· Geothermal energy is one renewable sources still under development for the green transition.
· Oil and gas industries increase competition with geothermal industry in the energy market.
Geothermal energy source that is mostly neglected due to its high costs and risks. Geothermal energy technologies access heat resources from underground hot water and steam. The heat can work in direct use and for generation of electricity. The technology relies on some techniques used in oil and gas industries. These include drilling and well completion technologies. The growth and development of geothermal energy competes with oil and gas industry. Oil and gas industries are well established in the energy market. This makes it challenging for the energy industry to thrive.
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Oil and gas industries affecting geothermal technologies
Oil and gas industries affect the growth and development of geothermal energy industries. Geothermal energy has potential to be reliable and sustainable source of renewable energy. It faces various challenges including financial and regulatory barriers. It also faces competition from traditional fossil fuels such as oil and gas. Addressing these challenges promote the growth of the geothermal industry. Utility fittings are from materials that ensure the devices resist rust and corrosion. This ensures the devices have a long serviceable life. The various ways that oil and gas affect the growth of the geothermal is as discussed below.
· Competition
Oil and gas industries are reputable in the market which increases the competition. This is because the technology requires financial investment and development to become workable.
· Funding and subsidies
Oil and gas industries restrict the development of renewable energy sources. This makes it difficult for geothermal energy sector to secure funding and subsidies from governments. The funding and subsidies could help speed up the growth of the geothermal energy.
· Infrastructure
Oil and gas industries have established infrastructure which allows them to distribute energy. Infrastructure for geothermal energy is costly and time consuming to build. This which makes it challenging for the energy to enter the market.
· Exploration
Exploration and development of geothermal energy involves some risks and uncertainties. This serves as a barrier for entry of investors which make it hard to develop. Oil and gas industries have developed over the years which make it easier to invest in those.
How geothermal energy sustain itself in the market
Geothermal energy industry has faced a lot of challenges addressed above. The main challenge is the high cost of development. The industry can sustain itself by implementing certain strategies that address the challenges. Utility fittings protect the overhead devices from external damages from various elements. The various strategies are as follows:
1. Reduce costs
Reducing costs of development may enable the sector to explore new technologies. This may also help improve the existing ones. These technologies include drilling, reservoir engineering and heat transfer systems. This will ensure that the geothermal industry is affordable and increase its competition. with traditional fossil fuels.
2. Funding and investment
The sector needs to secure investment from governments, private investors and financial institutions. This will speed up the development of the technologies and bring them to the market.
3. Collaboration with renewable sources
Collaborating with other renewable energy helps geothermal energy sector to overcome the challenges. These is through wind and solar power to provide a stable and reliable energy supply.
4. Developing infrastructure
Policies and regulations that support development of infrastructure may bring geothermal to the market. These include transmission lines and power plants.
5. Public awareness
Promoting public awareness about the benefits of using the energy is vital in the success of the sector. This is through policy makers and community leaders to promote the awareness on the industry. Some of the key details to advocate for is the reduce emissions of greenhouse gases, reliable and sustainable energy source.