The Philippines power market reached around 118.25 TWh in 2024. The market is projected to grow at a CAGR of 4.20% between 2025 and 2034 to reach nearly 178.43 TWh by 2034.
Base Year
Historical Year
Forecast Year
Under the Philippine Energy Plan, the government plans to add 11,070 MW of additional solar power generation capacity.
In 2022, over 1 million rural households did not have access to electricity in the Philippines.
In 2024, the Philippines’ DOE is anticipating an increase of 38.57 MW in geothermal energy production capacity in Luzon.
Value in TWh
2025-2034
Philippines Power Market Outlook
*this image is indicative*
| Philippines Power Market Report Summary | Description | Value |
| Base Year | TWh | 2024 |
| Historical Period | TWh | 2018-2024 |
| Forecast Period | TWh | 2025-2034 |
| Market Size 2024 | TWh | 118.25 |
| Market Size 2034 | TWh | 178.43 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 4.20% |
| CAGR 2025-2034 - Market by Power | Renewable | 16.8% |
| 2024 Market Share by Power | Hydro | 7.7% |
By 2030, the installed power capacity in the Philippines is expected to reach 58.4MW due to the rising residential and industrial demand. By the same year, the demand for solar power is expected to witness the highest growth (600%) and reach 15.29 GW from merely 2.16 GW in 2020. Similarly, the demand for thermal power is expected to surge by 67% and reach 30.8GW by 2030. Presently, coal accounts for nearly 61.9% of the energy mix of the Philippines, which is expected to be gradually phased out as the government shifts its focus towards renewable energy sources. By 2030, the demand for renewable power is expected to surge by over 300% to reach 22.2 GW from 5.3 GW in 2020.
The National Total Electrification Scheme 2023-2032 aims to achieve 100% electrification of all the households in the Philippines by 2028 to foster economic prosperity and social progress while enhancing the quality of life for Filipinos and influencing income-generating activities for marginalised people. This is expected to increase the power demand substantially in the coming years.
The Philippines Department of Energy is anticipating a capacity addition of 3,309 MW in 2024 to meet the increasing demand for electricity. Battery energy storage systems are expected to account for 334 MW of this increase. Primarily, the electricity grid of Luzon is expected to witness a surge in the adoption of renewable energy technologies, due to growth in the capacity of solar (1,123.95 MW), wind (160 MW), and hydropower (44.32 MW).
Philippines Power Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Generation Source
| CAGR 2025-2034 - Market by | Power |
| Renewable | 16.8% |
| Hydro | 2.3% |
| Thermal | XX% |
| Others | XX% |
Based on generation source, the market is segmented into thermal, hydro, and renewable, among others. Over the forecast period, renewable sources of energy are expected to grow at a CAGR of 16.8% during 2025-2034, due to the increasing government focus on minimising carbon emissions.
| 2023 Market Share by | Power |
| Hydro | 7.7% |
| Renewable | XX% |
| Thermal | XX% |
| Others | XX% |
By 2040, the Philippines is expected to attract PhP 31 trillion for transitioning to clean energy sources. By 2040, it aims to achieve 5% energy savings and 10% EV penetration, while raising the share of renewable power to 50% of its energy mix.
Philippines Power Market Growth
*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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The market reached nearly 118.25 TWh in 2024.
The market is projected to grow at a CAGR of 4.20% between 2025 and 2034.
The market is assessed to witness healthy growth in the forecast period to reach around 178.43 TWh in 2034.
The different sources of power generation in the market are thermal, hydro, and renewable, among others.
The key market players are SOLAR PHILIPPINES, Solaric Corp., Philergy Inc., GoSolar Philippines, Transnational Uyeno Solar Corporation, We Gen Energy Philippines, MERALCO, and Aboitiz Power Corporation, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| 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 Generation Source |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Philippines
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+63-287-899-028, +63-967-048-3306
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Vietnam
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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
+91-723-689-1189
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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