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.
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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).
The report includes a thorough analysis of EGS based on stimulation method, depth of plant, power station type, as well as different end users for this system. Moreover, the market does not focus on geothermal systems, and it is used throughout the report for shear comparison purposes. The report covers the driving forces, challenges, and growth opportunities of these types of renewable energy generation methods. Major players have been identified on the basis of revenue generation from the installation of the plant, geographical presence, and contracts related to the installation of EGS. A detailed company profiling has been done in the report to understand the player's strategic behavior. The EGS market is further explained and analyzed on the basis of geography. The geographical analysis has been categorized into seven regions, namely, North America, South America, Europe, Asia-Pacific and Japan, China, and the Middle East and Africa. Moreover, the country-level analysis has also been done in order to have a clear picture of the current and future development of EGS. Manufacturing activities, technical advancement in terms of cost of installation, the feasibility of these types of energy generation systems, and ongoing developments in various countries by the government, as well as the private players, are some of the factors based on which countries’ growth rate has been calculated.
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.
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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.
