Introduction of the Geothermal Drilling Market Report

Geothermal drilling is the technique of creating boreholes in the earth to extract heat from the ground. It covers around 30% to 50% of the cost of a geothermal electricity project, which makes it a crucial part of the project. The same state of the art technology is used by the oil & gas industry for exploration & production activities, especially in low enthalpy sedimentary settings. For sustainable geothermal exploitation, deep-seated, large-diameter boreholes,  and long-lasting well integrities are needed.

To have an edge over the competition by knowing the market dynamics and current trends of “Geothermal Drilling Market,” request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

The significant factor augmenting the growth of the global geothermal drilling market is the rising focus towards clean energy production. Moreover, there has been increasing use of renewable resources, such as geothermal, owing to the rising levels of greenhouse gases (GHGs) in the atmosphere. For example, in 2020, DEEP Earth Energy Production Corp. announced the completion of the testing and drilling program for the Saskatchewan Geothermal Project. In addition, there has been a considerable increase in the prices of oil, which brings in geothermal energy as a resource that holds potential opportunities. Furthermore, the growing application of machine learning techniques in geothermal exploration, growing energy demand, identification of untapped geothermal reservoirs, and rising investments in geothermal energy projects are some other factorswhich are substantially surging the growth of the global geothermal drilling market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Well Type – Segment Analysis

Based on the well type, the production segment is anticipated to grow at a faster CAGR over the forecast period. This is majorly due to the high chances of success in the production well as compared to other wells, which reduces the exploration costs. Moreover, wells that are abandoned for the production of oil and natural gas can be used for geothermal drilling and heat can be produced out of the earth from those wells. This also reduces the lease cost for the contractors as abandonment wells cost lesser than new fields. These factors are contributing to the growth of the production segment in the global geothermal drilling market.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Region – Segment Analysis

Based on the region, the Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. This is mainly attributed to the rising demand for oil and natural gas due to the growing population in emerging nations, which include China, Indonesia, and India. For example, in 2019, the Ministry of Finance in Indonesia prepared a risk reduction facility through a geothermal drilling program to assist exploration and investment into geothermal development. Furthermore, the increasing emphasis on mitigating GHG emissions for the production of oil and natural gas plays a vital role in supplementing the growth of the geothermal drilling market in Asia-Pacific. 

Top Market Players

Various notable players operating in the market include Schlumberger Limited, Geotech Drilling, Fraste Spa, DeepRock, Baker Hughes Company, Halliburton, KCA Deutag, Huisman Equipment B.V., Ormat, and Marton Geotechnical Services Ltd., among others.

Key Developments:

• • In 2020, Schlumberger New Energy, which is Schlumberger’s new business, announced its partnership with GeoFrame Energy, a geothermal project development company. This partnership aims to leverage the expertise of Schlumberger to create lucrative and efficient geothermal power generation projects.
  • In 2018, DeepRock announced the launch of M-50 Stealth Prepper, the newest DeepRock portable technology. It offers faster drilling with less work on the operator as well as it is great to be used in 2” and 4” geothermal drilling water wells. 

Segments covered in the Report:

The global geothermal drilling market has been segmented on the basis of well type, depth, and regions. Based on well type, the market is segmented into production, slim, and injection. Based on depth, the market is segmented into below 1000 m, 1000 – 2000 m, 2001 – 3000 m, and above 3000 m. 

For detailed scope of the “Geothermal Drilling Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global geothermal drilling market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in geothermal drilling market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global geothermal drilling market?
  • Which well type generated maximum revenues in 2019 and identify the most promising well type during the forecast period?
  • What are the various depth areas of global geothermal drilling market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Well Type, By Depth, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Baker Hughes Company, Fraste Spa, DeepRock, Halliburton, Geotech Drilling, KCA Deutag, Huisman Equipment B.V., Ormat, Marton Geotechnical Services Ltd., Schlumberger Limited, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Geothermal Drilling Market by Well Type

• • Production
  • Slim
  • Injection

Global Geothermal Drilling Market by Depth

• • Below 1000 m
  • 1000 – 2000 m
  • 2001 – 3000 m
  • Above 3000 m

Global Geothermal Drilling Market by Region

• • North America Geothermal Drilling Market (Option 1: As a part of the free 25% customization)
    • North America Geothermal Drilling Market by Well Type
    • North America Geothermal Drilling Market by Depth
    • US Geothermal Drilling Market All-Up
    • Canada Geothermal Drilling Market All-Up
  • Europe Geothermal Drilling Market (Option 2: As a part of the free 25% customization)
    • Europe Geothermal Drilling Market by Well Type
    • Europe Geothermal Drilling Market by Depth
    • UK Geothermal Drilling Market All-Up
    • Germany Geothermal Drilling Market All-Up
    • France Geothermal Drilling Market All-Up
    • Spain Geothermal Drilling Market All-Up
    • Rest of Europe Geothermal Drilling Market All-Up
  • Asia-Pacific Geothermal Drilling Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Geothermal Drilling Market by Well Type
    • Asia-Pacific Geothermal Drilling Market by Depth
    • China Geothermal Drilling Market All-Up
    • India Geothermal Drilling Market All-Up
    • Japan Geothermal Drilling Market All-Up
    • Rest of APAC Geothermal Drilling Market All-Up
  • RoW Geothermal Drilling Market (Option 4: As a part of the free 25% customization)
    • RoW Geothermal Drilling Market by Well Type
    • RoW Geothermal Drilling Market by Depth
    • Brazil Geothermal Drilling Market All-Up
    • South Africa Geothermal Drilling Market All-Up
    • Saudi Arabia Geothermal Drilling Market All-Up
    • UAE Geothermal Drilling Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Geothermal Drilling Market All-Up

Major Players Operating in the Geothermal Drilling (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Baker Hughes Company
  • Fraste Spa
  • DeepRock
  • Halliburton
  • Geotech Drilling
  • KCA Deutag
  • Huisman Equipment B.V.
  • Ormat
  • Marton Geotechnical Services Ltd.
  • Schlumberger Limited