Geothermal energy is a green, low-carbon, recyclable, and renewable energy that has a big reserve, is widely distributed, clean, environmentally friendly, stable, and reliable. This type of energy uses heat below ground and can be used for a variety of applications, including power generation, heating, and cooling. With technological breakthroughs, energy is currently being captured at a large scale. The growing need for clean energy for a variety of uses leads to a growth in geothermal power generation around the world.

The Philippine government is offering significant incentives and subsidies for renewable energy projects across the country. This action was done by the country to attract greater domestic investment. The country's renewable energy sector is expanding rapidly. In 2019, the overall renewable installation capacity was 6695 megawatts (MW), up from 6577 megawatts in 2018. The Department of Energy (DOE) is the primary organisation in charge of enforcing the provisions of both renewable energy laws and their own rules and regulations. Programmes such as the Green Energy Options programme allow end users to pick renewable energy resources as their primary source of electricity. Because of the region's strong geothermal potential, such a programme is projected to promote geothermal energy in the country.

Challenges- Drilling, building, and operating wells in hostile geothermal conditions necessitates advanced techniques and technologies compared to drilling for water or oil and gas. Geothermal drilling wastes time due to wasted circulation, drill bit trips, and inefficiencies caused by low penetration rates and destructive drilling dynamics. Drilling efficiency and system performance are gradually improving, while the upfront drilling cost is dramatically increasing. Drilling activities account for a significant portion of the cost of geothermal development; therefore, more efficient drilling can minimise risk and expense while also increasing geothermal development in the near future. Companies are working to develop high-temperature, hard-rock geothermal drilling. Currently, geothermal drilling averages 125 feet per day through hard rock and crystalline formations, making it time-consuming and expensive compared to petroleum industry drilling.

The COVID-19 pandemic has been unprecedented and astounding, with geothermal energy consumption in all regions exceeding expectations compared to pre-pandemic levels. Despite the pandemic, the renewable energy sector has exhibited consistent year-on-year growth. According to the IEA, geothermal capacity increased by 500 MW in 2020. Although capacity addition growth was slower than the previous year, the market performed adequately overall.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Philippine Geothermal Production Company, Inc, Energy Development Corporation, Aboitiz Power Corporation, Aragorn Power and Energy Corporation (APC Group Inc), National Power Corporation, Pure Energy Holdings Corporation.

By Technology Type: Based on the Technology Type, Philippines Geothermal Energy Market is segmented as; Ground Source Heat Pump, Direct Use Geothermal, Deep Geothermal System.

By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.