Philippines Renewable Energy Market Introduction and Overview
According to SPER Market Research, the Philippines Renewable Energy Market is estimated to reach USD XX billion by 2033 with a CAGR 22.87%.
The report includes an in-depth analysis of the Philippines Renewable Energy Market, including market size and trends, product mix, distribution channels, and supplier analysis. Energy produced from naturally occurring resources, such as sunshine, wind, water, and biomass, is referred to as renewable energy. It is essential for halting global warming, cutting greenhouse gas emissions, and making the shift to a low-carbon, sustainable future. It assists in lessening reliance on limited fossil fuel supplies, which are volatile in price and harmful to the environment. Countries can improve energy security and encourage self-sufficiency in satisfying their energy demands by utilizing renewable sources.
- November 2023: Development rights for a 160 MW wind farm in the Philippines have been given to ACCIONA EnergÃa and its local partner Freya Renewables. Through its fourth Open and Competitive Selection Process (OCSP4) for hydropower, geothermal, and wind energy resources, the Philippine Department of Energy (DOE) has awarded the contract.
- In September 2022, Olympia Violago Water and Power (OVWPI), a developer of renewable energy, stated that Ahunan Power will purchase the bulk of its shares. The rights to create a 500 MW pumped hydro storage facility are owned by this corporation.
Market Opportunities and Challenges
Opportunities: The nation's expanding energy needs may be immediately met with solar energy. Solar power systems are growing in popularity among Filipino households and businesses due to the continually declining costs of solar power equipment and the quick installation and commissioning times for these projects. The Philippines had 1,625 MW of solar energy capacity as of 2022. Solar energy offers an instant solution to the country's growing energy needs. Due to the ease of installation and commissioning, as well as the steadily declining costs of solar power equipment, solar power systems are growing in popularity among Filipino individuals and companies. The nation is seeing an increase in the installations of solar energy power plants as a result of the drop in prices and the advantageous government regulations.
Challenges: Numerous obstacles impede the growth and potential of the renewable energy market in the Philippines. One of the main problems is that renewable energy technologies have high upfront prices, which can be a big deterrent for investors and customers alike. Furthermore, insufficient grid integration and energy storage options, together with a lack of infrastructure and technology improvements, impede the efficient distribution and dependability of renewable energy sources. Investor confidence is lowered and uncertainty is raised by frequently uneven or inadequate regulatory and policy frameworks.
Market Competitive Landscape
The market for renewable energy in the Philippines is considerably consolidated. The market's leading companies are, among others, Vena Energy, Aboitiz Power Corporation, National Power Corporation, Philippine Geothermal Production Company Inc., and Solar Philippines Power Projects Holdings Inc.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type
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| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region.
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| Companies Covered | Aboitiz Power Corporation, AC Energy Inc., Alternergy Philippine Holding Corp., National Power Corporation, Philippine Geothermal Production Company Inc., Solar Philippines Power Projects Holdings Inc., Solaric Corp., Solenergy Systems Inc., Trina Solar Co. Ltd., Vena Energy, Vestas Wind Systems AS, Others.
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COVID-19 Impact on Philippines Renewable Energy Market
The COVID-19 epidemic brought up a number of obstacles as well as opportunities for the Philippines' renewable energy economy. At first, the pandemic's restrictions on international travel and trade led to delays in project development and interruptions in the supply chain. As a result, the implementation of renewable energy projects was delayed, and equipment and material costs went up. However, the pandemic brought to light the significance of energy sustainability and resilience, which sparked a greater interest in renewable energy as a way to guarantee a steady and dependable energy supply during emergencies.
Key Target Audience:
- Government Agencies
- Energy Investors and Financial Institutions
- Renewable Energy Companies
- Environmental NGOs and Advocacy Groups
- Corporate Energy Buyers
- Utility Companies
- Research and Development Institutions
- Policy Makers and Regulators
Our in-depth analysis of the Philippines Renewable Energy Market includes the following segments:
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By Type:
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Solar
Wind
Hydro
Others
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Key Topics Covered in the Report:
- Philippines Renewable Energy Market Size (FY’2024-FY’2033)
- Overview of Philippines Renewable Energy Market
- Segmentation of Philippines Renewable Energy Market By Type (Solar, Wind, Hydro, Others)
- Expansion Analysis of Philippines Renewable Energy Market
- Problems and Obstacles in Philippines Renewable Energy Market
- Competitive Landscape in the Philippines Renewable Energy Market
- Impact of COVID-19 and Demonetization on Philippines Renewable Energy Market
- Details on Current Investment in Philippines Renewable Energy Market
- Competitive Analysis of Philippines Renewable Energy Market
- Prominent Players in the Philippines Renewable Energy Market
- SWOT Analysis of Philippines Renewable Energy Market
- Philippines Renewable Energy Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Philippines Renewable Energy Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Philippines Renewable Energy Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Philippines Renewable Energy Market
7. Philippines Renewable Energy Market, By Type (USD Million) 2020-2033
7.1. Philippines Renewable Energy Market Size, Share and Forecast, By Type, 2020-2026
7.2. Philippines Renewable Energy Market Size, Share and Forecast, By Type, 2027-2033
7.3. Solar
7.4. Wind
7.5. Hydro
7.6. Others
8. Philippines Renewable Energy Market Forecast, 2020-2033 (USD Million)
8.1. Philippines Renewable Energy Market Size and Market Share
9. Philippines Renewable Energy Market, By Region, 2020-2033 (USD Million)
9.1. Philippines Renewable Energy Market Size and Market Share By Region (2020-2026)
9.2. Philippines Renewable Energy Market Size and Market Share By Region (2027-2033)
9.3. Eastern Region
9.4. Western Region
9.5. Northern Region
9.6. Southern Region
10. Company Profile
10.1. Aboitiz Power Corporation
10.1.1. Company details
10.1.2. Financial outlook
10.1.3. Product summary
10.1.4. Recent developments
10.2. AC Energy Inc.
10.2.1. Company details
10.2.2. Financial outlook
10.2.3. Product summary
10.2.4. Recent developments
10.3. Alternergy Philippine Holding Corp.
10.3.1. Company details
10.3.2. Financial outlook
10.3.3. Product summary
10.3.4. Recent developments
10.4. National Power Corporation
10.4.1. Company details
10.4.2. Financial outlook
10.4.3. Product summary
10.4.4. Recent developments
10.5. Philippine Geothermal Production Company Inc.
10.5.1. Company details
10.5.2. Financial outlook
10.5.3. Product summary
10.5.4. Recent developments
10.6. Solar Philippines Power Projects Holdings Inc.
10.6.1. Company details
10.6.2. Financial outlook
10.6.3. Product summary
10.6.4. Recent developments
10.7. Solaric Corp.
10.7.1. Company details
10.7.2. Financial outlook
10.7.3. Product summary
10.7.4. Recent developments
10.8. Solenergy Systems Inc.
10.8.1. Company details
10.8.2. Financial outlook
10.8.3. Product summary
10.8.4. Recent developments
10.9. Trina Solar Co. Ltd.
10.9.1. Company details
10.9.2. Financial outlook
10.9.3. Product summary
10.9.4. Recent developments
10.10. Vena Energy
10.10.1. Company details
10.10.2. Financial outlook
10.10.3. Product summary
10.10.4. Recent developments
10.11. Vestas Wind Systems AS
10.11.1. Company details
10.11.2. Financial outlook
10.11.3. Product summary
10.11.4. Recent developments
10.12. Others
11. Conclusion
12. Reference Links
13. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
