GeothermalDrilling Rig Market: Introduction
The global geothermaldrilling rig market was valued at US$122 Mn in 2019 and isanticipated to expand at a CAGR of 4.5% duringthe forecast period. In terms of drill bit, the roller cutting bit segmentaccounted for a major share of the global geothermal drilling rig market in 2019.Roller cutting bits offer several properties such as reduced bit trips,continuous drilling in high-temperature environments, and improved drillingeconomics with patented metal-face seals. This is expected to boost the rollercutting bit segment of the geothermal drilling rig market in the near future.
In terms ofhorsepower, the above 900 HP segment held significant share of the globalgeothermal drilling rig market in 2019. Above900 HP is used to drill wells with depth more than 1,000 meters. In terms ofend use, power plants segment is anticipated to expand at a rapid pace due tothe introduction of several geothermal power projects.
Major Drivers of GeothermalDrilling Rig Market
Theconsumption of electricity has been rising significantly across the globe sincethe last few years due to rapid urbanization, increase in investments inindustrial infrastructure, and economic growth. The increase in demand forelectricity and enactment of strict government regulations to limit carbonemissions from the power sector are compelling companies to introduce highlyeffective and pollution-free energy generation methods. Geothermal energy is aprominent alternative for fossil fuel. Electricity generation through theutilization of geothermal energy increased by 5% in 2018, morethan the average growth in the previous five years. Thus, growth in theproduction of geothermal energy across the globe is expected to drive theglobal geothermal drilling rig market during the forecast period, as geothermaldrilling rigs are used to drill boreholes to extract the Earth’s heat
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ProminentDevelopments in Geothermal Drilling Rig Market
In May2020, SIMCO Drilling Equipment, Inc. introduced a new SIMCO PDQdrill pipe. This pipe is used in water well, geothermal, and geotechnicalprojects. SIMCO PDQ drill pipe carries several advantages. For instance, itmakes connections faster by 60% and iseasy to handle in the field, as it is 30% lighterthan conventional pipes. In March 2020,SIMCO Drilling Equipment, Inc. launched truck-mounted rigs. The compact 3700 trailercan be employed in water well rig, geotechnical drill rig, and geothermaldrilling. The trailer has features such as stable drill platform, extra ace fordrill rod, as well as room for a proper sized mud pump system.
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Europe Leads Geothermal DrillingRig Market
Europedominated the global geothermal drilling rig market in 2019. Turkeyconstituted major share of the geothermal drilling rig market in the region in 2019.The dominance of Turkey in geothermal drilling rig market in Europe can beascribed to increase in adoption of green technologies such as geothermal inthe country. Drilling of geothermal wells entails low cost in Turkey. This is amajor factor attracting investment in development of geothermal resourcesacross the country. In turn, this is estimated to propel the geothermaldrilling rig market in Turkey in the near future. The geothermal drillingrig market in Asia Pacific is anticipated to expand during the forecast, periodowing to the increase in investments in development of geothermal power plants,primarily in Indonesia and Australia, in order to meet the rising demand forelectricity.
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Competition Landscape of GeothermalDrilling Rig Market
The globalgeothermal drilling rig market is dominated by several local and regionalplayers. Thus, the global geothermal drilling rig market is fragmented.Prominent players operating in the global geothermal drilling rig marketinclude SIMCODrilling Equipment, Inc., Gill Rock Drill Co., Inc., Drillmec,Herrenknecht AG, Gill Rock Drill Co., Inc., Geomachine Oy, BentecGmbH Drilling & Oilfield Systems, Versa-Drill, Mannvit, H. Anger's Söhne,Soilmec Ltd., STREICHER Drilling Technology GmbH, and Huisman Equipment B.V.
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