Enhanced Geothermal Systems Market Opportunities, Demand, Growth, Application and Forecast to 2030

The global enhanced geothermal systems market is categorized into hydraulic, chemical, thermal, and explosive based on the simulation method used. Out of all the simulation methods, the hydraulic stimulation technique is the most commonly used in EGS plants worldwide, independent of the rock type concerned. The process of hydraulic fracturing of rocks involves the injection of water at very high pressure. Compared with other simulation techniques, hydraulic simulation can easily crack rocks with low pressure and keep the fractures open without requiring a propping agent. Also, it has been observed that hydraulic simulation is the safest technique to create permeability in the rock.

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North America is the largest market for enhanced geothermal systems globally. The U.S. is the primary area driving expansion in the North America enhanced geothermal systems market, owing to rising clean electricity demand and increasing emission-cutting policies. Furthermore, rising demand for cooling and heating systems and increasing expenditures in the development of green building infrastructure will benefit the enhanced geothermal energy industry. The governments of North American countries also have favorable regulations supporting the installation of heat pumps, which is an important unit for setting up enhanced geothermal systems.

In the recent past, product development has been the major activity in this industry. The growth in geothermal and enhanced geothermal systems has made its providers focus on differentiated products. In September 2021, AltaRock Energy, Inc. announced the results of a technical and economic feasibility study on SuperHot Rock (SHR) geothermal systems. The company with Baker Hughes, an energy technology company, and the University of Oklahoma, demonstrated the superior energy density and competitive economics of an enhanced geothermal system resource in high-temperature impermeable rock.

Conventional hydrothermal resources contain all three elements naturally. Increasingly, however, at places where no natural geothermal resources in the form of steam or hot water exist, the heat of the rock can be used by creating artificial permeability for fluids extracting that heat. This type of geothermal system is known as an enhanced geothermal system (EGS).

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The EGS idea involves extracting heat by constructing a subsurface fracture system that may inject water via injection wells. The better the natural permeability of the rock, the better is the development of the enhanced geothermal system. Rocks are permeable because of minute cracks and pore gaps between mineral grains. In naturally occurring hydrothermal systems, the injected water is heated by contact with the rock, and it then returns to the surface via production wells. EGS are reservoirs built to improve the economics of resources with insufficient water and/or permeability. The conventional EGS comprises a double vertical well that is easy to construct and operate for extracting geothermal energy. However, increasing use of the horizontally layered geothermal system is being witnessed in recent years. This horizontally layered enhanced geothermal system outperforms its double vertical well counterpart in terms of overall heat recovery performance.

The business dynamics section of the report examines the diverse factors that govern the process of production and distribution of energy through EGS. This analysis provides an in-depth understanding of the present and the future directions in which the market is headed and the impact of various factors on the same. This chapter covers the major market dynamics, namely, drivers, challenges, business strategies, corporate strategies, and opportunities, analyzing several factors that positively and negatively affect the global enhanced geothermal systems market.

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