The market is expected to generate an incremental $ opportunity of US$ 1,225.6 Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00297 Format: PDF Pages: 340
Global Enhanced Geothermal System Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Enhanced Geothermal System Market was worth US$ 1,342.9 Mn and is expected to grow at a CAGR of 6.7% over the forecast period. While the historical CAGR is 5.8%, the market is expected to hit US$ 2,568.5 Mn by 2032 end.
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.
RELIABLE TECHNOLOGY TO PRODUCE CONTINUOUS BASELOAD POWER
Base load 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.
Market Segments Covered in Report
By Power Station:
By Region and Country:
Why is the Industrial Sector the major consumer of Enhanced Geothermal System market?
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.
What is the significance of Deep Depth in Enhanced Geothermal System?
The crust of the Earth gets warmer at great depths. Additionally, EGS plants perform exponentially better as the temperature rises. Further, the electricity price in an EGS plant becomes competitive with other energy-generating sources as the good temperature rises. Deep EGS is anticipated to experience the highest growth due to these benefits, expanding at a CAGR of 4.78% from 2022 to 2032.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
Major players are focusing on the extension of their product portfolios and yearly sales through market penetration, R&D initiatives, and local and global presence in the market for enhanced geothermal systems.
A list of some of the key suppliers present in the market are:
Global Enhanced Geothermal System Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By End-User, Resource, Depth, Power Station, Simulation, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|