Philippines Geothermal Energy Market Report and Forecast 2025-2034

The Philippines geothermal energy market is projected to grow at a CAGR of 2.10% between 2025 and 2034, due to increasing government efforts to expand its share in renewable energy production.

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 2025-2034 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

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 2025 and 2034 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

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