Philippines Power EPC Market Growth Analysis - Forecast Trends and Outlook (2025-2034)

Philippines Power EPC Market Growth

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.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Philippines Power EPC Industry Segmentation

Philippines Power EPC Market Share

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 2025-2034. 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.

Leading Companies in the Philippines Power EPC Market

Major players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.

• First Balfour, Inc.

• EEI Corporation

• MERALCO INDUSTRIAL ENGINEERING SERVICES CORPORATION

• Aboitiz Construction, Inc.

• D.M. Consunji, Inc.

• Sta. Clara International Corporation

• JGC Philippines, Inc.

• Others