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Decarbonization with Next-Generation Geothermal
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Decarbonization with Next-Generation Geothermal

Marko Lackovic, Kar Min Lim, Bryan Tam, Fachry Frisandi, Jaime Ruiz-Cabrero, Alex Dolya, Tomislav Corak and Ivan Kozak
Boston Consulting Group, 2022
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Editorial Rating

9

Qualities

  • Applicable
  • Eye Opening
  • Visionary

Recommendation

In 2020, the world had the capacity to generate 15.7 gigawatts (GW) of electricity from geothermal sources. In 2025, capacity is projected to reach 18 GW. That’s about a $7 billion global market for equipment and services. That’s progress…or at least it seems like it until you realize that total geothermal resources around the world could produce an estimated 600 GW of electricity, worth more than $100 billion. How can key players unlock all that potential? This report from the Boston Consulting Group describes how geothermal could become competitive with other means of energy production.

Take-Aways

  • Geothermal energy is reliable, renewable, and so far, underutilized.
  • The upfront costs are daunting, but technological advances and mineral demand are making geothermal a more competitive option.
  • Geothermal energy has great potential for economic growth, and governments and companies that brave the challenges and invest wisely will reap the benefits.

About the Authors

Marko Lackovic, Kar Min Lim, Bryan Tam, Fachry Frisandi, Jaime Ruiz-Cabrero, Alex Dolya, Tomislav Corak and Ivan Kozak are professionals with the Boston Consulting Group.

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