Philippines Renewable Energy Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 9.81 gigawatt |
| Market Volume (2029) | 27.16 gigawatt |
| CAGR (2024 - 2029) | 22.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Philippines Renewable Energy Market Analysis
The Philippines Renewable Energy Market size in terms of installed base is expected to grow from 9.81 gigawatt in 2024 to 27.16 gigawatt by 2029, at a CAGR of 22.60% during the forecast period (2024-2029).
- Over the medium term, factors such as increasing demand for renewable energy, reduced tariffs on renewable energy, and government policies will likely drive the market during the forecast period.
- On the other hand, the country's inefficient grid infrastructure and many islands are expected to restrain the market.
- Nevertheless, the growing focus on achieving zero-emission targets, including targets for increasing clean power generation, will likely present significant opportunities in the Philippine renewable energy market.
Philippines Renewable Energy Market Trends
The Solar Energy Segment is Expected to Experience Significant Growth
- Solar energy provides an immediate solution to the country's growing energy needs. With steadily falling costs of solar power equipment and the short time needed to install and commission solar power projects, solar systems are increasingly becoming popular among consumers and industries across the Philippines. As of 2022, in the Philippines, solar energy capacity reached 1,625 MW.
- The nation's expanding energy requirements have an immediate solution in the form of solar energy. Solar power systems are becoming increasingly popular among consumers and businesses throughout the Philippines due to the continually decreasing costs of solar power equipment and the easy installation and commissioning times. Due to the decline in prices and favorable government policies, the country is witnessing increasing installations of solar energy power plants during the forecast period.
- In January 2023, Solar Philippines announced its plan to convert lands in Nueva Ecija and Bulacan for solar energy projects. According to the company, preparation for over 3,000 hectares will start in the first quarter of 2023, and conversion will start in the fourth quarter of that year.
- In January 2022, Solar Philippines Nueva Ecija Corporation announced plans for asset swaps with its parent company to enable Solar Philippines Nueva Ecija Corporation to develop 10 GW of solar projects. The asset-for-share is subject to a third-party valuation.
- Thus, considering the above points, solar energy will likely experience significant growth during the forecast period.
Upcoming Projects are Driving the Market Demand
- The National Renewable Energy Program has set indicative interim targets and seeks to increase the country's renewable energy-based capacity to an estimated 15 GW by 2030. The country has seen several projects recently to build capacity and will likely witness more during the forecast period. As of 2022, in the Philippines, renewable energy capacity reached 7,670 MW.
- In January 2022, Blue Circle and CleanTech Global Renewable Inc. secured the right to develop a 1.2 GW offshore wind park in the Philippines. The location of the project is off Bulalacao, Mindoro province.
- In January 2022, the Philippine government opened a tender to deploy 2 GW renewable energy capacity across the Luzon, Visayas, and Mindanao islands. The target for the three regions was 1,400 MW, 400 MW, and 200 MW, respectively. The projects are further slotted into solar, wind, and biomass-based renewable energy plants, which may ultimately drive the market in the country during the forecast period.
- In February 2023, Alternergy Holdings Corp. announced receiving three service contracts for its offshore wind projects over Tablas Strait in the Philippines. The company has secured awards from the Philippines Department of Energy (DoE) for its wind unit, Pililla AVPC Corp., for the Tablas Strait offshore wind.
- Many more projects are in development, slated to be commissioned during the forecast period, and are likely to aid the market's growth.
- Therefore, based on the above points, upcoming renewable energy projects are expected to drive the Philippine renewable energy market during the forecast period.
Philippines Renewable Energy Industry Overview
The Philippines' renewable energy market is moderately consolidated. Some of the major players in the market (in no particular order) include Philippine Geothermal Production Company Inc., Aboitiz Power Corporation, National Power Corporation, Vena Energy, and Solar Philippines Power Projects Holdings Inc., among others.
Philippines Renewable Energy Market Leaders
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Vena Energy
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National Power Corporation
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Aboitiz Power Corporation
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Philippine Geothermal Production Company, Inc.
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Solar Philippines Power Projects Holdings Inc.
*Disclaimer: Major Players sorted in no particular order
Philippines Renewable Energy Market News
- November 2023: ACCIONA Energía has announced that it has been awarded, together with its local partner Freya Renewables, development rights for a 160MW wind farm in The Philippines. The contract has been awarded by the Philippine Department of Energy (DOE) through its fourth Open and Competitive Selection Process (OCSP4) for hydropower, geothermal, and wind energy resources. It entails exploration, development, and utilization of rights of wind resources in a predetermined area in the municipality of Pantabangan, 150 kilometers north of Manila.
- September 2022: Ahunan Power announced an acquisition of a majority stake in Olympia Violago Water and Power (OVWPI), a renewable energy developer. This company owns the rights to develop a 500 MW pumped hydro storage project.
- June 2022: The Philippines Department of Energy announced the grant of 19 contracts to develop around 1.57 GW of renewable energy projects under the first round of the 2 GW Green Energy Auction Program (GEAP). This auction was held for the country's hydro, solar, wind, and biomass projects.
Philippines Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, 2022
4.3 Renewable Energy Installed Capacity and Forecast, in GW, till 2028
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.1.1 Favorable Government Policies
4.6.1.2 Increasing Demand for Renewable Energy
4.6.2 Restraints
4.6.2.1 Inefficient Grid Infrastructure and A High Number Of Islands in the Country
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Solar
5.1.2 Wind
5.1.3 Hydro
5.1.4 Other Types
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Solar Philippines Power Projects Holdings Inc.
6.3.2 Solenergy Systems Inc.
6.3.3 Vena Energy
6.3.4 Solaric Corp.
6.3.5 Trina Solar Co. Ltd.
6.3.6 Alternergy Philippine Holding Corp.
6.3.7 AC Energy Inc.
6.3.8 Vestas Wind Systems AS
6.3.9 National Power Corporation
6.3.10 Philippine Geothermal Production Company Inc.
6.3.11 Aboitiz Power Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Developing Floating PV Parks in the Stable Backwater Areas of the Country
Philippines Renewable Energy Industry Segmentation
Renewable energy refers to energy sources that are naturally replenished and will not be depleted over time, such as solar, wind, hydro, geothermal, and biomass energy. Unlike fossil fuels like coal, oil, and natural gas, which are finite resources and will eventually run out, renewable energy is sustainable and can be continuously harnessed without depleting the earth's resources.
The Philippines' renewable energy market is segmented by type. By type, the market is segmented into solar, wind, hydro, and other types. The market size and forecasts have been done for each segment based on capacity (gigawatts).
| Type | |
| Solar | |
| Wind | |
| Hydro | |
| Other Types |
Philippines Renewable Energy Market Research FAQs
How big is the Philippines Renewable Energy Market?
The Philippines Renewable Energy Market size is expected to reach 9.81 gigawatt in 2024 and grow at a CAGR of 22.60% to reach 27.16 gigawatt by 2029.
What is the current Philippines Renewable Energy Market size?
In 2024, the Philippines Renewable Energy Market size is expected to reach 9.81 gigawatt.
Who are the key players in Philippines Renewable Energy Market?
Vena Energy, National Power Corporation, Aboitiz Power Corporation, Philippine Geothermal Production Company, Inc. and Solar Philippines Power Projects Holdings Inc. are the major companies operating in the Philippines Renewable Energy Market.
What years does this Philippines Renewable Energy Market cover, and what was the market size in 2023?
In 2023, the Philippines Renewable Energy Market size was estimated at 8 gigawatt. The report covers the Philippines Renewable Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Renewable Energy in Philippines Industry Report
Statistics for the 2024 Renewable Energy in Philippines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Renewable Energy in Philippines analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
