Enhanced Geothermal System Market to reach USD 3.82 Bn by 2029, emerging at a CAGR of 4 percent for (2023-2029)

(EMAILWIRE.COM, October 28, 2023 ) Pune 27, Sep 2023: The total global market for the “Enhanced Geothermal System Market” was valued at USD 2.9 Bn in 2022 and is expected to grow at a CAGR of 4 percent over the forecast period to reach USD 3.82 Bn by 2029.

Enhanced Geothermal System Market Report Scope and Research Methodology

The report highlights the competitive market view, segment analysis based on the Type, Technology, End-User and Region. First, the market overview describes the market trends, key market drivers, market restraints, opportunities, and challenges for the Enhanced Geothermal System Market.

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Enhanced Geothermal System Market Dynamics

Increasing power consumption coupled with fossil fuel prices is expected to be a major driver for the Enhanced Geothermal System market growth. Factors contributing to the same include increasing use of internet, digitization and the growth of consumer electronics. Growing awareness for cleaner and renewable energy sources is also driving the market growth.

Enhanced Geothermal System Market Regional Insights

Europe held the largest market share in 2022 and is expected to witness growth over the forecast period. Factors contributing to the same include massive investments in the energy sector. North American region held the second largest market share in the enhanced geothermal system market.

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Enhanced Geothermal System Market Segmentation

By Station Type

Dry steam power stations

Flash steam power stations

Binary cycle power stations

By Technology

Hydraulic fracturing

Chemical stimulation

Thermal stimulation

Explosive stimulation

By End-User-

Commercial Sector

Industrial Sector

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Enhanced Geothermal System Market Key Players include:

Enel SpA

Ormat Technologies Inc.

AltaRock Energy, Inc.

BESTEC GmbH

SA Geothermie Bouillante

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