Enhanced Geothermal System Industry - Regional Synopsis
North American Market Forecast
North America industry is predicted to dominate majority revenue share of 36% by 2037. This growth could be encouraged by surge in number of enhanced geothermal projected in this region. According to the U.S. Department of Energy's Enhanced Geothermal Shot Analysis, the installed geothermal capacity of enhanced geothermal might reach 90 gigawatts by 2050, which would be sufficient to power 65 million U.S. households.
APAC Market Statistics
The enhanced geothermal system market in Asia Pacific is set to grow at a highest CAGR of 6.6% during the forecast period. New improvements in technology, such improved geothermal system, are accelerating commercial growth in Asia Pacific. In order to shift their focus away from fossil fuels and take advantage of their transferable drilling skills, oil and gas firms are investing in the sector in this region. Laws encouraging investment have been passed in a number of nations bringing an abundance of this green energy. In Indonesia, the government has pledged to take on the hazards of exploration by financing the development of potential fields and transferring ownership of "proven" reservoirs to the private sector. As an exemption to the domestic ownership rules, Philippine lawmakers have permitted large-scale projects to be entirely owned by foreign developers.
