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Base Year
Historical Year
Forecast Year
The Philippines power EPC market reached approximately USD 362.20 million in 2023. The market is projected to grow at a CAGR of 5.9% between 2024 and 2032, reaching a value of around USD 606.75 million by 2032.
Philippines Power EPC Market Report Summary | Description | Value |
Base Year | USD Million | 2023 |
Historical Period | USD Million | 2018-2023 |
Forecast Period | USD Million | 2024-2032 |
Market Size 2023 | USD Million | 362.20 |
Market Size 2032 | USD Million | 606.75 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 5.9% |
CAGR 2024-2032 - Market by Type | Renewable | 6.7% |
Market Share by Type | Thermal | 30.0% |
The Department of Energy (DOE) in the Philippines anticipates the commissioning of almost 4.2 GW of new power projects by the end of 2024, which involves a combination of renewable and conventional sources. This includes the commencement of commercial operations for a solar power capacity of nearly 2 GW (1,985 MW) in 2024, as well as the development of two large thermal power plants - the Batangas CCGT power project with a capacity of 1,320 MW (4x440 MW) and the Mariveles coal-fired power project with a capacity of 600 MW (4x150 MW, with unit 1 already operational and the other 3 units undergoing testing and commissioning). Furthermore, around 590 MW of battery energy storage is expected to be commissioned within the year.
The swift expansion of the Philippines' economy and population has led to a significant increase in energy needs. This upsurge in demand has required the enlargement of the power infrastructure, leading to the commencement of several engineering, procurement, and construction (EPC) endeavours.
To meet the objectives outlined in the Renewable Energy Roadmap 2020-2040, which seeks to achieve 35% of renewables in the power mix by 2030 and 50% by 2040 under a Clean Energy Scenario (CES) (35% in a Reference Scenario (REF)), the country will require PHP 25.3bn (US$490m) of green investments for pre-development under the CES scenario and PHP 17.9bn (US$347m) under the REF scenario.
“Philippines Power EPC Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
CAGR 2024-2032 - Market by | Type |
Renewable | 6.7% |
Nuclear | 6.0% |
Thermal | XX% |
Oil and Gas | XX% |
Others | XX% |
Market Breakup by Type
Based on type, the market is segmented into thermal, oil and gas, renewable, and nuclear, among others. The renewable segment is projected to grow at a CAGR of 6.7% during the forecast period of 2024-2032. Renewable energy sources are continuously replenished, ensuring a dependable energy supply. The utilisation of renewable energy greatly diminishes greenhouse gas emissions and pollution in comparison to traditional fossil fuels. This aids in combating climate change and lowering air and water pollution.
Market Share by | Type |
Thermal | 30% |
Oil and Gas | XX% |
Renewable | XX% |
Nuclear | XX% |
Others | XX% |
Major players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 362.20 million.
The market is estimated to grow at a CAGR of 5.9% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 606.75 million by 2032.
The market is being driven by rapid urbanisation and rising infrastructure development projects.
The key trends aiding the market expansion include the growing adoption of renewable energy and the expansion of grid infrastructure.
The different types of power EPC in the market include thermal, oil and gas, renewable, and nuclear, among others.
The major players in the market are First Balfour, Inc., EEI Corporation, MERALCO INDUSTRIAL ENGINEERING SERVICES CORPORATION, Aboitiz Construction, Inc., D.M. Consunji, Inc., Sta. Clara International Corporation, and JGC Philippines, Inc. among others.
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Australia
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India
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+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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