Enhanced Geothermal System Market Overview
According to a research survey conducted by ChemView Consulting, the current valuation of the Global Enhanced Geothermal System Market is worth US$ 1,342.9 Mn in 2022. The market value of stainless steel is expected to reach US$ 2,568.5 Mn by 2032, growing at a CAGR of 6.7% over the forecast period.
Today, adopting renewable energy sources is a top priority for governments and organizations worldwide. Additionally, of all available renewable energy generation technologies globally, solar and wind power generation technologies have shown potential for development and have attracted major government financing.
On the other hand, geothermal energy presents a huge market opportunity and has been the focus of promising research. The resource hasn’t been used much lately, but several places around the globe are expected to exploit the market’s potential in the upcoming years.
ChemView Consulting has analyzed that baseload power sources are those facilities that run nonstop to satisfy the bare minimum of power demand. Large-scale base load facilities are frequently used and essential to an effective electric system. Base load facilities are not intended to respond to peak needs or crises; instead, they continuously supply power. Renewable and non-renewable resources may be used in the base load power generation.
The industrial sector consumes most of the electricity produced by EGS. Through EGS plants, the commercial sector used 941.2 MWe of power. Offices, supermarkets/hypermarkets, government, healthcare, hospitality, transportation, educational institutions, cold storage facilities, data centers, banks, department stores, convenience stores, and stadiums are some of the end users who place a greater demand on the industrial sector, which is an energy-intensive sector.
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Segments Covered in Report
- Convective Hydrothermal
- Sedimentary Basin
- Solidified Hot Dry Rock
- Part Still Molten Magma
By Power Station:
- Dry Steam Power Stations
- Flash Steam Power Stations
- Binary Cycle Power Stations
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Enhanced Geothermal System Market
- Based on the end-user, the industrial sector consumes most of the electricity produced by EGS. Through EGS plants, the commercial sector used 2 MW of power. Offices, supermarkets/hypermarkets, government, healthcare, hospitality, transportation, educational institutions, cold storage facilities, data centers, banks, department stores, convenience stores, and stadiums are some of the end users who place a greater demand on the industrial sector, which is an energy-intensive sector.
- Based on the depth, deep depth will continue to be a major application area for Enhanced Geothermal Systems globally
- Asia Pacific Region leads the pack with a global market share of 35.9% for improved geothermal systems. Due to increased clean electricity demand and expanding emission-cutting regulations, the Asia-Pacific region is the main region driving growth in the Asia-Pacific enhanced geothermal systems market.
Key companies covered in the market study are Enel SpA, Ormat Technologies Inc., AltaRock Energy Inc., Royal Dutch Shell Plc, Kenya Electricity Generating Company Limited, BESTEC GmbH, SA Géothermie Bouillante, Fuji Electric Co., Ltd., Calpine Corporation, Energy Development Corporation, Mitsubishi Heavy Industries Ltd, Toshiba Corporation, Ansaldo Energia S.p.A., Siemens AG.
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Report Key Highlights
- Detailed information on factors that will assist Global Enhanced Geothermal System’s growth during the next ten years
- Assessment of the historical and current Global Enhanced Geothermal System Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
About ChemView Consulting
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