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Global Geothermal Drilling Market Share, Outlook, Growth, Analysis, Report, Forecast: By Well Type: Slim, Injection, Production; By Application: Binary Plants, Steam Plants; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Geothermal Drilling Market Outlook
The global geothermal drilling market size is expected to grow at a CAGR of 6.20% between 2023 and 2028. The market is being driven by the global increase in demand for electricity and favourable policies of various governments aimed towards encouraging sustainable sources of electricity generation.
Key Trends in the Market
Geothermal drilling refers to a process of creating a hole into the earth’s crust to obtain heat energy accumulated from within the earth, which is then utilized in various end-use sectors. Geothermal drilling requires skilled, reliable, and strong manpower and hardware systems to make holes with high precision and speed.
- Continuous innovations in geothermal drilling techniques and drilling rigs to drill deeper in order to access rock temperatures of around 500 °C is supporting the expansion of the geothermal drilling rig market as well as the market for geothermal drilling. This will provide power stations with a more sustainable and 24-hour energy supply, which is likely to lead to an expansion of geothermal drilling market size.
- Introduction of new devices, penetration of artificial intelligence (AI), and machine learning (ML) in geothermal infrastructure is likely to enhance the productivity of geothermal drilling operations, leading to an advanced and stable market growth. Incorporation of new technologies can also reduce need for manpower, increasing profitability of geothermal drilling operations, supporting the long-term growth of the market.
- Growing electricity demand, owing to the robust expansion and digitalisation in various sectors, such as automotive, electronical and electronics, and food processing, among others, is expanding the geothermal drilling market share. With increased efforts worldwide to switch to renewable power generation sources to meet the growing electricity demand, the market for geothermal drilling is likely witness significant growth opportunities in the forecast period.
- Increasing application of geothermal drill bits in different types of power plants, such as dry steam and binary cycle, are key geothermal drill bits market trends that are expected to enlarge the geothermal drill bits market share. The anticipated increase in demand for different types of high-quality drill bits, such as PDC drill bit, tri-cone roller drill bit, and drag bit, among others, is expected to enlarge the geothermal drill bit market size further.
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Market Analysis
Based on well type, the market is segmented into slim, injection, and production. On the basis of application, the market is classified into binary plants and steam plants. The regional markets for geothermal drilling are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global geothermal drilling market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Schlumberger Limited
- Baker Hughes Company
- FRASTE S.p.A.
- KCA Deutag Group
- Halliburton Energy Services, Inc.
- Geotech d.o.o.
- Huisman Equipment B.V.
- Fervo Energy
- Varel Energy Solutions
- Marton Geotechnical Services Ltd
- Others
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Market Share by Application
The binary plant segment, based on application, accounts for a healthy share of the geothermal drilling market. The favourable policies of various governments encouraging sustainable, reliable, and eco-friendly energy sources are enlarging the geothermal drilling market size. Rising investments towards the development of environment-friendly small-scale binary plants are driving the growth of binary plants that utilise geothermal drilling. Binary plants offer some significant advantages, such as electricity production through lower geothermal resources which boost sustainability and silent energy generation. In addition, these plants are long-lasting, safe, and reliable, which require low maintenance. As binary plants tend to be smaller, they require robust drilling bits, which is expected to bolster the geothermal drilling bits market growth.
Market Share by Region
According to the geothermal drilling market report, Europe accounts for a significant share in the geothermal drilling market. Increasing influx of new players in the geothermal market, growing demand for electricity in well-established economies such as Germany, France, and the United Kingdom, and increasing efforts by governments in the region to enhance geothermal production capacities, are the propelling the global geothermal drilling market size in Europe. With rising efforts towards geothermal drilling in the region, there is a greater focus on quality drill bits, thereby contributing to the expansion of the geothermal drill bits market size.
Meanwhile, the Asia Pacific is expected to project promising numbers in the forecast period, due to the growing demand for sustainability generated electricity in the region. Surging industrialisation across emerging economies such as Indonesia, Bangladesh, and the Philippines, among others, is further invigorating the geothermal drilling market in the Asia Pacific. Furthermore, the growing research and development activities in this region, aimed towards producing geothermal rigs with mud rotary and sonic options, to enhance the speed of borehole drilling operations, are expected to bolster the geothermal drilling rigs market, contributing the growth of the overall market.
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Competitive Landscape
Schlumberger Limited is a leading oilfield services company which provides products related to reservoir characterisation, production, drilling, and processing in the oil and gas sector. With a presence in more than 100 countries, Schlumberger Limited is dedicated towards scaling new energy systems. It was founded in 1926 and is currently headquartered in Texas, United States.
Baker Hughes Company is a global energy technology company which designs, manufactures, and markets transformative technologies to cater to the energy demands of various sectors. The product portfolio of this company includes drill bits, drilling fluids, wellheads and connectors, and various types of reservoir technical services, among others. It was founded in 1987 and is based out of Texas, United States.
FRASTE S.p.A. is a machinery manufacturing company founded in 1964 and headquartered in Nogara, Italy. FRASTE is one of the largest manufacturers of hydraulic drilling rigs. This company produces high quality drilling rigs which are applied in water welling, geotechnical drilling, deep geothermal drilling, seismic drilling, and mineral exploration, among others.
Other market players include KCA Deutag Group, Halliburton Energy Services, Inc., Geotech d.o.o., Huisman Equipment B.V., Fervo Energy, Varel Energy Solutions, and Marton Geotechnical Services Ltd, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Well Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Geothermal Drilling Market Analysis
8.1 Key Industry Highlights
8.2 Global Geothermal Drilling Historical Market (2018-2022)
8.3 Global Geothermal Drilling Market Forecast (2023-2028)
8.4 Global Geothermal Drilling Market by Well Type
8.4.1 Slim
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Injection
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Production
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Geothermal Drilling Market by Application
8.5.1 Binary Plants
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Steam Plants
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Geothermal Drilling Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Geothermal Drilling Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Geothermal Drilling Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Geothermal Drilling Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Geothermal Drilling Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Geothermal Drilling Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Schlumberger Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Baker Hughes Company
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 FRASTE S.p.A.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 KCA Deutag Group
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Halliburton Energy Services, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Geotech d.o.o.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Huisman Equipment B.V.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Fervo Energy
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Varel Energy Solutions
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Marton Geotechnical Services Ltd,
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Geothermal Drilling Market: Key Industry Highlights, 2018 and 2028
2. Global Geothermal Drilling Historical Market: Breakup by Well Type (USD Million), 2018-2022
3. Global Geothermal Drilling Market Forecast: Breakup by Well Type (USD Million), 2023-2028
4. Global Geothermal Drilling Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Geothermal Drilling Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Geothermal Drilling Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Geothermal Drilling Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Geothermal Drilling Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Geothermal Drilling Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Geothermal Drilling Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Geothermal Drilling Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Geothermal Drilling Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Geothermal Drilling Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Geothermal Drilling Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Geothermal Drilling Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Geothermal Drilling Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Geothermal Drilling Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Geothermal Drilling Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 6.20% between the forecast period of 2023 and 2028.
The continuous innovations in geothermal drilling techniques, increasing expansion of various sectors, and rising demand for safe, reliable, and long-lasting geothermal power generation methods are the major drivers of the market.
The key trends in the market include the introduction of new drill bits, rapid development of binary plants, and rising penetration of new technologies such as artificial intelligence (AI) and machine learning (ML) in geothermal infrastructure.
Slim, injection, and production are the different well types in the market.
Binary plants and steam plants are the primary applications of geothermal drilling in the market.
North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa are the major regions for geothermal drilling in the market.
Although the exact depth required for geothermal drilling depends upon the location, an average depth of at least four feet is required to obtain geothermal resources.
Yes, geothermal drilling is usually safe, however, risk of an earthquake is a potential hazard during this process.
The main purpose of geothermal drilling is to provide energy to power generation plants in a sustainable and eco-friendly way.
Schlumberger Limited, Baker Hughes Company, FRASTE S.p.A., KCA Deutag Group, Halliburton Energy Services, Inc., Geotech d.o.o., Huisman Equipment B.V., Fervo Energy, Varel Energy Solutions, and Marton Geotechnical Services Ltd, among others, are the key players in the geothermal drilling market, according to the report.
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