Global Enhanced Geothermal System (EGS) Market Size to Grow at Steady CAGR of 8.2% during 2022–2028

Published | 10 November 2022

Global enhanced geothermal system (EGS) market is flourishing, as the geothermal energy development in Africa presents a respectable market opportunity, geothermal plants combined with natural gas power plants increasing the efficiency of the electricity generating sites, and large-scale projects in Indonesia and the Philippines present lucrative opportunities.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of global enhanced geothermal system (EGS) market to grow at an impressive CAGR of 8.2% during the forecast period between 2022 and 2028. Major growth drivers for global enhanced geothermal system market include an increasingly high demand for energy spurred by exploding world population and rapid industrialization and urbanization; and increasing investments in R&D efforts for developing innovative EGS technologies, combined with rising electricity demand from off-grid remote locations. Prominent players in the global EGS market are also considering technologies from other industries that have the potential to improve efficacy and lower the upfront risk for EGS. As these technologies advance, it is expected that EGS will gain popularity and recognition as a reliable baseload power generation option.

Global Enhanced Geothermal System Market – Overview

Various strict regulations put in place by the governments of across countries for cutting fossil fuel emissions are driving the growth of the global EGS market. The depletion of fossil fuels and alarmingly rising greenhouse gas emissions are also driving the expansion of EGS market across the world. Due to the low cost and high capacity of geothermal energy, the EGS market is expected to expand during the forecast period. The market is expanding because of the rising demand for clean and environmentally friendly sources. Governments from different countries offer financial incentives and tax breaks to encourage the use of sustainable energy source.

Global sustainable trends are presenting significant opportunities for the EGS market to expand. When compared to other renewable energy sources, such as wind, bioenergy, or hydropower, geothermal power generation is economical and has other advantages, such as emission of low atmospheric pollution, zero liquid pollution, minimal land use, and high availability. A rising demand has led to an increase in the construction of geothermal power plants in recent years. Various associations, organizations, and institutions are soliciting funding to support the development of geothermal energy. For instance, the Department of Energy (DoE) in the United States launched the fourth Energy Earthshot program in September 2022. Through the program, the US DoE aims to reduce the cost of EGS by 90% to $45 per megawatt hour by 2035.

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Global Enhanced Geothermal System Market – Technology Advancements

There are currently several research and development programs being carried on geothermal enhanced energy. As a result, there are many innovative technologies being developed to improve the energy process. Many initiatives are being taken to develop and grow this sustainable power segment. For instance, in June 2022, Utah Frontier Observatory for Research in Geothermal Energy (FORGE) in the US confirmed the successful completion of large scale EGS trial. The FORGE had done the three-stage hydraulic simulation of its first highly deviated injunction. This kind of developments will help enhance the efficiency of geothermal energy.

Global Enhanced Geothermal System Market – Segmental Information

Global EGS market has various segments: Deep Enhanced Geothermal System, Shallow Enhanced Geothermal System, and other segments based on type; Hydraulic, Chemical, Thermal, Explosive, and other methods based on simulation method; and Commercial, Industrial, and other industries based on end user. During the forecast period, the commercial segment is expected to hold a significant market share in the global EGS market by end user.

Impact of COVID-19 on Global Enhanced Geothermal System Market

The growth of global EGS market declined during COVID-19 pandemic. The pandemic hindered the world economy. Lockdowns and curfews, in addition to problems with supply chain management, slowed the development of geothermal power plants. The uncertainty of the financial situation forced the closure of many geothermal power plants. The seven geothermal projects in Turkey were also suspended throughout the pandemic period. However, post COVID-19 pandemic, various countries, such as the US, are planning to increase their investments in geothermal energy as geothermal power plants help in lowering carbon emissions.

Competitive Landscape

Prominent players in global enhanced geothermal system market include Ormat Technologies Inc., Enel SpA, Royal Dutch Shell Plc, AltaRock Energy Inc., BESTEC GmbH, Kenya Electricity Generating Company Limited, SA Géothermie Bouillante, Calpine Corporation, Fuji Electric Co, Ltd., Energy Development Corporation, Mitsubishi Heavy Industries, Ltd, Toshiba Corporation, Siemens AG, and Ansaldo Energia S.p.A. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global EGS market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Enhanced Geothermal System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Enhanced Geothermal System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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