Press release
Enhanced Geothermal System Market to Surpass USD 3.9 Bn by 2031, Expanding at 3.7 % CAGR - Transparency Market Research, Inc.
The global enhanced geothermal system (EGS) market, valued at US$ 2.8 billion in 2022, is projected to grow at a CAGR of 3.7% from 2023 to 2031, reaching US$ 3.9 billion by the end of 2031. The market is being driven by a growing need for continuous baseload power, coupled with ongoing research and development that is steadily reducing costs and improving system efficiency.Uncover essential discoveries and trends from our Report in this sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85490
Analysts' Viewpoint
Enhanced geothermal systems have emerged as a promising renewable energy source due to their ability to provide stable, continuous baseload power. Unlike other renewables that are subject to fluctuations (e.g., solar and wind), EGS offers consistent electricity generation irrespective of weather conditions.
Although technologies for carbon capture and storage (CCS) have been explored to reduce CO2 emissions, high costs and security concerns limit their deployment. EGS, by leveraging CO2 as a working fluid for coupled carbon storage and geothermal extraction, provides an effective alternative to mitigate emissions. Continuous R&D investments are crucial for lowering drilling, stimulation, and plant development costs, making EGS a viable option for commercial power generation.
Market Introduction
Geothermal energy is harnessed from the Earth's internal heat generated during its formation and radioactive decay of elements. Enhanced geothermal systems (EGS) access this stored energy by injecting water at high pressure into deep rock formations. This process fractures the rock, allowing water to circulate, absorb heat, and then be brought to the surface to generate steam for power production. EGS offers significant advantages, including:
High Baseload Potential: Provides continuous, predictable power generation.
High Capacity Utilization: Achieves utilization rates up to 73%, far exceeding that of solar photovoltaic and wind power.
Low Operating Costs and Small Footprint: Minimizes surface disruption and reduces long-term expenses.
Key Market Drivers
Demand for Continuous Baseload Power
EGS is one of the few renewable energy sources capable of delivering reliable, 24/7 baseload power. In a low-carbon future, consistent geothermal energy can act as a buffer against gas price volatility, supply disruptions, and the phase-out of nuclear power plants. Its high capacity factor and predictable output enable precise energy planning, making it an attractive option for commercial power generation.
Continuous Research and Development
Focused investments in R&D are essential for reducing the costs associated with EGS, including drilling and stimulation. Technological advancements are expected to unlock lower-grade geothermal resources at greater depths, enhancing overall reserves and reducing production costs. Initiatives such as the U.S. Department of Energy-funded project with Ormat Technologies have demonstrated that even non-commercial wells can be stimulated to create viable EGS reservoirs, adding incremental megawatts to existing geothermal plants.
Regional Outlook
North America dominated the enhanced geothermal system market in 2022, capturing nearly 36.0% of the global market share. The region's significant demand for power in both commercial and residential applications, along with ongoing investments in renewable energy, continues to drive market growth.
Asia Pacific accounted for 27.5% of the global market in 2022. With both mature and emerging economies in the region, countries such as Japan, Australia, New Zealand, and China are investing in R&D and infrastructure development to expand their geothermal capacity.
Europe held approximately 23.5% of the market share, supported by stringent EU regulations aimed at reducing carbon emissions by 2050.
Middle East & Africa and Latin America together held a smaller share, though these regions are expected to gradually increase their adoption of EGS as part of broader renewable energy initiatives.
Analysis of Key Players
The enhanced geothermal system market is moderately consolidated, with a few large-scale vendors leading the way. Key market players are heavily investing in R&D, production innovation, and geographic expansion to capitalize on increasing global demand.
Prominent entities include:
Ormat Technologies, Inc.
AltaRock Energy, Inc.
BESTEC GmbH
Kenya Electricity Generating Company Limited
Key Developments:
May 2022: Ormat Technologies signed two power purchase agreements (PPAs) with NV Energy for up to 160 MW of geothermal capacity, including a 25 MW supply from the North Valley Geothermal Project scheduled to come online by early 2023.
September 2021: AltaRock Energy, in collaboration with Baker Hughes and the University of Oklahoma, initiated the development of the first superhot rock geothermal resource, paving the way for scalable, low-cost geothermal energy generation.
Gain valuable knowledge with the critical insights in our report - https://www.transparencymarketresearch.com/enhanced-geothermal-system-market.html
Market Segmentation
By Resource Type
Hot Dry Rock
Sedimentary Basin
Radiogenic
Molten Magma
By Depth
Shallow
Deep
By Simulation Method
Hydraulic
Chemical
Thermal
By End-use
Residential
Commercial
Regions Covered
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
Countries Covered
U.S., Canada, Germany, U.K., France, Spain, Italy, Russia & CIS, Japan, China, India, ASEAN, Brazil, Mexico, GCC, South Africa
Future Outlook
The global enhanced geothermal system market is expected to grow modestly over the forecast period as continuous baseload power becomes increasingly essential for energy security. Advancements in technology and ongoing R&D investments will gradually reduce development costs and improve system efficiencies, making EGS a more attractive option in a diversified renewable energy portfolio. With supportive government policies and expanding commercial demand, the market is poised to contribute significantly to a lower-carbon energy future.
Purchase this Exclusive Premium Research Report Today - https://www.transparencymarketresearch.com/checkout.php?rep_id=85490<ype=S
Discover More In-Depth Reports from Transparency Market Research -
Solid-ion Conductors Market- https://www.transparencymarketresearch.com/solid-ion-conductors-market.html
Batteries for Active RFID Market- https://www.transparencymarketresearch.com/batteries-for-active-rfid-market.html
Concentrated Solar Power Market-https://www.transparencymarketresearch.com/concentrated-solar-power-market.html
End-of-Pipe Air Pollution Control Equipment Market-https://www.transparencymarketresearch.com/end-of-pipe-air-pollution-control-equipments.html
Underwater Monitoring System for Oil and Gas Market-https://www.transparencymarketresearch.com/underwater-monitoring-system.html
Contact Us:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Enhanced Geothermal System Market to Surpass USD 3.9 Bn by 2031, Expanding at 3.7 % CAGR - Transparency Market Research, Inc. here
News-ID: 4082126 • Views: …
More Releases from Transparency Market Research

Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 …
The global solar powered agricultural dryer market, valued at US$ 1.6 billion in 2022, is projected to grow at a CAGR of 5.8% from 2023 to 2031, reaching US$ 2.4 billion by the end of 2031. Rising investments in renewable energy, growing awareness of sustainable agricultural practices, and the rapid expansion of the agricultural sector driven by population growth are key factors fueling market growth.
Uncover essential discoveries and trends from…

Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Ra …
The global Technetium‐99m Market was valued at US$ 6.0 Billion in 2023 and is projected to grow at a CAGR of 3.3% from 2024 to 2034, surpassing US$ 8.6 Billion by the end of the forecast period. Advancements in nuclear imaging infrastructure, government-backed healthcare initiatives, and an increasing demand for precise diagnostic procedures are fueling this growth.
Discover essential conclusions and data from our Report in this sample -
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77100
Analysts' Viewpoint
The Technetium‐99m…

Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to …
The global Equine Diagnostic Services Market, valued at approximately US$ 168 million in 2019, is projected to expand at a compound annual growth rate (CAGR) of ~5% from 2020 to 2030, reaching around US$ 280 million by 2030. Equine diagnostic services, encompassing tests like genetic, infectious disease, and imaging diagnostics, are critical for managing horse health in veterinary hospitals, clinics, and mobile settings. The market is driven by increasing equine…

Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of …
The digital printing market is experiencing strong growth, driven by rapid technological advancements, rising demand for personalized and on-demand printing, and an increasing focus on sustainable solutions. Digital printing allows for the direct transfer of digital files onto a wide range of substrates, offering high-resolution output with greater speed and flexibility. Its adaptability has led to broad adoption across industries such as packaging, textiles, publishing, and advertising-sectors where customization, efficiency,…
More Releases for EGS
Global CAD Software Market Size, Share and Forecast By Key Players-3Shape,Zirkon …
𝐔𝐒𝐀, 𝐍𝐞𝐰 𝐉𝐞𝐫𝐬𝐞𝐲- According to the Market Research Intellect, the global CAD Software market is projected to grow at a robust compound annual growth rate (CAGR) of 9.14% from 2024 to 2031. Starting with a valuation of 13.47 Billion in 2024, the market is expected to reach approximately 22.77 Billion by 2031, driven by factors such as CAD Software and CAD Software. This significant growth underscores the expanding demand for…
Portion Control Packs Market | Alba, Alcoa, EGS, Elite Portion Pack
The global portion control packs market report is a comprehensive report that provides a detailed analysis of the current status and future trends of the portion control packs market worldwide. This report provides valuable information to industry stakeholders by offering an in-depth perspective on market dynamics, competitive landscape, growth opportunities, and key challenges faced by industry participants.
From the perspective of market dynamics, this report explores the factors driving the growth…
Dental Software Market to Get a New Boost | EGS, SICAT, Kavo, LED Dental
Latest Study on Industrial Growth of Global Dental Software Market 2023-2029. A detailed study accumulated to offer the Latest insights about acute features of the Dental Software market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, technology, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends…
Geotechnical Construction Services Market Key Players to Set Phenomenal Growth f …
The Geotechnical Construction Services Market research report forecast 2022 -2029 provides in-depth information on market trends, market capacity, industry size, growth factors, share, innovations, competitive environment, business problems, and more. This report's historical data confirms demand growth on a global, national, and regional scale. The studies on the global industry cover everything from comprehensive research to market size and forecasting to dynamics, growth factors, prospects, and hazards, as well as…
Geotechnical Construction Services Market Size, Analysis, Forecast to 2028 | Aru …
The Global Geotechnical Construction Services Market exclusive insights, Opportunities and revenue size estimation, and growth factors. Geotechnical Construction Services Market report aims to deliver an opportunity for companies to recognize the modern trends, market size, growth, share, segments, manufacturers, and technologies, future road map, and 2028 forecast. The Study is segmented by major and emerging countries having high potential and elaborates qualitative and quantitative information including market size breakdown by…
Cooking Software Market Exhibits a Stunning Growth by 2027 with Covid-19 Impact …
Crafting a beneficial marketing strategy is easy with this unique Cooking Software market analysis. It helps market players in better understanding of target market of the company. By knowing target market, launchings of better products and expanding the business becomes easy. This research analysis provides pricing structure, new advancements in the market and best customer experience. It further provides quick insights into driving and hindering factors of market growth…