Geothermal Drilling Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Well Type (Production Wells, Injection Wells), By Application (Binary Plants, Steam Plants), By Region & Competition, 2020-2030F

Description

The Global Geothermal Drilling Market was valued at USD 9.9 billion in 2024 and is projected to reach USD 13.5 billion by 2030, growing at a CAGR of 5.2%. This growth is driven by increasing global energy demand and the transition toward cleaner, renewable energy sources, particularly in emerging economies. Government incentives and supportive policies are bolstering geothermal energy investments. Technological advancements, including Enhanced Geothermal Systems (EGS) and horizontal drilling, are unlocking access to previously unviable geothermal locations, making energy extraction more efficient and cost-effective. Environmental sustainability goals and the push to reduce carbon emissions are accelerating geothermal adoption due to its low environmental impact and renewable nature. Additionally, increased participation from private sector players, including oil and gas firms, is contributing capital and technical expertise to expand geothermal capabilities. Together, these factors are positioning geothermal drilling as a vital component of the global clean energy landscape.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 9.9 Billion
Market Size 2030	USD 13.5 Billion
CAGR 2025-2030	5.2%
Fastest Growing Segment	Production Wells
Largest Market	North America

Key Market Drivers

Rising Global Energy Demand and Shift Toward Renewable Energy Sources

The surge in global energy needs, fueled by urbanization, population growth, and industrial expansion, is intensifying the search for sustainable alternatives to fossil fuels. Geothermal energy stands out as a reliable and eco-friendly option due to its low emissions and renewable nature. Unlike intermittent sources like solar and wind, geothermal plants offer stable, around-the-clock electricity generation. Countries such as Indonesia are aggressively investing in geothermal infrastructure, targeting 7.0 GW capacity by 2030 with robust government backing, including feed-in tariffs and revised exploration regulations. Companies like Pertamina Geothermal are securing multi-billion-dollar funding to accelerate development, highlighting geothermal's growing role in meeting future energy demands.

Key Market Challenges

High Initial Capital Investment and Operational Costs

The geothermal drilling market faces a major barrier in the form of substantial upfront capital requirements. The exploration, drilling, and infrastructure needed for geothermal projects involve high financial risk and technical complexity. Unlike solar or wind energy, geothermal extraction requires specialized drilling technologies and equipment capable of withstanding high temperatures and pressures, significantly raising costs. Additionally, extensive feasibility assessments and geological studies are necessary before project initiation, often prolonging timelines and increasing financial uncertainty. These challenges can deter investment and hinder broader adoption despite the long-term benefits of geothermal energy.

Key Market Trends

Increased Adoption of Enhanced Geothermal Systems (EGS)

The global geothermal sector is witnessing a notable trend toward the adoption of Enhanced Geothermal Systems (EGS), which extend the viability of geothermal energy to regions lacking traditional hydrothermal resources. Unlike conventional methods, EGS involves artificially fracturing hot rock formations to create geothermal reservoirs, enabling energy extraction from previously inaccessible areas. This technology significantly broadens the geographic scope of geothermal projects, making them feasible in sedimentary and low-activity zones. EGS innovations are not only expanding the potential reach of geothermal energy but also attracting new investments and accelerating technological advancements in the sector.

Key Market Players

Ormat Technologies
Mannvit Engineering
Eavor Technologies
Fervo Energy
Herrenknecht AG
Chevron Corporation
Exxon Mobil Corporation
Shell plc

Report Scope:

In this report, the Global Geothermal Drilling Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Geothermal Drilling Market, By Well Type:

Production Wells
Injection Wells

Geothermal Drilling Market, By Application:

Binary Plants
Steam Plants

Geothermal Drilling Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
South America
- Brazil
- Colombia
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Geothermal Drilling Market.

Available Customizations:

Global Geothermal Drilling Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Geothermal Drilling Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Well Type (Production Wells, Injection Wells)
- 5.2.2. By Application (Binary Plants, Steam Plants)
- 5.2.3. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)
5.3. By Company (2024)
5.4. Market Map

6. North America Geothermal Drilling Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Well Type
- 6.2.2. By Application
- 6.2.3. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Geothermal Drilling Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Well Type
    - 6.3.1.2.2. By Application
- 6.3.2. Canada Geothermal Drilling Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Well Type
    - 6.3.2.2.2. By Application
- 6.3.3. Mexico Geothermal Drilling Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Well Type
    - 6.3.3.2.2. By Application

7. Europe Geothermal Drilling Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Well Type
- 7.2.2. By Application
- 7.2.3. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Geothermal Drilling Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Well Type
    - 7.3.1.2.2. By Application
- 7.3.2. France Geothermal Drilling Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Well Type
    - 7.3.2.2.2. By Application
- 7.3.3. United Kingdom Geothermal Drilling Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Well Type
    - 7.3.3.2.2. By Application
- 7.3.4. Italy Geothermal Drilling Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Well Type
    - 7.3.4.2.2. By Application
- 7.3.5. Spain Geothermal Drilling Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Well Type
    - 7.3.5.2.2. By Application

8. Asia Pacific Geothermal Drilling Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Well Type
- 8.2.2. By Application
- 8.2.3. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Geothermal Drilling Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Well Type
    - 8.3.1.2.2. By Application
- 8.3.2. India Geothermal Drilling Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Well Type
    - 8.3.2.2.2. By Application
- 8.3.3. Japan Geothermal Drilling Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Well Type
    - 8.3.3.2.2. By Application
- 8.3.4. South Korea Geothermal Drilling Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Well Type
    - 8.3.4.2.2. By Application
- 8.3.5. Australia Geothermal Drilling Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Well Type
    - 8.3.5.2.2. By Application

9. Middle East & Africa Geothermal Drilling Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Well Type
- 9.2.2. By Application
- 9.2.3. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Geothermal Drilling Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Well Type
    - 9.3.1.2.2. By Application
- 9.3.2. UAE Geothermal Drilling Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Well Type
    - 9.3.2.2.2. By Application
- 9.3.3. South Africa Geothermal Drilling Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Well Type
    - 9.3.3.2.2. By Application

10. South America Geothermal Drilling Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Well Type
- 10.2.2. By Application
- 10.2.3. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Geothermal Drilling Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Well Type
    - 10.3.1.2.2. By Application
- 10.3.2. Colombia Geothermal Drilling Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Well Type
    - 10.3.2.2.2. By Application
- 10.3.3. Argentina Geothermal Drilling Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Well Type
    - 10.3.3.2.2. By Application

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends and Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Company Profiles

13.1. Ormat Technologies
- 13.1.1. Business Overview
- 13.1.2. Key Revenue and Financials
- 13.1.3. Recent Developments
- 13.1.4. Key Personnel
- 13.1.5. Key Product/Services Offered
13.2. Mannvit Engineering
13.3. Eavor Technologies
13.4. Fervo Energy
13.5. Herrenknecht AG
13.6. Chevron Corporation
13.7. Exxon Mobil Corporation
13.8. Shell plc