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Philippines Power Generation EPC Market Size (2024 - 2029)

The Philippines Power Generation EPC Market is projected to experience growth over the forecast period, driven by increasing energy demand and various power plant projects. Despite challenges such as the high costs and complexities associated with coal-fired and natural-gas-fired power plants, which may lead to project delays, the market is expected to expand. The government's strategy to phase out coal by 2040 and shift towards natural gas and renewable energy sources is anticipated to offer significant opportunities for the power generation EPC sector.

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Market Size of Philippines Power Generation EPC Industry

Philippines Power Generation EPC Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 383.98 Million
Market Size (2029) USD 535.90 Million
CAGR (2024 - 2029) 6.89 %
Market Concentration Medium

Major Players

Philippines Power Generation EPC Market Major Players

*Disclaimer: Major Players sorted in no particular order

Market Overview

The Philippines Power Generation EPC Market size is estimated at USD 383.98 million in 2024, and is expected to reach USD 535.90 million by 2029, growing at a CAGR of 6.89% during the forecast period (2024-2029).

  • Over the medium term, factors such as increasing energy demand and upcoming and ongoing power plant projects are expected to drive the power generation EPC market in the Philippines during the forecast period.
  • On the other hand, the complex and expensive nature of coal-fired and natural-gas-fired power plants, coupled with project delays, are expected to negatively impact the market.
  • The Philippine government plans to phase out coal usage by 2040 and focus more on energy production from natural gas and renewable sources. This, in turn, is expected to create several opportunities for power generation EPC companies in the near future.

Scope of the Report

Power EPC is a contract used to construct complex energy infrastructure projects and power generation, transmission, and distribution projects on a large scale. EPC stands for engineering, procurement, and commissioning. Engineering and procurement involve the detailed engineering design of a project and procuring all the equipment and raw materials necessary. Construction is related to delivering a functional facility to the client.

The Philippine power generation EPC market is segmented by power generation sources. By power generation sources, the market is segmented into conventional thermal power, hydropower, and non-hydro renewable power. For each segment, the market sizing and forecasts are based on revenue (USD).

Power Generation Source
Conventional Thermal Power
Hydro Power
Non-hydro Renewables
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Philippines Power Generation EPC Market Size Summary

The Philippines power generation EPC market is poised for significant growth over the forecast period, driven by increasing energy demand and a series of upcoming and ongoing power plant projects. The market is expected to expand as the government shifts its focus from coal to natural gas and renewable energy sources, creating opportunities for EPC companies. Despite the challenges posed by the complex and costly nature of coal and natural gas-fired power plants, the demand for conventional thermal power remains strong, with coal still contributing a substantial portion of the country's electricity generation. Large-scale projects, such as the construction of gas-fired power plants by San Miguel Corporation, are expected to bolster the market, requiring extensive engineering, procurement, and construction planning.

The Philippine power generation EPC market is moderately consolidated, with key players like UPC Renewables, AECOM, Black & Veatch Corp., JGC Philippines Inc., and Fluor Corporation actively participating. The government's commitment to enhancing the power generation capacity and grid stability is evident in its plans to commission numerous power projects, including renewable energy initiatives. Notable developments include the expansion of coal-fired power plants and the signing of power purchase agreements for solar power projects. These efforts, alongside the planned development of renewable energy projects in Western Visayas, are set to drive the growth of the EPC market, aligning with the country's energy transition goals.

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Philippines Power Generation EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increasing Energy Demand

        2. 1.5.1.2 Upcoming and Ongoing Projects of Power Plants

      2. 1.5.2 Restraints

        1. 1.5.2.1 Complexity and Expensive Nature of Coal-fired and Natural-gas-fired Power Plants

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation Source

      1. 2.1.1 Conventional Thermal Power

      2. 2.1.2 Hydro Power

      3. 2.1.3 Non-hydro Renewables

Philippines Power Generation EPC Market Size FAQs

The Philippines Power Generation EPC Market size is expected to reach USD 383.98 million in 2024 and grow at a CAGR of 6.89% to reach USD 535.90 million by 2029.

In 2024, the Philippines Power Generation EPC Market size is expected to reach USD 383.98 million.

Power Generation EPC in Philippines Market Report Snapshots

Philippines Power Generation EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)