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
- 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.
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
Segmentation by Depth
- Below 1000 m
- 1000 – 2000 m
- 2001 – 3000 m
- Above 3000 m
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- 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.
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