Market Size of Philippines Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Philippines Power Market Analysis
The Philippines Power market is expected to register a CAGR of more than XX% during the forecast period of 2022-2027. Due to the COVID-19 pandemic, the power consumption in 2020 decreased, and according to the Philippines Department of Energy, the power consumption decreased to 101.76 terawatt-hours in 2020 compared to 106.04 terawatt-hours compared to the previous year. Further, the growing demand for electricity due to rapid industrialization and urbanization will aid the development of the market. In addition, the growing demand for renewable energy in the country due to limited fossil fuel on the island is going to be a major driver for the market. However, according to the International Trade Administration, the Philippines is facing a mounting energy crisis due to an administration-mandated infrastructure boom and high electricity costs in Southeast Asia.
- Renewable energy is expected to grow to be the fastest growing market in the nation due to the growing demand for clean energy to reduce carbon emissions in the nation.
- Solar distributed energy is one of the major opportunities in the nation, as renewable energy is growing at a relatively lower rate than the nations, and distributed solar energy can provide electricity to rural areas spread across 7,000 islands in the Philippines.
- Thermal power will play a key role in providing energy and meeting the growing demand for energy in the business.
