Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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 Market Report Snapshots

Philippines Geothermal Energy Market Size

Philippines Geothermal Energy Market Growth

Philippines Geothermal Energy Market Share

Philippines Geothermal Energy Companies

 

*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 2025 and 2034.

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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+61-448-061-727

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63-287-899-028, +63-967-048-3306

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