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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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.*
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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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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
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 287899028, +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
+84865399124