Global Geothermal Drill Bits Market for Power Generation 2019-2023 | 9% CAGR Projection Over the Next Five Years | Technavio

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The global geothermal drill bits market for power generation is poised to reach USD 20.38 million by 2023, according to a new report by Technavio, progressing at a CAGR of close to 9% during the forecast period.

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Technavio has published a new market research report on the global geothermal drill bits market. (Graphic: Business Wire)

Technavio has published a new market research report on the global geothermal drill bits market. (Graphic: Business Wire)

“The growing world population and the rapid industrialization in developing nations has triggered the global demand for energy. Thus, the use of geothermal energy is increasing as there are vast untapped geothermal resources, which can be used to generate electricity. Thus, the growing energy demand will drive the demand for geothermal resources, thereby fueling market growth,” says a senior analyst at Technavio. LINK 

The market is driven by increasing investments in geothermal energy projects. In addition, the increasing emphasis on generating electricity with minimal GHG emissions is anticipated to further boost the geothermal drill bits market for power generation during the forecast period.

The adoption of renewable sources of energy has increased significantly owing to low carbon emissions from these resources. Thus, there has been a significant increase in investments in renewable energy across the world. Geothermal energy is one of the renewable power generation technologies that have been receiving significant funds and investments over the years. Such funds will lead to a rise in the number of geothermal power projects, thereby driving the growth of the geothermal drill bits market for power generation during the forecast period.

Burning fossil fuels such as coal and oil has contributed to the rising levels of GHGs in the atmosphere. Thus, there is a high demand for renewables such as geothermal energy. Unlike fossil fuels, geothermal power generation does not require combustion and releases low amounts of GHGs into the atmosphere. In most cases, geothermal plants produce zero emissions. Thus, the increasing emphasis on generating electricity with minimal GHG emissions will drive the growth of the market.

For More Information: Request Free Sample Pages

The report includes detailed profiles of the leading companies & prominent vendors of the market:

  • America West Drilling Supply Inc.
  • Baker Hughes, a GE Co. LLC
  • Bit Brokers International Ltd.
  • Blast Hole Bit Co. LLC
  • Epiroc AB

Market Segmentation by Type:

The geothermal drill bits market for power generation can be broadly categorized into the following types:

  • Tricone
  • PDC
  • Others

Key Regions for the Geothermal drill bits market for power generation:

Featuring a breakdown of region-wise market shares until 2019.

  • EMEA
  • APAC
  • The Americas

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Related Reports on LINK  are:

Mobile Offshore Drilling Unit (MODU) Market – Global Mobile Offshore Drilling Unit (MODU) Market by type (drillship, jack-up, and semi-submersible) and geography (APAC, Europe, MEA, North America, and South America).

Oilfield Drilling Elevators Market – Global Oilfield Drilling Elevators Market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

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Published By:

Business Wire: 12:50 GMT Wednesday 11th September 2019

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