Philippines Renewable Energy Market Report and Forecast 2024-2032

Philippines Renewable Energy Market Size

The Philippines renewable energy market reached around 25.60 TWh in 2023. The market is projected to grow at a CAGR of 4.8% between 2024 and 2032 to attain nearly 39.04 TWh by 2032.

Philippines Renewable Energy Market Outlook

• In 2023, the Philippines generated 22% of its power from renewable energy sources.

• Solar and wind energy accounted for 3.2% of overall electricity generation in 2023 in the Philippines.

• The Philippines’ government aims to achieve a 35% share of renewable power in its energy mix by 2030.

Philippines Renewable Energy Market Growth

Under the Green Energy Auction Program, the Philippines’ government aims to increase the share of renewable power in its energy mix to 50% by 2040. By the end of 2024, the government is expected to bid 11,000 MW of renewable energy (including geothermal and hydropower). The nation’s huge potential for offshore wind energy generation is expected to attract huge investments in 2025, contributing to the market growth.

By 2040, the Philippines’ population is expected to reach 140 million, rising by nearly 40 million from 2018 levels. As per the Philippines’ Department of Energy, this is expected to result in a four-fold increase in the demand for power, reaching 49.3 MW by 2040. In Mindanao, the demand for power is expected to grow at a rate of 8% annually, recording the highest growth in demand.

The Philippine Energy Plan, focused on driving the adoption of clean fuels in the automotive sector and increasing the production of renewable electricity in the country, is further expected to boost the market growth in the coming years.

In 2023, natural gas accounted for 18.8% of power production in the Philippines. Though coal-based power accounted for 43.9% of overall electricity generation in the Philippines, the shift towards renewable energy is permanent, and they are expected to be utilised as a transition fuel to sustain economic growth.

Philippines Renewable Energy Industry Segmentation

Philippines Renewable Energy Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Solar

• Wind

• Hydro

• Biomass

• Geothermal

Philippines Renewable Energy Market Share

Based on type, the market is segmented into solar, wind, hydro, biomass, and geothermal. Over the forecast period, wind energy is expected to grow at a CAGR of 19.1% as a result of its growing attraction for investors in the Philippines’ green energy auctions.

Leading Companies in the Philippines Renewable Energy Market

In the first quarter of 2023, Ayala Corporation reported a 55% quarterly jump in its core profit earnings, which reached PhP 20.5 billion. This was largely driven by the excellent performance of its energy, banking, and property sectors.

• SOLAR PHILIPPINES

• Solaric Corp.

• Philergy Inc.

• GoSolar Philippines

• Transnational Uyeno Renewable Corporation

• We Gen Energy Philippines

• ACEN CORPORATION

• Ayala Corporation

• Alternergy Holdings Corporation

• Triconti

• Others

Key Highlights of the Report

Philippines Renewable Energy Market Report Snapshots

Philippines Renewable Energy Market Size

Philippines Renewable Energy Market Growth

Philippines Renewable Energy Market Share

Philippines Renewable Energy Companies