DUBLIN--(BUSINESS WIRE)--The "Global Geothermal Drilling Market For Power Generation 2019-2023" report has been added to ResearchAndMarkets.com's offering.
Increasing emphasis on generating electricity with minimal GHG emissions
The rising level of the GHG's in the atmosphere can be addressed by replacing fossil fuels with renewable energy resources such as geothermal, solar, wind, and hydropower of power generation. Thus, unlike fossil fuels, geothermal energy generation does not require combustion and saves up to four-fifths of the expenditure on electricity bills than conventional fossil fuel resources.
This increased emphasis on generating electricity with minimal GHG will lead to the expansion of the global geothermal drilling market for power generation at a CAGR of almost 9% during the forecast period.
EGS provides high potential for outreaching geothermal energy and provides an opportunity to expand the use of geothermal resources. The process of EGS is used to cover the artificial fractures by adding proppants to connect injection and production wells by chemical and hydraulic stimulation. This development of EGS is expected to have a positive impact on the overall market growth.
The market report looks at factors such as rising demand for energy, increasing investments in geothermal energy projects, and increasing emphasis on generating electricity with minimal GHG emissions.
However, the uncertainties in the high capital requirement, competition from alternative energy sources, and challenges associated with geothermal drilling may hamper the growth of geothermal drilling market for power generation over the forecast period.
The geothermal drilling market for power generation market analysis considers power generation from both binary plants and steam plants. The analysis also considers the geothermal drilling for power generation in APAC, America, and EMEA.
In 2018, the binary-plant segment had a significant share, and this trend is expected to continue over the forecast period. Factors such as an increase in the construction of binary geothermal plants will proliferate geothermal drilling activities, which will play a significant role in the binary-plant segment to maintain its market position.
With the presence of several major players, global geothermal drilling market is fragmented. The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several geothermal drilling market manufacturers, that include:
Also, geothermal drilling market for power generation, market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/usfgrj