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Global Enhanced Geothermal System Market Size Study, by Resource Type (Hot Dry Rock, Sedimentary Basin, Radiogenic, Molten Magma), by Depth (Shallow, Deep), by Simulation Method (Hydraulic, Chemical, Thermal), by End Use (Residential, Commercial) and Regional Forecasts 2022-2032

August 2024 | 200 pages | ID: GE6F05C1B732EN
Bizwit Research & Consulting LLP

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Global Enhanced Geothermal System Market is valued approximately at USD 2.10 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2024-2032. Enhanced Geothermal Systems (EGS) represent a transformative approach to geothermal energy, harnessing the Earth's core heat to generate power. Unlike traditional geothermal systems, which rely on naturally occurring steam and hot water, EGS creates artificial geothermal reservoirs by injecting water into hot, dry rock formations deep below the Earth's crust. This water is then heated by the surrounding rocks and brought back to the surface, where it converts into steam to drive turbines and generate electricity. Utilizing techniques such as hydraulic fracturing to create fractures for water circulation, fluid injection to enhance heat exchange, and effective steam extraction, EGS provides a steady and sustainable source of renewable energy with minimal greenhouse gas emissions.

The enhanced geothermal system market is experiencing robust growth driven by several key factors. The increasing demand for clean energy solutions is a primary driver, as EGS is considered a clean energy option with negligible environmental impact and the ability to provide reliable, sustainable power without significant greenhouse gas emissions. Unlike traditional fossil fuels that involve combustion, EGS leverages the Earth's natural heat, substantially reducing the emission of harmful pollutants and greenhouse gases. Additionally, EGS does not produce air pollution, contributing to improved air quality and reduced health risks for nearby populations. The ability of EGS to provide consistent baseload power further enhances its appeal, ensuring a continuous and reliable electricity supply, unlike intermittent renewable sources such as solar and wind.

Another significant factor driving the growth of the enhanced geothermal system market is the high consumption of electricity globally. As nations increasingly transition to cleaner, renewable energy sources, geothermal power has emerged as a viable option. Geothermal reservoirs, with proper management, can supply energy for extended periods, aligning with the growing need for a stable and reliable power supply as societies continue to develop and urbanize. The capability of geothermal power plants to provide baseload power is crucial for maintaining system stability amidst the increasing demand for electricity driven by industrialization and urbanization.

However, the market growth is constrained by the high investment costs associated with enhanced geothermal systems. The complexity of the technology, drilling and construction processes, and initial development of geothermal reservoirs contribute to the significant upfront costs. Drilling deep wells to reach the necessary rock strata for heat extraction requires precision, efficiency, and specialized equipment, leading to higher initial expenses. Additionally, constructing the necessary infrastructure, including well construction, fluid injection systems, and surface facilities, involves substantial investment. Despite low operating expenses once operational, the longer payback period for these initial investments may deter some investors seeking quicker returns.

The rise in construction activities presents a lucrative growth opportunity for the enhanced geothermal system market. In the construction sector, EGS can be used for power generation, heating, and cooling buildings, supporting more environmentally responsible building practices and potentially lowering operational costs. Geothermal heat pumps, which utilize the Earth's stable subsurface temperature, can enhance the efficiency of heating and cooling systems in buildings. EGS can also support district heating systems, distributing heat to multiple buildings from a central source, reducing the need for individual heating systems and promoting sustainability in construction practices.

The key regions considered for the global Enhanced Geothermal System Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe is a dominating region in the Enhanced Geothermal System Market in terms of revenue. The market growth in the region is being attributed to factors including stringent climate targets and renewable energy mandates, a robust research and development ecosystem, existing geothermal infrastructure in some regions, and a focus on energy independence and security. Whereas, the market in Asia Pacific is anticipated to grow at a significant rate over the forecast period fueled by increasing energy demand, stringent environmental regulations, government support for renewable energy, abundant geothermal resources in certain regions, and the need for a stable and reliable baseload power source to support rapid industrialization and urbanization.

Major market players included in this report are:

Mitsubishi Heavy Industries, Ltd.

Ormat

TOSHIBA CORPORATION

Enel Spa

Yokogawa Electric Corporation

AltaRock Energy, Inc.

Aboitiz Power Corporation

Terra-Gen, LLC

Cyrq Energy, Inc.

Innergex Renewable Energy Inc.

Energy Development Corporation

Reykjavik Geothermal

Calpine Corporation

First Gen

Fuji Electric Co., Ltd.

The detailed segments and sub-segment of the market are explained below:

By Resource Type:
  • Hot Dry Rock
  • Sedimentary Basin
  • Radiogenic
  • Molten Magma
By Depth:
  • Shallow
  • Deep
By Simulation Method:
  • Hydraulic
  • Chemical
  • Thermal
By End Use:
  • Residential
  • Commercial
By Region:

North America
  • U.S.
  • Canada
Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • ROE
Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • RoAPAC
Latin America
  • Brazil
  • Mexico
  • RoLA
Middle East & Africa
  • Saudi Arabia
  • South Africa
  • RoMEA
Years considered for the study are as follows:
  • Historical year – 2022
  • Base year – 2023
  • Forecast period – 2024 to 2032
Key Takeaways:
  • Market Estimates & Forecast for 10 years from 2022 to 2032.
  • Annualized revenues and regional level analysis for each market segment.
  • Detailed analysis of geographical landscape with Country level analysis of major regions.
  • Competitive landscape with information on major players in the market.
  • Analysis of key business strategies and recommendations on future market approach.
  • Analysis of competitive structure of the market.
  • Demand side and supply side analysis of the market.
CHAPTER 1. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET EXECUTIVE SUMMARY

1.1. Global Enhanced Geothermal System Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
  1.3.1. By Resource Type
  1.3.2. By Depth
  1.3.3. By Simulation Method
  1.3.4. By End Use
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

CHAPTER 2. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET DEFINITION AND RESEARCH ASSUMPTIONS

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
  2.3.1. Inclusion & Exclusion
  2.3.2. Limitations
  2.3.3. Supply Side Analysis
    2.3.3.1. Availability
    2.3.3.2. Infrastructure
    2.3.3.3. Regulatory Environment
    2.3.3.4. Market Competition
    2.3.3.5. Economic Viability (Consumer’s Perspective)
  2.3.4. Demand Side Analysis
    2.3.4.1. Regulatory frameworks
    2.3.4.2. Technological Advancements
    2.3.4.3. Environmental Considerations
    2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

CHAPTER 3. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET DYNAMICS

3.1. Market Drivers
  3.1.1. Increase in demand for clean energy
  3.1.2. High consumption of electricity
3.2. Market Challenges
  3.2.1. High investment costs
  3.2.2. Technical complexities
3.3. Market Opportunities
  3.3.1. Rise in construction activities
  3.3.2. Government initiatives for renewable energy

CHAPTER 4. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
  4.1.6. Futuristic Approach to Porter’s 5 Force Model
  4.1.7. Porter’s 5 Force Impact Analysis
4.2. PESTEL Analysis
  4.2.1. Political
  4.2.2. Economical
  4.2.3. Social
  4.2.4. Technological
  4.2.5. Environmental
  4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET SIZE & FORECASTS BY RESOURCE TYPE 2022-2032

5.1. Segment Dashboard
5.2. Global Enhanced Geothermal System Market: Resource Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  5.2.1. Hot Dry Rock
  5.2.2. Sedimentary Basin
  5.2.3. Radiogenic
  5.2.4. Molten Magma

CHAPTER 6. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET SIZE & FORECASTS BY DEPTH 2022-2032

6.1. Segment Dashboard
6.2. Global Enhanced Geothermal System Market: Depth Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  6.2.1. Shallow
  6.2.2. Deep

CHAPTER 7. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET SIZE & FORECASTS BY SIMULATION METHOD 2022-2032

7.1. Segment Dashboard
7.2. Global Enhanced Geothermal System Market: Simulation Method Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  7.2.1. Hydraulic
  7.2.2. Chemical
  7.2.3. Thermal

CHAPTER 8. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET SIZE & FORECASTS BY END USE 2022-2032

8.1. Segment Dashboard
8.2. Global Enhanced Geothermal System Market: End Use Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  8.2.1. Residential
  8.2.2. Commercial

CHAPTER 9. GLOBAL ENHANCED GEOTHERMAL SYSTEM MARKET SIZE & FORECASTS BY REGION 2022-2032

9.1. North America Enhanced Geothermal System Market
  9.1.1. U.S. Enhanced Geothermal System Market
    9.1.1.1. Resource Type breakdown size & forecasts, 2022-2032
    9.1.1.2. Depth breakdown size & forecasts, 2022-2032
    9.1.1.3. Simulation Method breakdown size & forecasts, 2022-2032
    9.1.1.4. End Use breakdown size & forecasts, 2022-2032
  9.1.2. Canada Enhanced Geothermal System Market
9.2. Europe Enhanced Geothermal System Market
  9.2.1. U.K. Enhanced Geothermal System Market
  9.2.2. Germany Enhanced Geothermal System Market
  9.2.3. France Enhanced Geothermal System Market
  9.2.4. Spain Enhanced Geothermal System Market
  9.2.5. Italy Enhanced Geothermal System Market
  9.2.6. Rest of Europe Enhanced Geothermal System Market
9.3. Asia-Pacific Enhanced Geothermal System Market
  9.3.1. China Enhanced Geothermal System Market
  9.3.2. India Enhanced Geothermal System Market
  9.3.3. Japan Enhanced Geothermal System Market
  9.3.4. Australia Enhanced Geothermal System Market
  9.3.5. South Korea Enhanced Geothermal System Market
  9.3.6. Rest of Asia Pacific Enhanced Geothermal System Market
9.4. Latin America Enhanced Geothermal System Market
  9.4.1. Brazil Enhanced Geothermal System Market
  9.4.2. Mexico Enhanced Geothermal System Market
  9.4.3. Rest of Latin America Enhanced Geothermal System Market
9.5. Middle East & Africa Enhanced Geothermal System Market
  9.5.1. Saudi Arabia Enhanced Geothermal System Market
  9.5.2. South Africa Enhanced Geothermal System Market
  9.5.3. Rest of Middle East & Africa Enhanced Geothermal System Market

CHAPTER 10. COMPETITIVE INTELLIGENCE

10.1. Key Company SWOT Analysis
  10.1.1. Company
  10.1.2. Company
  10.1.3. Company
10.2. Top Market Strategies
10.3. Company Profiles
  10.3.1. Mitsubishi Heavy Industries, Ltd.
    10.3.1.1. Key Information
    10.3.1.2. Overview
    10.3.1.3. Financial (Subject to Data Availability)
    10.3.1.4. Product Summary
    10.3.1.5. Market Strategies
  10.3.2. Ormat
  10.3.3. TOSHIBA CORPORATION
  10.3.4. Enel Spa
  10.3.5. Yokogawa Electric Corporation
  10.3.6. AltaRock Energy, Inc.
  10.3.7. Aboitiz Power Corporation
  10.3.8. Terra-Gen, LLC
  10.3.9. Cyrq Energy, Inc.
  10.3.10. Innergex Renewable Energy Inc.
  10.3.11. Energy Development Corporation
  10.3.12. Reykjavik Geothermal
  10.3.13. Calpine Corporation
  10.3.14. First Gen
  10.3.15. Fuji Electric Co., Ltd.

CHAPTER 11. RESEARCH PROCESS

11.1. Research Process
  11.1.1. Data Mining
  11.1.2. Analysis
  11.1.3. Market Estimation
  11.1.4. Validation
  11.1.5. Publishing
11.2. Research Attributes

LIST OF TABLES

TABLE 1. Global Enhanced Geothermal System market, report scope
TABLE 2. Global Enhanced Geothermal System market estimates & forecasts by Region 2022-2032 (USD Billion)
TABLE 3. Global Enhanced Geothermal System market estimates & forecasts by Resource Type 2022-2032 (USD Billion)
TABLE 4. Global Enhanced Geothermal System market estimates & forecasts by Depth 2022-2032 (USD Billion)
TABLE 5. Global Enhanced Geothermal System market estimates & forecasts by Simulation Method 2022-2032 (USD Billion)
TABLE 6. Global Enhanced Geothermal System market estimates & forecasts by End Use 2022-2032 (USD Billion)
TABLE 7. Global Enhanced Geothermal System market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 8. Global Enhanced Geothermal System market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 9. Global Enhanced Geothermal System market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 10. Global Enhanced Geothermal System market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 11. Global Enhanced Geothermal System market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 12. Global Enhanced Geothermal System market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 13. Global Enhanced Geothermal System market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 14. Global Enhanced Geothermal System market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 15. U.S. Enhanced Geothermal System market estimates & forecasts, 2022-2032 (USD Billion)
TABLE 16. U.S. Enhanced Geothermal System market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 17. U.S. Enhanced Geothermal System market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 18. Canada Enhanced Geothermal System market estimates & forecasts, 2022-2032 (USD Billion)
TABLE 19. Canada Enhanced Geothermal System market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 20. Canada Enhanced Geothermal System market estimates & forecasts by segment 2022-2032 (USD Billion)
…..
This list is not complete, final report does contain more than 100 tables. The list may be updated in the final deliverable.

LIST OF FIGURES

FIG 1. Global Enhanced Geothermal System market, research methodology
FIG 2. Global Enhanced Geothermal System market, market estimation techniques
FIG 3. Global market size estimates & forecast methods.
FIG 4. Global Enhanced Geothermal System market, key trends 2023
FIG 5. Global Enhanced Geothermal System market, growth prospects 2022-2032
FIG 6. Global Enhanced Geothermal System market, porters 5 force model
FIG 7. Global Enhanced Geothermal System market, PESTEL analysis
FIG 8. Global Enhanced Geothermal System market, value chain analysis
FIG 9. Global Enhanced Geothermal System market by segment, 2022 & 2032 (USD Billion)
FIG 10. Global Enhanced Geothermal System market by segment, 2022 & 2032 (USD Billion)
FIG 11. Global Enhanced Geothermal System market by segment, 2022 & 2032 (USD Billion)
FIG 12. Global Enhanced Geothermal System market by segment, 2022 & 2032 (USD Billion)
FIG 13. Global Enhanced Geothermal System market by segment, 2022 & 2032 (USD Billion)
FIG 14. Global Enhanced Geothermal System market, regional snapshot 2022 & 2032
FIG 15. North America Enhanced Geothermal System market 2022 & 2032 (USD Billion)
FIG 16. Europe Enhanced Geothermal System market 2022 & 2032 (USD Billion)
FIG 17. Asia pacific Enhanced Geothermal System market 2022 & 2032 (USD Billion)
FIG 18. Latin America Enhanced Geothermal System market 2022 & 2032 (USD Billion)
FIG 19. Middle East & Africa Enhanced Geothermal System market 2022 & 2032 (USD Billion)
FIG 20. Global Enhanced Geothermal System market, company market share analysis (2023)
…..
This list is not complete, final report does contain more than 50 figures. The list may be updated in the final deliverable.


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