NEW YORK, Sept. 26, 2023 /PRNewswire/ -- The Geothermal Drilling Market size is expected to grow by USD 205.01 million, accelerating at a CAGR of almost 4.31% during the forecast period. The geothermal drilling market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including: Baker Hughes Co., Deep Rock Manufacturing Co., Drillstar Industries, Fraste Spa, GA Drilling AS, Geotech Drilling Services Ltd., Gill Rock Drill Co. Inc., Halliburton Co., Huisman Equipment BV, Hydro Resources, KCA Deutag Alpha Ltd., KONYA SONDAJ, Laibe Corp., Marton Geotechnical Services Ltd., Ormat Technologies Inc., PT Pertamina Persero, Quaise Energy, Schlumberger Ltd., SIMCO Drilling Equipment Inc., STDS Jantz GmbH and Co. KG. To find additional highlights on the growth strategies adopted by companies and their product offerings. Request free sample report here
Geothermal Drilling Market 2023 ? 2027: Company offerings:
Schlumberger Ltd.: The company offers geothermal drilling products for power generation such as compact wellhead system and compact wellhead system, which provide fluid control for virtually any type of geothermal reservoir, including vapor dominated, liquid dominated, dry hot rock, and geopressured reservoirs.
Geothermal Drilling Market 2023 ? 2027: Key Segment Analysis:
The market is segmented by Application (Binary plants and Steam plants), Area (Below 1000m and 1000-2000m), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
The binary plants segment is expected to experience substantial growth during the forecast period. A binary plant operates as a closed-loop system, ensuring that nothing is released into the atmosphere except for water vapor. Dry steam and flash steam systems utilize geothermal brine to directly power turbines. Consequently, these plants are not suitable for low-temperature geothermal reserves. However, binary power plants offer broader applicability owing to the presence of cold geothermal fluids.
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Geothermal Drilling Market 2023 ? 2027: Regional Analysis
The Asia-Pacific (APAC) region is expected to contribute around 41% to the global market growth during the forecast period. This growth can be attributed to factors such as population expansion and the rapid development of industries, which are leading to an increased demand for electricity. Moreover, the region benefits from substantial geothermal potential, particularly in countries like Indonesia and the Philippines, further boosting the geothermal market in the APAC region.
Geothermal Drilling Market 2023 ? 2027: Market Dynamics:
Driver - The market for geothermal energy is experiencing significant growth, driven primarily by factors such as the fluctuation in oil prices and the rising cost of electricity. These dynamics have increased the demand for geothermal energy. Notably, geothermal drilling for global power generation offers notable advantages in terms of cost savings and environmental benefits.
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Directional Drilling Market: The directional drilling market size is estimated to grow at a CAGR of 9.24% between 2022 and 2027. The market size is forecast to increase by USD 5,013.65 million.
Geothermal Drill Bits Market: The global geothermal drill bits market size for power generation will grow by USD 20.38 million during 2019-2023
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