Enhanced Geothermal System Market Size & Share, by Power Station Type (Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations); End-User (Commercial, Industrial, Residential) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5001
  • Published Date: Nov 01, 2023
  • Report Format: PDF, PPT
  1. Introduction
    1. Market Definition
    2. Market Segmentation
    3. Product Overview
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
      1. Solution Providers
      2. End Users
    3. Secondary Research
    4. Market Size Estimation
  4. Analyst Review
  5. Executive Summary – Global Enhanced Geothermal System Market
  6. Analysis of Market Dynamics
    1. Growth Drivers
    2. Market Trends
  7. Key Market Opportunities
  8. Major Roadblocks for the Market Growth
  9. Regulatory & Standards Landscape
  10. Industry Risk Analysis
  11. Decarbonization Strategy and Carbon Credit Benefits for Market Players
  12. Global Economic Outlook: Challenges for Global Recovery and its Impact on Global Enhanced Geothermal Systems Market
    1. Ukraine-Russia crisis
    2. Potential US economic slowdown
  13. Impact of Recession on the Global Economy
  14. Technology Transition & Adoption Analysis
  15. Competitive Positioning
  16. Competitive Model: A Detailed Inside View for Investors
    1. Company Market Share (2022)
    2. Competitive Benchmarking
    3. Business Profile of Key Enterprise
      1. AltaRock Energy, Inc
      2. Fuji Electric Co., Ltd
      3. Calpine
      4. Bestec GmbH
      5. MITSUBISHI HEAVY INDUSTRIES, LTD
      6. Enel SpA
      7. Toshiba Corporation
      8. Ansaldo Energia
      9. Energy Development Corporation
  17. Global Enhanced Geothermal Systems Market Outlook
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Volume (MW)
    4. Global Enhanced Geothermal Systems Market Segmentation Analysis (2022-2035)
      1. By Power Station
        1. Dry Steam Power Stations, Market Value (USD Million) and CAGR 2022-2035F
        2. Flash Steam Power Stations, Market Value (USD Million) and CAGR 2022-2035F
        3. Binary Cycle Power Stations, Market Value (USD Million) and CAGR 2022-2035F
      2. By End-User
        1. Commercial, Market Value (USD Million) and CAGR 2022-2035F
        2. Industrial, Market Value (USD Million) and CAGR 2022-2035F
        3. Residential, Market Value (USD Million) and CAGR 2022-2035F
      3. By Geography
        1. North America, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        2. Europe, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        3. Asia Pacific, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        4. Latin America, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        5. Middle East and Africa, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
      4. Cross Analysis of Power Station Type w.r.t. End-User (USD Million), 2022
  18. North America Enhanced Geothermal Systems Market Outlook
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Volume (MW)
    4. North America Enhanced Geothermal Systems Market Segmentation Analysis (2022-2035)
      1. By Power Station
        1. Dry Steam Power Stations, Market Value (USD Million) and CAGR 2022-2035F
        2. Flash Steam Power Stations, Market Value (USD Million) and CAGR 2022-2035F
        3. Binary Cycle Power Stations, Market Value (USD Million) and CAGR 2022-2035F
      2. By End-User
        1. Commercial, Market Value (USD Million) and CAGR 2022-2035F
        2. Industrial, Market Value (USD Million) and CAGR 2022-2035F
        3. Residential, Market Value (USD Million) and CAGR 2022-2035F
      3. By Geography
        1. US, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        2. Canada, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
  19. Europe Enhanced Geothermal Systems Market Outlook
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Volume (MW)
    4. Europe Enhanced Geothermal Systems Market Segmentation Analysis (2022-2035)
      1.  By Power Station
      2. By End-User
      3. By Country
        1. Germany, Market Value (USD Million), Volume (MW), and CAGR &, 2022-2035F
        2. UK, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        3. France, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        4. Italy, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        5. Spain, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        6. Russia, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        7. NORDIC, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        8. Rest of Europe, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
  20. Asia Pacific Enhanced Geothermal Systems Market Outlook
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Volume (MW)
    4. Asia Pacific Enhanced Geothermal Systems Market Segmentation Analysis (2022-2035)
      1. By Power Station
      2. By End-User
      3. By Country
        1. China, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        2. India, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        3. Japan, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        4. South Korea, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        5. Singapore, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        6. Australia, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        7. Thailand, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        8. Indonesia, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        9. Malaysia, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        10. Rest of Asia Pacific, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
  21. Latin America Enhanced Geothermal Systems Market Outlook
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Volume (MW)
    4. Latin America Enhanced Geothermal Systems Market Segmentation Analysis (2022-2035)
      1. By Power Station
      2. By End-User
      3. By Country
        1. Brazil, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        2. Argentina, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        3. Mexico, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        4. Rest of Latin America, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
  22. Middle East & Africa Enhanced Geothermal Systems Market Outlook
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Volume (MW)
    4. Middle East & Africa Enhanced Geothermal Systems Market Segmentation Analysis (2022-2035)
      1. By Power Station
      2. By End-User
      3. By Country
        1. GCC, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        2. Israel, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        3. South Africa, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F
        4. Rest of Middle East & Africa, Market Value (USD Million), Volume (MW), and CAGR, 2022-2035F

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Enhanced Geothermal System Market size is estimated to cross USD 4.44 billion by the end of 2035, expanding around 6.3% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of enhanced geothermal system was USD 2.03 billion. The major factor influencing the growth in the market revenue is the growing demand for electricity. Over the past 50 years, the global demand for electricity has increased steadily, and in 2022, it was predicted to be about 25,499 terawatt hours. Hence, the demand for geothermal system is set to grow in order to satisfy this growing demand which is also estimated to expand the market growth.

Moreover, due to its large baseload potential and elimination of a storage requirement, geothermal energy is continually in demand in contrast to other renewable energy sources. Hence, the ability of enhanced geothermal system to generate reliable baseload power with little to no negative environmental effects is a crucial advantage. As a result, the market demand for enhanced geothermal system is surging. Moreover, enhanced geothermal system are a great way to satisfy the baseload energy demand or the bare minimum that is needed on an electrical grid during the day and night.


Enhanced Geothermal Overview
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Enhanced Geothermal System Sector: Growth Drivers and Challenges

Growth Drivers

  • Surge in Number of Start-Ups in Geothermal- Technology businesses are investing in and developing innovative geothermal energy applications as a result of favorable market conditions, with the goal of significantly expanding this niche renewable energy subsector. Also, number of startups are investigating new geothermal energy applications, including the recovery of minerals from geothermal brines, boosting hydrogen production synergies, enhancing the effectiveness of electricity generation from medium-temperature geothermal resources, hybrid configurations, and carbon capture. For instance, in APAC currently, there are about 57 geothermal energy startups.
  • Development of Deep EGS - Deep geothermal energy has the capacity to produce large amounts of energy and is a clean, sustainable source of both thermal and electrical power. Deep geothermal energy is essential strategically for growing the energy sector as a result of these advantages, and several nations have already started using it for electricity and heating.
  • Growing Use of Enhanced Geothermal System in Building Sector - Recently, geothermal energy has been used as an alternative for new furnaces and air conditioner in homes and buildings. A geothermal heat pump employs a network of interconnected pipes buried in the ground close to a building to utilize the earth as a heat source and sink (thermal storage). The loop can be situated embedded either vertically or horizontally. Contingent on whether the ambient (outside) air is cooler or warmer than the soil, it circulates a fluid that either absorbs or deposits heat to the nearby soil. Consequently, the enhanced geothermal system market is set to rise further the improve this process.
  • Rising Funding for Renewable Energy Deployment - There has been growing concern about the emission of greenhouse gases from the energy sector. The combustion of fossil fuels for the production of electricity is responsible for more than 39% of energy-related carbon dioxide (CO2) emissions. Hence, the amount of fuel required to generate and utilize power more efficiently decreases, as does the quantity of greenhouse gases and other air pollution that is released as a result. Therefore, there has been growth in funding for renewable energy, especially geothermal energy and also enhancing the operation of already existing plants. For instance, the Frontier Observatory for Research in Geothermal Energy (FORGE), a significant EGS experiment in Milford, Utah, is currently funded by the U.S. Department of Energy (DOE). Researchers have already shown appreciable advancements in drilling rates and effective rock stimulation at the site.

Challenges

  • Risk of Induced Seismicity - Induced seismicity is a risk event that might be brought on by a variety of factors, including drilling-related perturbations, fluid circulation-related stress changes, geochemical phenomena-related variations in fracture resistance, and others. These factors could result in negative effects on the environment and the public, as well as the potential to endanger a geothermal project, which would have serious economic repercussions. Hence, this factor is projected to hinder enhanced geothermal system market expansion.
  • Complex Drilling Process for Geothermal - In order to derive heat from deeper resources, EGS's long-term goal, drilling requirements ought to be greatly increased above what is now required. Deepening a well can complicate drilling operations and well design to a great degree. Longer drilling at high temperatures, more formation variability, high formation fluid pressure, borehole integrity issues, and more challenging controls over rock reduction and borehole trajectory are just a few of the drilling obstacles that may arise. Owing of the telescoping effect, which requires more and wider casing intervals to properly achieve terminal depth, deeper depths also tend to boost design complexity. These elements are behind the market's growth limitations.
  • Lack of funding for Surface Exploration

Enhanced Geothermal System Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

6.3%

Base Year Market Size (2022)

USD 2.03 Billion

Forecast Year Market Size (2035)

USD 4.44 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Enhanced Geothermal System Segmentation

Power Station Type (Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations)

The flash steam power stations segment in the enhanced geothermal system market is projected to surpass USD 2.42 Billion by the end of 2035, up from a revenue of USD 1.12 Billion in the year 2022. The most popular kind of geothermal power plant is a flash steam power station, which uses the quick depressurization of low-temperature geothermal reservoirs to produce energy. They are more financially feasible compared to other power plants since they can produce electricity from a variety of geothermal resources, have lower drilling costs, and can run as base-load or peaking power plants, giving them the flexibility to generate electricity to meet changing demands. They additionally produce less greenhouse gas emissions and are resistant to changing weather, which encourages the production of cleaner, more environmentally friendly energy.

End-User (Commercial, Industrial, Residential)

Commercial enhanced geothermal system market is poised to reach more than USD 2.8 Billion by the end of 2035, which was USD 1.29 Billion in the year 2022. The growth of the segment in set to grow on account of rising number of different commercial spaces such as offices, and others. For instance, in 2022, the world consists of approximately 93,000 office buildings. Another important aspect influencing market demand is the commercial sector's goal of creating net zero energy buildings through the installation of geothermal system.

Our in-depth analysis of the global market includes the following segments:

          Power Station Type

  • Dry Steam Power Stations
  • Flash Steam Power Stations
  • Binary Cycle Power Stations

          End-User

  • Commercial
  • Industrial
  • Residential

 


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Enhanced Geothermal System Industry - Regional Synopsis

North American Market Forecast

The North America enhanced geothermal system market is projected to generate the highest revenue of USD 1.6 Billion by the end of 2035. This growth could be encouraged by surge in number of enhanced geothermal projected in this region. According to the U.S. Department of Energy's Enhanced Geothermal Shot Analysis, the installed geothermal capacity of enhanced geothermal might reach 90 gigawatts by 2050, which would be sufficient to power 65 million U.S. households.

APAC Market Statistics 

The enhanced geothermal system market in Asia Pacific is set to grow at a highest CAGR of 6.6% during the forecast period, i.e., 2023-2035. New improvements in technology, such improved geothermal system, are accelerating commercial growth in Asia Pacific. In order to shift their focus away from fossil fuels and take advantage of their transferable drilling skills, oil and gas firms are investing in the sector in this region. Laws encouraging investment have been passed in a number of nations bringing an abundance of this green energy. In Indonesia, the government has pledged to take on the hazards of exploration by financing the development of potential fields and transferring ownership of "proven" reservoirs to the private sector. As an exemption to the domestic ownership rules, Philippine lawmakers have permitted large-scale projects to be entirely owned by foreign developers.

Research Nester
Global Enhanced Geothermal Systems Market Regional
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Companies Dominating the Enhanced Geothermal System Landscape

top-features-companies
    • AltaRock Energy, Inc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Fuji Electric Co., Ltd
    • Calpine
    • Bestec GmbH
    • MITSUBISHI HEAVY INDUSTRIES, LTD
    • Enel SpA
    • Toshiba Corporation
    • Ansaldo Energia
    • Energy Development Corporation

In-the-news

In The News

  • February 25, 2021: A comprehensive geothermal power station, the Tauhara Geothermal Power Station in New Zealand, was expected to be built by Fuji Electric Co., Ltd. under a contract granted by Sumitomo Corporation, the firm stated. Contact Energy ("Contact"), a significant private-sector energy producing utility in New Zealand, will be the project's owner, while Sumitomo will serve as the project's primary EPC contractor. 
  • December 5, 2022: PT Pertamina Geothermal Energy (PGE), the geothermal energy subsidiary of Indonesia's state-owned oil and natural gas corporation PT Pertamina (Persero), has placed an order with Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), for a 55 MW power generating unit consisting of a steam turbine, generator, and related equipment for the Lumut Balai Unit 2 geothermal power plant.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5001
  • Published Date: Nov 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are surge in number of start-up in geothermal, development of deep EGS, growing use of enhanced geothermal system in building sector, and rising funding for renewable energy deployment.

The market size of enhanced geothermal system is anticipated to attain a CAGR of 6.3% over the forecast period, i.e., 2023-2035.

The major players in the market are AltaRock Energy, Inc, Fuji Electric Co., Ltd, Calpine, Bestec GmbH, and others.

The flash steam power stations segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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