Geothermal Exploration Market Size with 6.24% CAGR, Led by North America & Asia-Pacific

The global Geothermal Exploration Market Size, valued at USD 1.65 billion in 2023, is projected to reach USD 2.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.24% during the forecast period.

Geothermal exploration involves investigating subsurface conditions to identify viable regions for power plant development, utilizing disciplines such as geochemistry, geophysics, geology, and engineering. As of 2021, geothermal energy is harnessed in 32 countries, with a total installed capacity of 16,318 MW across 198 geothermal fields and 673 individual power units.

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Geothermal Opportunities in Vietnam

Vietnam is exploring its geothermal potential to diversify its energy mix. The government has initiated studies to assess geothermal resources, aiming to reduce reliance on coal and hydroelectric power. Collaborations with international partners are underway to develop pilot projects in regions with promising geothermal activity.

Geothermal Growth in Thailand

Thailand is actively investing in geothermal energy to enhance energy security. The Department of Alternative Energy Development and Efficiency has identified several potential sites for geothermal development. Partnerships with private companies are facilitating the exploration and development of these resources, contributing to the country's renewable energy targets.

Geothermal Trends in Japan

Japan, with its abundant geothermal resources, is focusing on expanding its geothermal energy capacity. The government has streamlined regulations to encourage development, leading to increased investments in geothermal projects. Companies like Mitsubishi Materials Corporation are at the forefront, developing new geothermal plants to supply clean energy.

Geothermal Consolidation in South Korea

South Korea is witnessing consolidation in its geothermal sector. Major energy companies are acquiring smaller firms to strengthen their geothermal portfolios. For instance, Korea Electric Power Corporation (KEPCO) has acquired stakes in local geothermal ventures, aiming to boost its renewable energy capacity.

Geothermal Updation in Singapore

Singapore is updating its energy strategy to include geothermal energy. Preliminary studies have identified potential geothermal resources, leading to exploratory drilling initiatives. The government is collaborating with research institutions and companies like SP Group to assess feasibility and develop sustainable geothermal solutions.

Geothermal Opportunities in the United States

The United States leads in geothermal energy production, with significant opportunities for expansion. The recent acquisition of Calpine Corporation by Constellation Energy for $16.4 billion underscores the industry's growth trajectory. This deal enhances Constellation's position in the geothermal market, adding substantial capacity to its renewable energy portfolio.

Geothermal Growth in China

China is experiencing growth in geothermal energy utilization. The government has implemented policies to promote geothermal heating, reducing air pollution and reliance on coal. Companies such as Sinopec are investing in large-scale geothermal district heating projects, contributing to cleaner urban environments.

Geothermal Trends in Austria

Austria is embracing geothermal energy trends to achieve its renewable energy goals. The country has initiated projects to harness deep geothermal resources for both electricity and heating. Collaborations between entities like OMV Group and research institutions are driving innovation in geothermal technologies.

Geothermal Consolidation in Belgium

Belgium's geothermal sector is undergoing consolidation, with increased collaboration among companies. VITO, a prominent research organization, has partnered with private firms to develop geothermal projects, aiming to provide sustainable heating solutions and reduce greenhouse gas emissions.

Geothermal Updation in Germany

Germany is updating its energy infrastructure to incorporate more geothermal energy. The government offers incentives for geothermal projects, leading to advancements in both power generation and district heating. Companies like EnBW are investing in geothermal plants to diversify their renewable energy sources.

Geothermal Opportunities in France

France is exploring geothermal opportunities to enhance its renewable energy mix. The French Environment and Energy Management Agency (ADEME) supports geothermal projects through funding and research. Companies such as Engie are developing geothermal installations to provide sustainable heating solutions.

Geothermal Growth in Italy

Italy, with a rich history in geothermal energy, is pursuing further growth in this sector. The country is investing in modernizing existing geothermal plants and exploring new sites. Enel Green Power is leading initiatives to expand geothermal capacity, contributing to Italy's renewable energy targets.

Geothermal Trends in Spain

Spain is recognizing emerging trends in geothermal energy as part of its renewable strategy. Regional governments are conducting studies to assess geothermal potential, particularly in volcanic areas. Companies like Repsol are exploring geothermal projects to complement their energy portfolios.

Geothermal Consolidation in the United Kingdom

The United Kingdom is seeing consolidation in its geothermal industry. Organizations such as Geothermal Engineering Ltd. are developing projects in Cornwall, aiming to demonstrate the viability of geothermal power and heating in the UK context.

Geothermal Updation in Canada

Canada is updating its approach to geothermal energy, with increased governmental support for exploration. Projects in regions like British Columbia and Saskatchewan are underway, with companies such as DEEP Earth Energy Production leading drilling initiatives to harness geothermal power.

Geothermal Opportunities in the USA

The USA continues to present significant opportunities in geothermal energy. The acquisition of Calpine Corporation by Constellation Energy highlights the sector's expansion. This strategic move is set to enhance geothermal capacity and underscores the growing importance of geothermal energy in the nation's renewable energy landscape.

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Geothermal Exploration Market Segment Analysis:

by Techniques

Data & modeling Techniques

Drilling Technique

Field Techniques

Geochemical Techniques

Geophysical Technique

Remote Sensing Technique

With a market share of over 66.54% in 2023, the Drilling Technique segment led the geothermal exploration market by techniques and is anticipated to have a dominant position by the end of the forecast period. Due to its capacity to deliver invaluable, first-hand knowledge, drilling dominates the geothermal exploration market. Drilling provides a direct route to the geothermal resource itself, in contrast to other techniques that depend on oblique hints. By physically visiting a geothermal reservoir, geologists can take direct temperature readings, gather samples of rock and fluid, and verify the reservoir's existence and potential. But it's not just about confirmation; drilling also makes it possible to gather vital information about reservoir temperature, pressure, and fluid flow that is necessary to build a geothermal project.

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Geothermal Exploration Market, Key Players:

1. Baker Hughes Inc. (USA)

2. Cluff Geothermal Ltd. (UK)

3. Ethos Energy (UK)

4. Kalahari GeoEnergy Ltd. (Zambia)

5. Mannvit Engineering (Iceland)

6. NREL Transforming Energy (USA)

7. Ormat Technologies (USA)

8. Panax Geothermal Company (Australia)

9. Schlumberger Ltd. (USA)

10. Weatherford International Ltd (USA)

11. Others

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