강화 지열 시스템 시장 예측(-2030년) : 자원 유형별, 심도별, 시뮬레이션 방법별, 최종사용자별, 지역별 세계 분석

According to Stratistics MRC, the Global Enhanced Geothermal System Market is accounted for $2.1 billion in 2023 and is expected to reach $3.4 billion by 2030 growing at a CAGR of 7.2% during the forecast period. Enhanced Geothermal System (EGS) is a technology that enhances traditional geothermal power generation by creating artificial reservoirs in hot rock formations deep beneath the Earth's surface. It involves injecting water into existing fractures to create a network of interconnected channels, increasing permeability. In addition, EGS expands the potential of geothermal energy to regions lacking natural reservoirs, making it a promising, sustainable, and reliable source of clean power with reduced environmental impact compared to traditional fossil fuels.

According to the GeoVision report, the U.S. has the potential for 17,500 Geothermal District Heating (GDH) systems to operate by 2050.

Market Dynamics:

Driver:

Increasing consumer awareness

Consumers are increasingly informed about the environmental impact of traditional refrigeration methods, including the harmful effects of certain refrigerants on the ozone layer and their contribution to global warming. Characteristics such as the use of low-GWP materials and improved energy efficiency align with this growing demand for eco-friendly solutions. Furthermore, awareness campaigns, educational initiatives, and transparent communication have thereby propelled this market.

Restraint:

High initial costs

The need for extensive drilling and well stimulation operations is one of the primary reasons for the high initial costs of EGS. The process involves drilling deep into the earth's crust, which requires specialized equipment, skilled labor, and substantial investment, contributing to the overall expenses. Furthermore, this uncertainty discourages potential investors who may be hesitant to fund projects with unpredictable outcomes, thereby significantly hindering this market.

Opportunity:

Technological advancements

EGS involves harnessing geothermal energy from deep within the Earth's crust, where traditional geothermal resources are limited. Developments in drilling technologies, like hydraulic fracturing and directed drilling, have made it possible to reach hotter and deeper rock formations, increasing the geographic reach of feasible geothermal projects. Moreover, these technological innovations have addressed historical challenges associated with EGS, which is driving this market.

Threat:

Lack of standardization

The absence of standardized practices and technologies creates barriers to entry for new players and potential investors who may be hesitant to participate in a market where there are no established benchmarks or best practices. The absence of standardization makes it difficult to compare and assess the performance of different EGS projects. Furthermore, the absence of standardization hampers collaboration and knowledge sharing among stakeholders in this market.

Covid-19 Impact

The COVID-19 pandemic has adversely affected the Enhanced Geothermal System (EGS) market, introducing several challenges that impede its growth. Lockdowns, supply chain disruptions, and economic uncertainties have limited project development and financing. Furthermore, the focus on immediate health and economic concerns has shifted attention away from renewable energy projects, with governments and industries prioritizing short-term recovery over long-term sustainable initiatives that have hampered market growth.

The radiogenic segment is expected to be the largest during the forecast period

The radiogenic segment is estimated to hold the largest share because it broadens the geographical scope of geothermal energy, making it applicable in regions with higher radiogenic heat sources. These formations contain radioactive elements such as uranium, thorium, and potassium, which decay and release heat over time. Furthermore, it reflects a strategic approach to harnessing Earth's natural heat reservoirs and propelling the reach of EGS technology to areas with specific geological characteristics conducive to radiogenic heat production.

The hydraulic segment is expected to have the highest CAGR during the forecast period

The hydraulic segment is anticipated to have highest CAGR during the forecast period. Hydraulic stimulation involves injecting water into deep rock formations to enhance permeability and create fractures. It is crucial to EGS development as it focuses on optimizing the efficiency of heat transfer within the geothermal reservoir. Moreover, this approach enhances the overall viability and scalability of geothermal energy production, which is boosting this segment's growth.

Region with largest share:

Europe commanded the largest market share during the extrapolated period. Due to a focus on sustainable development and combating climate change, these countries are increasingly investing in geothermal technologies, including EGS, to harness the Earth's heat for clean and renewable energy. Several European nations, such as Italy and Germany, are at the forefront of EGS exploration and implementation. In addition to its commitment to the Energiewende (energy transition), it is also exploring advanced geothermal technologies to contribute to its renewable energy goals.

Region with highest CAGR:

Asia Pacific is expected to witness highest CAGR over the projection period, owing to its diverse geological landscape and increasing energy demand. This region is home to some of the major players, such as Calpine Corporation, AltaRock Energy Inc., and Ormat Technologies, Inc. Moreover, initiatives aimed at reducing carbon emissions and promoting sustainable energy sources further drive the adoption of EGS technologies.

Key players in the market

Some of the key players in the Enhanced Geothermal System Market include Enel SpA, Aboitiz Power Corporation, Mitsubishi Heavy Industries Ltd, AltaRock Energy, Inc., Energy Development Corporation, Schlumberger, Quaise Energy, Toshiba Corporation, Ormat Technologies, Royal Dutch Shell Plc, Kenya Electricity Generating Company Limited, Greenfire Energy, Geodynamics Limited, Siemens AG and Calpine Corporation.

Key Developments:

In January 2024, Mitsubishi Heavy Industries is launching new television commercials promoting its lineups of air-conditioners for the Japanese market. As with its previous ads, the new commercials will be broadcast in two versions: one for its lineup of "kashikoi" (smart) residential air-conditioners and the other for its "kigakiku" (attentive) commercial air-conditioners.

In October 2023, Microsoft and Siemens are deepening their partnership by bringing the benefits of generative AI to industries worldwide.

Resource Types Covered:

• Sedimentary Basin
• Hot Dry Rock
• Radiogenic
• Molten Magma
• Other Resource Types

Depths Covered:

• Deep
• Shallow

Simulation Methods Covered:

• Hydraulic
• Thermal
• Chemical
• Other Stimulation Methods

End Users Covered:

• Commercial
• Residential
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 End User Analysis
• 3.7 Emerging Markets
• 3.8 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Enhanced Geothermal System Market, By Resource Type

• 5.1 Introduction
• 5.2 Sedimentary Basin
• 5.3 Hot Dry Rock
• 5.4 Radiogenic
• 5.5 Molten Magma
• 5.6 Other Resource Types

6 Global Enhanced Geothermal System Market, By Depth

• 6.1 Introduction
• 6.2 Deep
• 6.3 Shallow

7 Global Enhanced Geothermal System Market, By Simulation Method

• 7.1 Introduction
• 7.2 Hydraulic
• 7.3 Thermal
• 7.4 Chemical
• 7.5 Other Stimulation Methods

8 Global Enhanced Geothermal System Market, By End User

• 8.1 Introduction
• 8.2 Commercial
• 8.3 Residential
• 8.4 Other End Users

9 Global Enhanced Geothermal System Market, By Geography

• 9.1 Introduction
• 9.2 North America
  • 9.2.1 US
  • 9.2.2 Canada
  • 9.2.3 Mexico
• 9.3 Europe
  • 9.3.1 Germany
  • 9.3.2 UK
  • 9.3.3 Italy
  • 9.3.4 France
  • 9.3.5 Spain
  • 9.3.6 Rest of Europe
• 9.4 Asia Pacific
  • 9.4.1 Japan
  • 9.4.2 China
  • 9.4.3 India
  • 9.4.4 Australia
  • 9.4.5 New Zealand
  • 9.4.6 South Korea
  • 9.4.7 Rest of Asia Pacific
• 9.5 South America
  • 9.5.1 Argentina
  • 9.5.2 Brazil
  • 9.5.3 Chile
  • 9.5.4 Rest of South America
• 9.6 Middle East & Africa
  • 9.6.1 Saudi Arabia
  • 9.6.2 UAE
  • 9.6.3 Qatar
  • 9.6.4 South Africa
  • 9.6.5 Rest of Middle East & Africa

10 Key Developments

• 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 10.2 Acquisitions & Mergers
• 10.3 New Product Launch
• 10.4 Expansions
• 10.5 Other Key Strategies

11 Company Profiling

• 11.1 Enel SpA
• 11.2 Aboitiz Power Corporation
• 11.3 Mitsubishi Heavy Industries Ltd
• 11.4 AltaRock Energy, Inc.
• 11.5 Energy Development Corporation
• 11.6 Schlumberger
• 11.7 Quaise Energy
• 11.8 Toshiba Corporation
• 11.9 Ormat Technologies
• 11.10 Royal Dutch Shell Plc
• 11.11 Kenya Electricity Generating Company Limited
• 11.12 Greenfire Energy
• 11.13 Geodynamics Limited
• 11.14 Siemens AG
• 11.15 Calpine Corporation