GEOTHERMAL DRILL BITS MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics:-

Rapid industrialization and increasing population have led to increasing use of electricity, which is expected to drive demand for geothermal drill bits across the globe. For instance, according to the United Nations – World Population Prospects document (2017), global population is estimated to reach 8.6 billion by the end of 2030 and 11.2 billion by 2100.

The rising awareness about geothermal resources has led to increasing geothermal power production capacities across the globe. According to International Renewable Energy Agency, total geothermal energy capacity reached 13.0 GW in 2018, an increase of 539 MW as compared to 2017. New capacities came on stream in Turkey and Indonesia in 2017, with a production capacity of around 219 MW and 137 MW, respectively. Other countries that increased its geothermal power plant capacities included the U.S., New Zealand, and Mexico.