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Decarbonization with Next-Generation Geothermal

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Decarbonization with Next-Generation Geothermal

Boston Consulting Group,

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Humans have been enjoying the benefits of hot springs since time immemorial. Why not use geothermal power for other uses as well? 

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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.

Summary

Geothermal energy is reliable, renewable, and so far, underutilized.

Demand for renewable energy will continue to grow during worldwide implementation of decarbonization policies. Estimates suggest that global adoption of geothermal energy production could generate around 600 gigawatts (GW) of power worth more than $100 billion.

Geothermal energy is abundant, green, and boasts an advantage that most renewables don’t: reliability. Wind and solar strain the power grid due to their inherent inconsistency; solar provides ample power while the sun is shining, but none at night, and on still days, wind energy is hard to come by. The steady nature of geothermal energy makes it a good choice, particularly for countries that don’t want to rely on...

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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