The Philippines geothermal energy market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. Growth of the market is attributed to rising electricity demand from the off grid remote locations and growing research and developments activities and investments for the advanced technologies.
Geothermal energy is the heat within the earth. Geothermal energy is a renewable source of energy due to continuous production oh heat inside the earth. Geothermal energy is reliable, environmentally friendly, cost-effective, and sustainable. It releases greenhouse gases trapped deep within the earth which are less than those of fossil fuels. Geothermal energy can be extracted without burning any extra fuel. The geothermal energy is available all over the earth but there is very limited percentage of energy which can be harnessed for heating applications and power generation.
The Philippines is one of the world’s top producers of geothermal energy. In 2017, the international renewable energy agency anticipates the Philippines net installed geothermal energy capacity to at 1.9 gigawatts out of the global geothermal installed capacity of 12.7 gigawatts. It also estimates that the country can generate 2.1 gigawatts from geothermal sources by 2025. Countries geothermal capacity in 2015 was 1916 megawatts and increased to 1928 megawatts by the year 2019. Moreover the government has planned to generate more than 500 gigawatts hour’s electricity from the geothermal energy by the end of 2030.
Philippines is geographically present in the Pacific-Ring of the fire site, makes the country suitable for the activities related to geothermal energy. The government of Philippines is providing subsidies and incentives for the projects which are related to renewable energy in the country and the step was taken to attract more domestic investors in the country.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for the renewable energy is expected to propel the market during the forecast period.
- Supportive government policies are expected to boost the market in the coming years.
- Rising greenhouse gas emission is increasing the demand for geothermal energy act as major factor boosting the market during the forecast period.
- Rapid growth of the industrial sector is major factor driving the market during the forecast period.
- High investment required for geothermal energy plants is anticipated to hinder the market growth.
- Negative impact of geothermal energy on the environment act as main challenge that can impede the market in the coming years.
- Increasing financing by government is expected to create significant opportunities for the market players.
- R&D investment and technological advancement in the geothermal energy market is projected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the Philippines geothermal energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Philippines Geothermal Energy Market -Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technology Types (Direct Use Geothermal, Ground Source Heat Pump, and Deep Geothermal System)
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Country
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Philippines
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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National Power Corporation, Energy Development Corporation, Aboitiz Power Corporation, Philippine Geothermal Production Company, Inc., and Aragon Power and Energy Corporation (APC Group Inc.)
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Market Segment Insights:
The deep geothermal system segment is projected to constitute a major market share
In terms of technology types, the Philippines geothermal energy market is segregated into direct use geothermal, ground source heat pump, and deep geothermal system. The deep geothermal system segment is expected to hold a key share of the market in the coming years due to it can reliably provide heat for direct use applications at lower costs than other energy sources. Deep geothermal is the natural heat found beneath the earth’s surface. Deep geothermal comes from red hot core of our planet, the friction between rocks and the decay of radioactive elements on the earth’s crust.
Direct use geothermal technology is the use of underground hot water for heating buildings, growing plants in greenhouse, pasteurize milk, heat water for fish farming, dehydrate onions and garlic’s, and other applications. Direct use geothermal has various technology options such as downhole pumps, distribution networks, refrigerating systems, and heat exchangers.
Ground source heat pumps is a heating or cooling system for buildings which uses heat pump to transfer heat from or to ground owing to relatively seasonal constancy of temperatures of the earth through seasons. It is most energy efficient technology for providing water heating and heating, ventilation, and air conditioning using lower energy than other renewable source of energy.
Segments
Segments Covered in the Report
The Philippines geothermal energy market has been segmented on the basis of
SEGMENT
- Direct Use Geothermal
- Ground Source Heat Pump
- Deep Geothermal System
Key Players
- National Power Corporation
- Energy Development Corporation
- Aboitiz Power Corporation
- Philippine Geothermal Production Company, Inc.
- Aragon Power and Energy Corporation (APC Group Inc.)
Competitive Landscape
Key players competing in the Philippines geothermal energy market include National Power Corporation, Energy Development Corporation, Aboitiz Power Corporation, Philippine Geothermal Production Company, Inc., and Aragon Power and Energy Corporation (APC Group Inc.).
Some of these players are focusing on several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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