Philippines Wind Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Philippines Wind Energy Market Analysis
The Philippine wind energy market is estimated to install 450 Megawatt by the end of this year and is projected to reach 932.9 Megawatt in the next five years, registering a CAGR of over 15.7% during the forecast period.
- Over the medium period, increased demand for renewable energy, favorable government policies, and the reduced wind power tariff is expected to drive the wind energy market in the Philippines. The Philippines has extensive wind potential among Southeast Asian countries, expected to drive the market's growth during the forecast period.
- On the other hand, the increasing adoption of alternate clean power sources such as solar and biomass and the availability of fossil fuels are likely to restrain the growth of the wind energy market in the coming years.
- Nevertheless, the integration of artificial intelligence (AI), Internet of Things(IoT), robotics, and data analytics in wind turbines will enable advanced condition monitoring and predictive maintenance, resulting in increased efficiency and reduced operational and maintenance costs, which is likely to provide the opportunity for growth in the deployment of wind turbines in coming future.
Philippines Wind Energy Market Trends
Onshore Wind Energy Segment is Expected to Dominate the Market
- As energy demand rises, wind turbines are helping the Philippines diversify its energy sources beyond fossil fuels and generating power.
- According to the National Renewable Energy Plan, the Philippines has set the goal of adopting an additional 1,548MW of renewable energy by 2030. A breakdown reveals that wind power is expected to account for the most significant share at 38% (593MW).
- Additionally, according to International Renewable Energy Agency, as of 2022, the Philippines' total onshore wind energy capacity accounted for 443 MW. With the country's wind energy potential and companies investing in onshore wind energy, the installed capacity is expected to increase in the forecast period.
- Moreover, in May 2023, MingYang Smart Energy agreed to supply more than 300MW of wind turbines for two wind farms developed in the Philippines by Singaporean developers Vena Energy. Vena Energy had purchased 49 MySE 6.25-172 turbines for both wind farms. Installation is scheduled for 2024 at both Talim and Sembrano. These wind projects are expected to drive the onshore wind energy market during the forecast period.
- Thus, owing to the above points onshore wind energy segment is expected to dominate the market.
Wind Potential is Expected to Drive the Market
- The greatest wind resources of the Philippines are in northern and central areas, such as Batanes and Babuyan, and the north and central Luzon areas. Because of the high potential of wind energy in the country, wind energy developers are interested in commercializing wind energy in the Philippines.
- The Philippines has 11,055 km2 of windy land estimated to have good-to-excellent wind resource potential. Wind speeds at these sites range from 6.4 meters per second (m/s) to 10.1 m/s, with wind-power-density values of 300-1,250 Watts per square meter (W/m2 ). Using conservative assumptions of about 7 MW/km2, these areas will support more than 77,000 MW of potential installed capacity, providing more than 195 billion kWh per year.
- According to International Renewable Energy Agency, as of 2022, the Philippines' total wind energy capacity accounted for 443 MW. Additionally, the government aims to expand significantly the country's wind capacity in the coming years and targets 35% of energy generation from renewables by 2035 and 40% by 2040.
- Moreover, in January 2022, Iderbola SA signed an agreement with Triconti ECC Renewables to construct five offshore wind projects with up to 3.5 GW capacity in the upcoming years. This project helps the Philippines promote its National Renewable Energy Program (NREP) for 2020-2040, which has set a target of a 35% share of renewable energy in the power generation mix by 2030 and a 50% share by 2040.
- Therefore factors such as huge wind energy potential and increasing investments in the country's renewable energy sector are expected to drive the market studied in the coming years.
Philippines Wind Energy Industry Overview
The Philippine wind energy market is moderately consolidated. Some of the key players in this market (in no particular order) include Vestas Wind Systems AS, Alternergy Ltd, AC Energy Inc., PetroEnergy Resources Corporation, and General Electric Company.
Philippines Wind Energy Market Leaders
-
Alternergy Ltd
-
AC Energy Inc.
-
General Electric Company
-
PetroEnergy Resources Corporation
-
Vestas Wind Systems A/S
*Disclaimer: Major Players sorted in no particular order
Philippines Wind Energy Market News
- June 2023: BlueFloat Energy, a Spanish offshore wind developer, is expected to build a 7.6GW portfolio of offshore wind projects in the Philippines. Central Luzon, South Luzon, Northern Luzon, and Southern Mindoro would be the locations for the portfolio. The company has acquired wind energy service contracts for the installations, which range in size from 1.5GW to 3.5GW.
- March 2023: The Department of Energy of the Philippines inked three contracts with a Danish fund manager for offshore wind energy development projects totaling 2,000 megawatts. The service contracts with Copenhagen Infrastructure New Markets Fund (CINMF) would have a 25-year operational lifetime, the first foreign corporation permitted to own a 100% stake in Philippine offshore wind energy.
- January 2022: The Blue Circle and its partner CleanTech Global Renewables Inc. signed a contract to construct an offshore wind project in the Philippines with a capacity of 1.2 GW located in Bulalacao, Oriental Mindoro. The wind farm will feature 100 turbines with a unit capacity of 12 MW.
Philippines Wind 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 Installed Capacity and Forecast in MW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increased Demand for Renewable Energy and Favorable Government Policies
4.5.1.2 The Reduced Wind Power Tariff
4.5.2 Restraints
4.5.2.1 The Increasing Adoption of Alternate Clean Power Sources Such as Solar and Biomass
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
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 Vestas Wind Systems AS
6.3.2 Alternergy Ltd
6.3.3 AC Energy Inc.
6.3.4 PetroEnergy Resources Corporation
6.3.5 General Electric Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Integration of Artificial Intelligence (AI), Internet of Things(IoT), Robotics, and Data Analytics in Wind Turbines
Philippines Wind Energy Industry Segmentation
Wind energy harnesses the wind to generate mechanical power or electricity. Wind turbines transform wind kinetic energy into mechanical power. This mechanical power can be employed for specialized tasks (such as grain grinding or water pumping) or converted into electricity by a generator. The Philippine wind energy market is segmented by location of deployment. By location of deployment, the market is segmented into onshore and offshore. The market size and forecasts for each segment have been done regarding installed capacity (MW).
| Location of Deployment | |
| Onshore | |
| Offshore |
Philippines Wind Energy Market Research FAQs
What is the current Philippines Wind Energy Market size?
The Philippines Wind Energy Market is projected to register a CAGR of greater than 15.70% during the forecast period (2024-2029)
Who are the key players in Philippines Wind Energy Market?
Alternergy Ltd , AC Energy Inc. , General Electric Company , PetroEnergy Resources Corporation and Vestas Wind Systems A/S are the major companies operating in the Philippines Wind Energy Market.
What years does this Philippines Wind Energy Market cover?
The report covers the Philippines Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Energy in the Philippines Industry Report
Statistics for the 2024 Philippines Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Philippines Wind Energy analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
