Market Size of Philippines Geothermal Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Geothermal Energy in the Philippines Market Analysis
The Philippine geothermal energy Market is projected to register a CAGR of around 1.5 % during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as rising energy demand and the demand for cleaner energy are expected to drive the growth of the Philippine geothermal energy market during the forecast period.
- On the other hand, low domestic investment due to the high installation cost of the geothermal plants is expected to restrain the Philippine geothermal energy market in the forecast period.
- Nevertheless, due to its favorable geological characteristics, the deep geothermal system sector is anticipated to experience significant expansion in the Philippine geothermal energy market. By 2040, the Philippine government hopes to stop using coal and shift its attention to renewable and natural gas energy sources. This can create several opportunities for the Philippines geothermal energy market in the future.
- Favorable government policies and incentives on renewable energy are likely to drive the Philippine geothermal energy market during the forecast period.
