Impact of COVID-19 on Geothermal Drilling Rigs Market Helps In Making Informed Business Decisions By Having Complete Insights

TMR

4 years ago

Geothermal drilling is a process of drilling boreholes in the earth to extract the earth’s heat Geothermal is the natural heat of the Earth that is estimated to be 5,500^oC at the Earth’s center. It is almost as hot as the surface of the sun. This heat is derived from the original formation of the planet and decay of the radioactive elements in the Earth’s crust.
Geothermal is a clean source of renewable energy that is available continuously throughout, and works regardless of any weather conditions
Geothermal plants are so compact and clean that power plants could be built nearby cities. Crawler, truck-mounted, and wheeled are the different types of geothermal drilling rigs.
Geothermal drilling team consists of highly experienced professionals in drilling programs, well design layout, downhole pumps, fluid handling, drill pads, geology, and reservoir engineering

Demand for geothermal drilling rigs has been increasing owing to rise in industrialization and demand for power across the globe. Investments in renewable sources of energy are rising throughout the globe. This is expected to boost the demand for geothermal drilling rigs during the forecast period.
Initial high investments and maintenance costs are likely to hamper the global geothermal drilling rigs market in the near future

In February 2019, Kerui Petroleum and a geothermal exploration company in East Africa successfully signed a geothermal exploration contract with Ethiopia Electric Power for more than US$ 80 Mn. It is Ethiopia’s first geothermal energy exploration project and also the largest one in the geothermal energy field. The project would provide living and industrial electricity for cities and towns in Ethiopia. The project includes two sets of 50DB geothermal drilling rigs and the whole year of geothermal drilling services.

Based on region, the global geothermal drilling rigs market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Europe dominated the global geothermal drilling rigs market in 2019, owing to high investments in renewable sources of energy in order to eliminate harmful carbon emissions by power plants. Russia, Turkey, France, and Germany produce electricity from geothermal source of energy.
North America is anticipated to account for significant share of the global geothermal drilling rigs market during the forecast period. The region has large installed base of renewable sources of energy. Thus, investments in sources of geothermal energy are rising in North America.
Asia Pacific is anticipated to be highly attractive region of the global geothermal drilling rigs market during the forecast period. The region is investing significantly in renewable sources of power in order to meet the rising demand, especially in countries such as China, India, Australia and Japan.
The market in Middle East & Africa and Latin America is estimated to expand at a moderate pace, as investments in the sources of renewable energy are rising owing to the growth in awareness about sources of renewable energy and increase in demand for electricity in these regions