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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Philippines Geothermal Energy Market Size
The Philippines geothermal energy market is projected to grow at a CAGR of 2.1% between 2024 and 2032, due to increasing government efforts to expand its share in renewable energy production.
| Philippines Geothermal Energy Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | XX |
| Market Size 2032 | USD Million | XX |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 2.1% |
| CAGR 2024-2032 - Market by Type | Direct Use Geothermal | 2.6% |
| 2023 Market Share by Type | Ground Source Heat Pump | XX% |
Philippines Geothermal Energy Market Outlook
- 2/10 largest geothermal power projects in the world are in the Philippines.
- The Philippines has an installed geothermal energy production capacity of 3,200MW.
- The Philippines plans to double its installed capacity for geothermal energy by 2040.
Philippines Geothermal Energy Market Growth
Nearly 25% of the world’s total geothermal energy is produced in Southeast Asia. The Philippines, which is situated along the Ring of Fire in the Pacific Ocean, is home to 7 geothermal fields, which produce 12% of its overall electricity. The Philippines Department of Energy plans to increase its medium (2021-25) and long term (2026-2030) geothermal energy production capacity to 288 MW and 900 MW, respectively. The government of the Philippines aims to achieve an additional installed capacity of 1,371 MW by 2030, which is expected to make it a key competitor of the United States, which has an installed capacity of 3,676 MW.
The Philippines is the third largest producer of geothermal energy, followed by Indonesia and the United States. Three geothermal power projects with an additional capacity of 48 MW are expected to start functioning in 2024 while projects worth an aggregate capacity of 381 MW are currently undergoing feasibility studies in the Philippines. In 2022, geothermal energy accounted for 9.3% of overall electricity production. It is expected to remain the leading source of non-hydropower renewable energy, constituting 64% of the overall clean energy production in the country. As per the Philippines Department of Energy, the country has nearly 145 geothermal hostpot areas, which can play a significant role in the shift towards energy sustainability in the country.
Philippines Geothermal Energy Industry Segmentation
Philippines Geothermal Energy Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology Type
- Ground Source Heat Pump
- Direct Use Geothermal
- Deep Use Geothermal System
| CAGR 2024-2032 - Market by | Type |
| Direct Use Geothermal | 2.6% |
| Ground Source Heat Pump | XX% |
| Deep Use Geothermal System | XX% |
Philippines Geothermal Energy Market Share
Based on type, the market is segmented into ground source heat pump, direct use geothermal, and deep use geothermal system. Over the forecast period, direct use geothermal is projected to grow at a CAGR of 2.6% between 2024 and 2032 due to the high demand for heating in residential and industrial spaces.
Leading Companies in the Philippines Geothermal Energy Market
In July 2024, the Energy Development Corporation inaugurated a new power plant for geothermal energy production in Manito, Albay. This plant utilises the brine produced by the company’s BacMan facility to produce geothermal energy with the help of binary technology.
- Philippine Geothermal Production Company, Inc.
- Energy Development Corporation
- Aboitiz Power Corporation
- APC Group, Inc.
- Pure Energy Holdings Corporation
- First Gen Corporation
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Technology Type |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Philippines Geothermal Energy Market Report Snapshots
Philippines Geothermal Energy Market Size
Philippines Geothermal Energy Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 2.1% between 2024 and 2032.
The different types of geothermal energy in the market are ground source heat pump, direct use geothermal, and deep use geothermal system.
The growing production of renewable energy and the availability of geothermal resources are the major drivers of the market.
The key trends aiding the market include technological advancements and the expansion of geothermal energy production.
The key market players are Philippine Geothermal Production Company, Inc., Energy Development Corporation, Aboitiz Power Corporation, APC Group, Inc., Pure Energy Holdings Corporation, and First Gen Corporation, among others.
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