Philippines Power Generation EPC Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Type (Conventional Thermal Power, Hydro Power, and Non-Hydro Renewable)

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

CAGR:

5 %

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Market Overview

The Philippines power generation EPC market is expected to grow at a CAGR of over 5% in the forecast period of 2020-2025. Factor such as increasing energy demand is likely to drive the Philippines power generation EPC market in the forecast period. However, factors such as complexity and expensive nature of coal-fired and natural-gas-fired power plants coupled with delays in projects are expected to have a negative impact on the market studied.

  • The conventional thermal power segment held a significant market share in 2018 and is likely to dominate the market in the forecast period.
  • The Philippines government has planned to phase out its coal usage by 2040 and focus more on energy production from natural gas and renewable. This, in turn, is expected to create several opportunities for the power generation EPC companies in the near future.
  • The upcoming and ongoing projects of power plants are likely to drive the Philippines power EPC generation market in the forecast period.

Scope of the report

The Philippines power generation EPC market report include:

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Key Market Trends

Conventional Thermal Power Expected to Dominate the Market

  • Conventional thermal power is the power that is generated through fossil-fuel sources such as coal, natural gas, and oil. In 2018, approximately more than 75% of the electricity generated in the Philippines was from conventional thermal power.
  • Out of the various sources of generating conventional thermal power, the majority of energy came from coal in 2018. Coal contributed approximately 68% to the conventional thermal power electricity generation, producing 51932 gigawatt-hours (GWh) of electricity in 2018.
  • In 2019, SAN Buenaventura Power Ltd (SBPL) commissioned its new 500 megawatts (MW) coal-fired power station. The San Buenaventura Power Plant was the first supercritical generation plant in the country. The plant is located in Quezon, and supply power to the Luzon grid. It is owned by SAN Buenaventura Power Ltd (SBPL), a partnership between Meralco PowerGen Corp. and New Growth BV. Meralco is the largest electric distribution company in the Philippines, while New Growth BV is a subsidiary of Thailand-based Electricity Generating Public Co. Work began on the San Buenaventura coal-fired plant in late 2015. Daelim Industrial handled engineering, procurement, and construction oversight, while Mitsubishi Hitachi Power Systems supplied the boiler, steam turbine and generator for the facility.
  • In 2017 Department of Energy (DOE) of the Philippines approved the construction of three new coal-fired power plants in Pagbilao province. These projects include Tangkawayan-1000 megawatts (MW), Atimonan-1200 megawatts (MW), and Ibabang-600 megawatts (MW), in Pagbilao municipality.
  • Therefore, from the above points it is evident that conventional thermal power is likely to dominate the Philippines power generation EPC market in the forecast period.

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Upcoming and Ongoing Power Plant Projects to Drive the Market

  • In 2018, the total electricity generation from the various sources in the power sector in the Philippines was 99765 gigawatt-hours (GWh). Energy sources contributing to the country's energy generation include coal, natural gas, wind, hydro, geothermal, biofuels, and solar energy.
  • In 2018, the total installed capacity of the power generation sector was 23815 megawatts (MW), which include all conventional thermal, hydro and non-hydro renewable. This number was higher than the total installed capacity of power generation in 2017, 22728 megawatt (MW).
  • In October 2019, Meralco signs an EPC contract with Chinese firm SUMEC Complete Equipment and Engineering Co. Ltd for building its 50 megawatts (MW) of a solar power plant in Bulacan Province, Philippines.
  • In 2019, SN AboitizPower-Magat (SNAP-Magat), a joint venture between SN Power of Norway and AboitizPower completed the construction of its pilot project of floating power solar facility. SNAP partnered with Ocean Sun, a Norweign floating solar technology provider. Currently the project is in its test run and if successful, the company is expected to install several floating solar facility to increase country's power generating capacity.
  • Hence, owing to the above points, upcoming and ongoing projects are likely going to drive the Philippines power generation EPC market in the forecast period.

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Competitive Landscape

The Philippines power generation EPC market is moderately consolidated. Some of the key players in this market include AYALA CORP/ADR (AC Energy), MANILA ELEC CO/ADR (Meralco), Daelim Industrial Co Ltd, Siemens AG, and SMC Global Power Holdings Corp.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGEMENTATION

    1. 5.1 Type

      1. 5.1.1 Conventional Thermal Power

      2. 5.1.2 Hydro Power

      3. 5.1.3 Non-Hyro Renewables

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Key Companies Profile

      1. 6.3.1 AYALA CORP/ADR (AC Energy)

      2. 6.3.2 MANILA ELEC CO/ADR (Meralco)

      3. 6.3.3 Daelim Industrial Co Ltd

      4. 6.3.4 Siemens AG

      5. 6.3.5 Mitsubishi Hitachi Power Systems, Ltd.

      6. 6.3.6 SMC Global Power Holdings Corp.

      7. 6.3.7 Solar Philippines

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES and FUTURE TRENDS

** Subject to Availability

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