Geothermal Drilling Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Geothermal Drilling Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : October, 2019 | Energy & Mining | PPT format

Report Digest


Global Geothermal Drilling Market: Overview 

The oil and gas industry has witnessed promising growth over the past decades. Despite global outburst against the toxicity of certain sites for oil exploration, the industry’s growth graph hasn’t suffered much restraint. The oil and gas industry is closely related to the field of thermal drilling. Therefore, the growth of the global geothermal drilling market can be pegged to advancements in the oil and has industry. Energy produced by harnessing the heat of the earth can be used for several industrial applications. This factor has propelled demand within the global geothermal drilling market. 

A zero-emission energy system for geothermal drilling, ‘Eavor Loop’, is under development in Canada. This clean energy system is projected gather popularity across the global energy industry. The system does not require water, and this mitigates the risk of polluting nearby water bodies. The global relevance of geothermal drilling in the contemporary scenario cannot be undermined. With the advent of the new system, industrial experts would become more confident about using geothermal drilling for multiple uses. 

Several scientists and researchers have emphasized on the need to follow best practices for geothermal drilling. The extent to which drilling authorities follow industry standards and specifications would play a decisive role in market growth. Furthermore, geothermal drilling operations vary in intensity according to the type of mantle at the drilling site. There is a pressing need to ensure that drilling operations prove viable without affecting the environment. 

A report on the global geothermal drilling market is an explanatory account of the drivers and opportunities floating in the global market. The global geothermal drilling market can be segmented on the basis of the following parameters: application and region. Based on application, the demand for geothermal drilling in steam plants is expected to rise in the years to follow. 

Global Geothermal Drilling Market: Notable Developments 

  • The Nevis Geothermal Project, an initiative of Nevis Renewable Energy International, is expected to make rich contributions toward the growth of the global geothermal drilling market. Based in the Caribbean, the project’s execution has been contracted to Schlumberger Integrated Drilling Services. Schlumberger has a huge burden of responsibility to manage the project, and the company is expected to grow through it. 
  • The Canadian government is making ardent efforts to support geothermal projects in the region. The government recently announced to provide funds worth USD 18.4 million for a geothermal project in Alberta. The stellar worth of the project shall trickle down to small contractors in the geothermal drilling market. 

Some of the leading players in the global geothermal drilling market are: 

  • Halliburton Co.
  • Ormat Technologies Inc.
  • Huisman Equipment BV

 Global Geothermal Drilling Market: Growth Drivers 

  • Need for Clean Energy Production 

Environmentalists across the world are focusing on the need for clean energy production. Furthermore, technologies that consume minimal electricity for energy production have been lauded by regional and global authorities. Most geothermal project are now aiming to deploy zero-emission technologies for drilling. As the activities of drilling contractors sync with the need for energy-efficient technologies, the global geothermal drilling market shall expand. 

  • Powering Remote Areas 

The use of geothermal drilling for generating power across rural areas has emerged as a key trend across several regions. As this trend gains momentum, the global geothermal drilling market shall grow at a remarkable pace. Generation of geothermal power does not depend on the weather conditions, and this is a key driver of market demand. 

The global geothermal drilling market is segmented on the basis of: 

Application 

  • Binary Plants
  • Steam Plants

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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