Global Geothermal Drilling Market: Snapshot

Rising demand for the oil and gas industry due to the growing population has proved to be a growth booster for the geothermal drilling market. The research and development activities have led to new advancements in the oil and gas industry. Further, the heat generated by the earth can be utilized in various industrial applications. All these factors have fueled the growth of the geothermal drilling market.

The innovations in geothermal drilling have been projected to gain popularity across the globe. For instance,’ Eavor Loop’, a zero-emission energy system for geothermal drilling is under development in Canada. The recent developments in the geothermal drilling market have proved the importance of the geothermal drilling solutions for multiple uses.

The standard rules and regulations are set by various authorities regarding geothermal drilling to ensure the safety of the operators and conserve the environment. These factors play an important role in the growth of the geothermal drilling market.

Some of the remarkable developments in the geothermal drilling market on the global front are The Nevis Geothermal Project. This has been initiated by Nevis Renewable Energy International is expected to contribute towards the growth of the geothermal drilling market. Furthermore, the government of Canada is promoting the growth of geothermal projects in the region. The government bodies are investing and funding the geothermal projects. All these aspects account for the substantial growth of the geothermal drilling market.

The growing awareness regarding the conservation of the environment has shifted the focus of key players towards clean energy production. The geothermal projects are deploying emission-free technologies for drilling. The global geothermal drilling market is expected to expand due to the rising need for energy-efficient drilling technology. The key growth aspect for the geothermal drilling market is that the generation of geothermal power does not depend on weather conditions.

The wide scope for growth of the geothermal drilling market has attracted many large players. These players are focusing on the expansion of their business by associations with startups, joint ventures, mergers and acquisitions, and joint ventures. Thus, the geothermal drilling market is expected to witness promising growth.

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