Geothermal Drilling Market Promising Growth Opportunities and Forecast 2018-2028 | Ormat Technologies Inc.
The oil and gas industry has witnessed promising growth over the past decades. Despite global outburst against the toxicity of certain sites for oil exploration, the industry’s growth graph hasn’t suffered much restraint. The oil and gas industry is closely related to the field of thermal drilling. Therefore, the growth of the global geothermal drilling market can be pegged to advancements in the oil and has industry. Energy produced by harnessing the heat of the earth can be used for several industrial applications. This factor has propelled demand within the global geothermal drilling market.
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A zero-emission energy system for geothermal drilling, ‘Eavor Loop’, is under development in Canada. This clean energy system is projected gather popularity across the global energy industry. The system does not require water, and this mitigates the risk of polluting nearby water bodies. The global relevance of geothermal drilling in the contemporary scenario cannot be undermined. With the advent of the new system, industrial experts would become more confident about using geothermal drilling for multiple uses.
Several scientists and researchers have emphasized on the need to follow best practices for geothermal drilling. The extent to which drilling authorities follow industry standards and specifications would play a decisive role in market growth. Furthermore, geothermal drilling operations vary in intensity according to the type of mantle at the drilling site. There is a pressing need to ensure that drilling operations prove viable without affecting the environment.
A report on the global geothermal drilling market is an explanatory account of the drivers and opportunities floating in the global market. The global geothermal drilling market can be segmented on the basis of the following parameters: application and region. Based on application, the demand for geothermal drilling in steam plants is expected to rise in the years to follow.
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Global Geothermal Drilling Market: Notable Developments
The Nevis Geothermal Project, an initiative of Nevis Renewable Energy International, is expected to make rich contributions toward the growth of the global geothermal drilling market. Based in the Caribbean, the project’s execution has been contracted to Schlumberger Integrated Drilling Services. Schlumberger has a huge burden of responsibility to manage the project, and the company is expected to grow through it.
The Canadian government is making ardent efforts to support geothermal projects in the region. The government recently announced to provide funds worth USD 18.4 million for a geothermal project in Alberta. The stellar worth of the project shall trickle down to small contractors in the geothermal drilling market.
Some of the leading players in the global geothermal drilling market are:
Ormat Technologies Inc.
Huisman Equipment BV
Global Geothermal Drilling Market: Growth Drivers
Need for Clean Energy Production
Environmentalists across the world are focusing on the need for clean energy production. Furthermore, technologies that consume minimal electricity for energy production have been lauded by regional and global authorities. Most geothermal project are now aiming to deploy zero-emission technologies for drilling. As the activities of drilling contractors sync with the need for energy-efficient technologies, the global geothermal drilling market shall expand.
Powering Remote Areas
The use of geothermal drilling for generating power across rural areas has emerged as a key trend across several regions. As this trend gains momentum, the global geothermal drilling market shall grow at a remarkable pace. Generation of geothermal power does not depend on the weather conditions, and this is a key driver of market demand.
The global geothermal drilling market is segmented on the basis of:
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