The Philippines geothermal energy market is projected to grow at a CAGR of 2.10% between 2026 and 2035, due to increasing government efforts to expand its share in renewable energy production.
Base Year
Historical Period
Forecast Period
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.
Compound Annual Growth Rate
2.1%
2026-2035
*this image is indicative*
| Philippines Geothermal Energy Market Report Summary | Description | Value |
| Base Year | USD Million | 2025 |
| Historical Period | USD Million | 2019-2025 |
| Forecast Period | USD Million | 2026-2035 |
| Market Size 2025 | USD Million | XX |
| Market Size 2035 | USD Million | XX |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 2.10% |
| CAGR 2026-2035 - Market by Type | Direct Use Geothermal | 2.6% |
| 2025 Market Share by Type | Ground Source Heat Pump | XX% |
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 Market Report and Forecast 2026-2035 offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology Type
| CAGR 2026-2035 - Market by | Type |
| Direct Use Geothermal | 2.6% |
| Ground Source Heat Pump | XX% |
| Deep Use Geothermal System | XX% |
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 2026 and 2035 due to the high demand for heating in residential and industrial spaces.
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.
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The market is projected to grow at a CAGR of 2.10% between 2026 and 2035.
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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology Type |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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