling Market for Power Generation All-Up
    • Germany Geothermal Drilling Market for Power Generation All-Up
    • France Geothermal Drilling Market for Power Generation All-Up
    • Spain Geothermal Drilling Market for Power Generation All-Up
    • Rest of Europe Geothermal Drilling Market for Power Generation All-Up
  • Asia-Pacific Geothermal Drilling Market for Power Generation (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Geothermal Drilling Market for Power Generation by Plant Type
    • China Geothermal Drilling Market for Power Generation All-Up
    • India Geothermal Drilling Market for Power Generation All-Up
    • Japan Geothermal Drilling Market for Power Generation All-Up
    • Rest of APAC Geothermal Drilling Market for Power Generation All-Up
  • RoW Geothermal Drilling Market for Power Generation (Option 4: As a part of the free 25% customization)
    • RoW Geothermal Drilling Market for Power Generation by Plant Type
    • Brazil Geothermal Drilling Market for Power Generation All-Up
    • South Africa Geothermal Drilling Market for Power Generation All-Up
    • Saudi Arabia Geothermal Drilling Market for Power Generation All-Up
    • UAE Geothermal Drilling Market for Power Generation All-Up
    • Rest of world (remaining countries of the LAMEA region) Geothermal Drilling Market for Power Generation All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Baker Hughes Company
  • Fraste Spa
  • DeepRock
  • Halliburton
  • Geotech Drilling
  • Schlumberger Limited
  • KCA Deutag
  • Huisman Equipment B.V.
  • Ormat
  • Marton Geotechnical Services Ltd.