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Report Overview

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Philippines Solar Energy Market Size

The Philippines solar energy market reached around 2.23 TWh in 2024. The market is projected to grow at a CAGR of 17.9% between 2025 and 2034 to reach nearly 9.84 TWh by 2034.

Philippines Solar Energy Market Report Summary Description Value
Base Year TWh 2023
Historical Period TWh 2018-2024
Forecast Period TWh 2025-2034
Market Size 2024 TWh 2.23
Market Size 2034 TWh 9.84
CAGR 2018-2024 Percentage XX%
CAGR 2025-2034 Percentage 17.9%
CAGR 2025-2034 - Market by Solar Module Monocrystalline 19.8%
CAGR 2025-2034 - Market by Application Residential 19.8%
2023 Market Share by Solar Module Polycrystalline XX%

Philippines Solar Energy Market Outlook

  • Rooftop solar power can provide low-cost power to Philippines households at PhP 2.50-5.30, as per the IEEFA.
  • Nearly 4.5 million households in the Philippines do not have access to electricity.
  • The solar energy market in the Philippines is expected to attract an investment of $2.8 billion by 2030.

Philippines Solar Energy Market Growth

As per the Philippines Department of Energy, renewable energy accounted for 22% of the overall electricity generation in 2021. By 2030, it is expected to account for 35% of the overall energy mix. To achieve the targets laid down in its National Renewable Energy Plan 2020-2040, the government is expected to expand its existing capacity for renewable energy production to 102,231 MW by 2040. Under this strategy, the expansion of solar power generation capacity to 27,162 MW by 2040 is expected to drive its widespread adoption, owing to its rising cost-effectiveness and sustainability.

In 2023, the government of the Philippines raised the minimum Renewable Portfolio standards for energy distribution companies to 2.52%, which is expected to accelerate the shift towards non-fossil fuel-based energy resources. The launch of the Green Energy Options Program in 2021 has given households, industries, and various other end users of power to choose their preferred retail supplier of renewable energy, which is expected to further boost the market growth in the coming years.

Various other government programmes, including the Green Energy Auction Program, and the Renewable Energy market are expected to expedite the shift towards renewable energy, creating a significant potential for the growth of solar power in the region.

Philippines Solar Energy Market

Philippines Solar Energy Industry Segmentation

Philippines Solar Energy Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Technology

  • Solar Photovoltaic
  • Concentrated Solar Power

Market Breakup by Solar Module

  • Monocrystalline
  • Polycrystalline
  • Thin-Film Solar Modules
  • Others
CAGR 2025-2034 - Market by Solar Module
Monocrystalline 19.8%
Polycrystalline 18.4%
Thin-Film Solar Modules XX%
Others XX%

Market Breakup by Application

  • Residential
  • Commercial and Industrial
  • Utility
CAGR 2025-2034 - Market by Application
Residential 19.8%
Commercial and Industrial XX%
Utility XX%

Philippines Solar Energy Market Share

Based on application, the market is segmented into residential, commercial and industrial, and utility. The residential sector is projected to grow at a CAGR of 19.8% during the forecast period of 2025-2034 amid rising energy costs and the rising adoption of renewable energy in homes. Benefits such as cost-savings and low maintenance are further boosting the adoption of solar energy in residential spaces.

Leading Companies in the Philippines Solar Energy Market

Key market players are driving advancements in solar technology and introducing innovative solutions to enhance the accessibility to solar energy.

  • SOLAR PHILIPPINES
  • Solaric Corp.
  • Philergy Inc.
  • GoSolar Philippines
  • Transnational Uyeno Solar Corporation
  • We Gen Energy Philippines
  • Others

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
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:

  • Technology
  • Solar Module
  • Application
Breakup by Technology
  • Solar Photovoltaic
  • Concentrated Solar Power
Breakup by Solar Module
  • Monocrystalline
  • Polycrystalline
  • Thin-Film Solar Modules
  • Others
Breakup by Application
  • Residential
  • Commercial and Industrial
  • Utility
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • SOLAR PHILIPPINES
  • Solaric Corp.
  • Philergy Inc.
  • GoSolar Philippines
  • Transnational Uyeno Solar Corporation
  • We Gen Energy Philippines
  • Others

*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 2.23 TWh in 2024.

The market is projected to grow at a CAGR of 17.9% between 2025 and 2034.

The market is assessed to witness healthy growth in the forecast period to reach around 9.84 TWh in 2034.

The different technologies in the market are solar photovoltaic and conventional solar power.

The different segments based on solar modules considered in the market report include monocrystalline, polycrystalline, and thin-film solar modules, among others.

The different applications of solar energy include residential, commercial and industrial, and utility.

The key market players are SOLAR PHILIPPINES, Solaric Corp., Philergy Inc., GoSolar Philippines, Transnational Uyeno Solar Corporation, and We Gen Energy Philippines, among others.

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+61-448-061-727

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63-287-899-028, +63-967-048-3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

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