Philippines Geothermal Energy Market Introduction and Overview
According to SPER Market Research, the Philippines Geothermal Energy Market is estimated to reach USD XX billion by 2033 with a CAGR of 2.09%.
The report includes an in-depth analysis of the Philippines Geothermal Energy Market, encompassing product mix, applications, supplier analysis, market size and trends. Geothermal energy is the heat stored within the earth. Geothermal energy is considered renewable due to the constant production of heat within the earth. Geothermal energy is dependable, eco-friendly, affordable, and sustainable. It emits fewer greenhouse gases stored deep within the earth than fossil fuels. Geothermal energy may be extracted without using additional fuel. Geothermal energy exists all throughout the planet, but only a small portion of it can be used for heating and power generation.
- In October 2022, the Philippine renewable energy company Energy Development Corp (EDC) teamed with Toshiba Energy Systems & Solutions Corp. and Toshiba (Philippines) Inc. to deliver a 20-MW flash geothermal power plant in the southern area of the island of Luzon.
Market Opportunities and Challenges
Opportunities- Geothermal energy investment and project development have increased significantly. Governments, private corporations, and international organisations are rapidly recognising geothermal energy's promise as a clean and reliable source of power, resulting in new projects and the expansion of existing ones. Geothermal power generation has become more efficient as technology has advanced. Innovations in drilling techniques, reservoir management, and power plant design have made geothermal energy more viable and appealing to investors and stakeholders. Geothermal district heating systems have grown in popularity in cities, offering low-cost, environmentally friendly heating solutions for both residential and commercial properties. This trend is especially strong in nations with abundant geothermal resources and an emphasis on decarbonising heating systems.
Challenges- Alternative Renewables Options Could impede the Market in the Long Run. Although geothermal energy is a useful source for a variety of household, commercial, and industrial uses, its availability and accessibility are not comparable. Energy distribution is limited to specified sites and localities. Furthermore, geothermal electricity is regarded as one of the most comprehensive sources due to the high costs associated with drilling and plant construction. The cost of a one-megawatt geothermal plant ranges from $2 million to $7 million. Other renewable energy sources, such as onshore wind, offshore wind power, and solar photovoltaics, continue to be more affordable due to lower manufacturing costs. So, in the long run, other renewable sources are projected to reduce geothermal energy's market share.
Market Competitive Landscape
The market for geothermal energy in the Philippines is consolidated. The following companies are some of the major players in this market: Aragorn Power and Energy Corporation (APC Group Inc), National Power Corporation, Energy Development Corporation, Aboitiz Power Corporation, and Philippine Geothermal Production Company Inc.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Technology Type
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| Regions covered | Eastern Region, Western Region, Southern Region and Northern Region
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| Companies Covered | 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.
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COVID-19 Impact on Philippines Geothermal Energy Market
The advent of the COVID-19 pandemic had a significant impact on the geothermal energy business due to various disruptions across the worldwide supply chain, as well as a reduction in investment from market players in prospective projects. Aside from annual capacity additions in geothermal power, which are expected to fuel the geothermal power market, several projects are being delayed due to COVID-19 and lockout measures implemented by numerous countries around the world.
Key Target Audience:
- Government and Regulatory Bodies
- Geothermal Energy Developers and Operators
- Investors and Financial Institutions
- Electricity Utilities and Power Distributors
- Environmental Organizations
- Technology and Equipment Suppliers
- Research and Academic Institutions
- Local Communities and Landowners
- Industrial and Commercial Energy Consumers
- Consulting and Engineering Firms
Our in-depth analysis of the Philippines Geothermal Energy Market includes the following segments:
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By Technology Type:
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Ground Source Heat Pump
Direct Use Geothermal
Deep Geothermal System
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Key Topics Covered in the Report:
- Philippines Geothermal Energy Market Size (FY’2024-FY’2033)
- Overview of Philippines Geothermal Energy Market
- Segmentation of Philippines Geothermal Energy Market by Technology Type (Ground Source Heat Pump, Direct Use Geothermal, Deep Geothermal System)
- Statistical Snap of Philippines Geothermal Energy Market
- Expansion Analysis of Philippines Geothermal Energy Market
- Problems and Obstacles in Philippines Geothermal Energy Market
- Competitive Landscape in the Philippines Geothermal Energy Market
- Impact of COVID-19 and Demonetization on Philippines Geothermal Energy Market
- Details on Current Investment in Philippines Geothermal Energy Market
- Competitive Analysis of Philippines Geothermal Energy Market
- Prominent Players in the Philippines Geothermal Energy Market
- SWOT Analysis of Philippines Geothermal Energy Market
- Philippines Geothermal Energy Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Philippines Geothermal Energy Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Philippines Geothermal Energy Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Philippines Geothermal Energy Market
7. Philippines Geothermal Energy Market, By Technology Type (USD Million) 2020-2033
7.1. Philippines Geothermal Energy Market Size, Share and Forecast, By Technology Type, 2020-2026
7.2. Philippines Geothermal Energy Market Size, Share and Forecast, By Technology Type, 2027-2033
7.3. Ground Source Heat Pump
7.4. Direct Use Geothermal
7.5. Deep Geothermal System
8. Philippines Geothermal Energy Market Forecast, 2020-2033 (USD Million)
8.1. Philippines Geothermal Energy Market Size and Market Share
9. Philippines Geothermal Energy Market, By Region, 2020-2033 (USD Million)
9.1. Philippines Geothermal Energy Market Size and Market Share By Region (2020-2026)
9.2. Philippines Geothermal Energy Market Size and Market Share By Region (2027-2033)
9.3. Eastern Region
9.4. Western Region
9.5. Southern Region
9.6. Northern Region
10. Company Profile
10.1. Philippine Geothermal Production Company, Inc
10.1.1. Company details
10.1.2. Financial outlook
10.1.3. Product summary
10.1.4. Recent developments
10.2. Energy Development Corporation
10.2.1. Company details
10.2.2. Financial outlook
10.2.3. Product summary
10.2.4. Recent developments
10.3. Aboitiz Power Corporation
10.3.1. Company details
10.3.2. Financial outlook
10.3.3. Product summary
10.3.4. Recent developments
10.4. Aragorn Power and Energy Corporation (APC Group Inc)
10.4.1. Company details
10.4.2. Financial outlook
10.4.3. Product summary
10.4.4. Recent developments
10.5. National Power Corporation
10.5.1. Company details
10.5.2. Financial outlook
10.5.3. Product summary
10.5.4. Recent developments
10.6. Pure Energy Holdings Corporation
10.6.1. Company details
10.6.2. Financial outlook
10.6.3. Product summary
10.6.4. Recent developments
10.7. Others
11. Conclusion
12. List of Abbreviations
13. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
