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Philippines Power Market Size, Share, Trends, Forecast: By Generation Source: Thermal, Hydro, Renewable, Others; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Philippines Power Market Size
The Philippines power market reached around 118.25 TWh in 2023. The market is projected to grow at a CAGR of 4.2% between 2024 and 2032 to reach nearly 171.24 TWh by 2032.
| Philippines Power Market Report Summary | Description | Value |
| Base Year | TWh | 2023 |
| Historical Period | TWh | 2018-2023 |
| Forecast Period | TWh | 2024-2032 |
| Market Size 2023 | TWh | 118.25 |
| Market Size 2032 | TWh | 171.24 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.2% |
| CAGR 2024-2032 - Market by Power | Renewable | 16.8% |
| 2023 Market Share by Power | Hydro | 7.7% |
Philippines Power Market Outlook
- 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.
Philippines Power Market Growth
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 Industry Segmentation
Philippines Power Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Generation Source
- Thermal
- Hydro
- Renewable
- Others
| CAGR 2024-2032 - Market by | Power |
| Renewable | 16.8% |
| Hydro | 2.3% |
| Thermal | XX% |
| Others | XX% |
Philippines Power Market Share
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 2024-2032, due to the increasing government focus on minimising carbon emissions.
| 2023 Market Share by | Power |
| Hydro | 7.7% |
| Renewable | XX% |
| Thermal | XX% |
| Others | XX% |
Leading Companies in the Philippines Power Market
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.
- SOLAR PHILIPPINES
- Solaric Corp.
- Philergy Inc.
- GoSolar Philippines
- Transnational Uyeno Solar Corporation
- We Gen Energy Philippines
- MERALCO
- Aboitiz Power Corporation
- Others
Key Highlights of the Report
| 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:
|
| Breakup by Generation Source |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Philippines Power Market Report Snapshots
Philippines Power Market Growth
Philippines Power Market Share
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Power Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Power Historical Market (2018-2023)
8.3 Asia Pacific Power Market Forecast (2024-2032)
9 Philippines Power Market Overview
9.1 Key Industry Highlights
9.2 Philippines Power Historical Market (2018-2023)
9.3 Philippines Power Market Forecast (2024-2032)
10 Philippines Power Market by Generation Source
10.1 Thermal
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Hydro
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Renewable
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyer’s Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 SOLAR PHILIPPINES
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Solaric Corp.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Philergy Inc.
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 GoSolar Philippines
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Transnational Uyeno Solar Corporation
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 We Gen Energy Philippines
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 MERALCO
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Aboitiz Power Corporation
12.2.8.1 Company Overview
12.2.8.2 Product Portfolio
12.2.8.3 Demographic Reach and Achievements
12.2.8.4 Certifications
12.2.9 Others
13 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Power Market: Key Industry Highlights, 2018 and 2032
2. Philippines Power Market: Key Industry Highlights, 2018 and 2032
3. Philippines Power Historical Market: Breakup by Generation Source (TWh), 2018-2023
4. Philippines Power Market Forecast: Breakup by Generation Source (TWh), 2024-2032
5. Philippines Power Market Structure
Key Questions Answered in the Report
The market reached nearly 118.25 TWh in 2023.
The market is projected to grow at a CAGR of 4.2% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around 171.24 TWh in 2032.
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.
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