Philippines Solar Energy Market

Detailed market report on the Philippines' solar energy market, featuring industry growth, size, and forecast analysis from 2025 to 2030.

The report covers Top Solar Companies in the Philippines, and the market is Segmented by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)). The market sizing and forecasts for each segment have been done based on installed capacity (GW).

Solar Energy in the Philippines Industry Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Philippines Solar Energy Market Size

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Philippines solar energy market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 25.20 %
Market Concentration Medium

Major Players

Philippines Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Philippines Solar Energy Market Analysis

The Philippines Solar Energy Market is expected to register a CAGR of greater than 25.2% during the forecast period.

The Philippines' solar energy landscape is being shaped by robust economic growth and increasing power demands across multiple sectors. As of 2022, the country recorded peak power demand of 16.6 thousand megawatts, driven by a population of 116.4 million and impressive GDP growth of 7.6%. The electricity consumption pattern shows significant demand across sectors, with residential consumption reaching 35.324 TWh, the commercial sector demanding 24.294 TWh, and the industrial sector requiring 28.84 TWh in 2022. This substantial power requirement, coupled with the industrial sector's 28% contribution to GDP, underscores the critical need for sustainable renewable energy solutions in the country's economic development.


The market has witnessed significant investment momentum in 2023, highlighted by Maxeon's announcement of a USD 900 million investment in solar energy power plants. This investment is expected to create approximately 3,000 jobs in the coming years and includes plans for a research development unit in Cavite. The corporate sector is increasingly embracing solar solutions, as exemplified by KFC Philippines' initiative to deploy rooftop solar across 64 stores, with plans to expand to 80 outlets by the end of 2023. These installations are projected to generate about 2,600,000 kWh of clean electricity annually and save up to 606,164 kg of carbon dioxide emissions.


Technological advancement and diversification in solar technology deployment methods are becoming increasingly prominent in the market. In 2023, the Department of Energy (DOE) awarded contracts for significant floating solar projects, allocating 1,870.8 MW for ground-mounted solar capacity and 90 MW for floating solar installations. The market is witnessing innovation in application areas, from utility-scale projects to commercial installations, with companies like LONGi introducing new solar panel PV modules of the Hi-MO 5 and Hi-MO 6 series to cater to diverse market needs.


The development of supporting infrastructure and integration capabilities is evolving to accommodate the growing solar power capacity. The Philippines aims to invest USD 110 million in efficient transmission and smart grid projects over the next eight years, focusing on automated metering infrastructure, advanced network automation, and energy management systems. This infrastructure development is crucial as the country moves toward its goal of having 68% of its population living in cities by 2030, necessitating robust power distribution networks and innovative solar integration solutions to meet urban energy demands efficiently.

Segment Analysis: By Technology

Solar PV Segment in Philippines Solar Energy Market

The solar photovoltaic (PV) segment dominates the Philippines solar energy market, accounting for approximately 99% market share in 2024. This segment's dominance is evidenced by its substantial installed capacity growth, reaching 1,530 MW in 2022, with continued expansion through various utility-scale and commercial projects. The segment's growth is primarily driven by declining solar panel costs, with residential solar panels ranging from PHP 30,000 to PHP 50,000 per kW and commercial solar panels from PHP 20,000 to PHP 30,000 per kW in 2024. The segment has witnessed significant adoption across residential, commercial, and utility sectors, supported by government initiatives like net metering systems and renewable energy auctions. Major developments include the Second Green Energy Auction Round (GEA-2) in 2023, which allocated 1,870.8 MW of ground-mounted solar PV capacity, 90 MW of floating solar power, and 10 MW of rooftop PV capacity, demonstrating the robust growth trajectory of this segment.

Market Analysis of Philippines Solar Energy Market: Chart for By Technology

CSP Segment in Philippines Solar Energy Market

The concentrated solar power (CSP) segment represents an emerging technology in the Philippines solar energy market, with significant potential for growth during 2024-2029. While currently there are no operational CSP plants in the Philippines, the segment is gaining attention through various feasibility studies and site identification initiatives. The University of the Philippines has identified several suitable locations for CSP technology implementation, including Ilocos Sur, Pampanga, Masbate, Mindoro, and Maguindanao, with a projected total power output potential of around 733 MW. The Department of Energy (DOE) has shown interest in CSP development, recognizing its unique advantage of thermal energy storage capability, which enables power generation during nighttime and low-sunshine periods. However, the segment faces challenges, including large land requirements and water usage for turbine operation and reactor cooling, particularly in populated cities like Quezon, Manila, and Davao.

Philippines Solar Energy Industry Overview

Top Companies in Philippines Solar Energy Market

The Philippines solar energy market features a mix of domestic and international players driving innovation and market growth. Companies are increasingly focusing on technological advancements in solar panel efficiency and solar storage solutions, while simultaneously expanding their solar project development capabilities. Strategic partnerships and joint ventures have become common practice to enhance market presence and technical expertise. Operational excellence is being pursued through vertical integration strategies, from manufacturing to installation and maintenance services. Market leaders are also emphasizing research and development to improve solar technology performance in tropical climate conditions. The industry has witnessed a significant trend towards developing utility-scale projects while maintaining capabilities in commercial and residential solar installation.

Dynamic Market with Strong Local Presence

The Philippines solar energy market demonstrates a balanced mix of established local conglomerates and specialized international players. Local powerhouses like ACEN Corporation and Aboitiz Power Corporation leverage their deep understanding of the domestic market and existing infrastructure networks, while international firms such as Trina Solar bring advanced technological expertise and global best practices. The market structure shows moderate consolidation, with major players controlling significant market share through their extensive solar project portfolios and established distribution networks. The industry has witnessed increased collaboration between local and international firms, creating synergies that combine global expertise with local market knowledge.


Recent years have seen accelerated merger and acquisition activities, particularly focused on expanding renewable energy portfolios and strengthening market positions. Local conglomerates are actively acquiring smaller solar developers to expand their project pipelines, while international players are forming strategic partnerships with domestic firms to establish stronger footholds in the market. The industry is characterized by vertical integration efforts, with companies expanding across the value chain from project development to power distribution, creating more integrated and efficient operations.

Innovation and Partnerships Drive Future Growth

Success in the Philippines solar energy market increasingly depends on companies' ability to innovate in both technology and business models. Incumbent players must focus on developing cost-effective solar solutions while maintaining high-quality standards, particularly in areas like floating solar installations and hybrid systems. Building strong relationships with government agencies and securing strategic locations for large-scale projects has become crucial. Companies need to invest in advanced energy solar storage solutions and grid integration technologies to address intermittency challenges and improve overall system reliability. The ability to offer comprehensive energy solutions, including smart grid technologies and energy management systems, will be crucial for maintaining market leadership.


For new entrants and growing players, success lies in identifying and serving underserved market segments while building strategic partnerships with established players. Companies must develop expertise in navigating the regulatory landscape and securing necessary permits and incentives. The market shows relatively low substitution risk due to the government's strong commitment to renewable energy, but players must remain vigilant about technological obsolescence. Future success will increasingly depend on the ability to provide innovative financing solutions, particularly for commercial and industrial customers. Companies must also focus on building strong after-sales service networks and maintaining high customer satisfaction levels to ensure long-term success in the market.

Philippines Solar Energy Market Leaders

  1. Solar Philippines Power Project Holdings

  2. Solenergy Systems Inc.

  3. Vena Energy

  4. Solaric Corp.

  5. Trina Solar Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Philippines Solar Energy Market Concentration
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Philippines Solar Energy Market News

  • June 2023: Solar Philippines Neva Ecija Corporation (SPNEC) intends to build a 3.5GW solar farm in the Philippines. The project extension will take place in the same region as its existing 500MW solar facility in the northern province of Luzon. The total project, including the 500MW section already under development, encompasses roughly 3,500 hectares of land that have been bought or are being acquired.
  • May 2023: The Philippines' Department of Energy chose SunAsia Energy, a Philippines-based solar developer, and Blueleaf Energy to build and operate six large-scale floating solar projects totaling 610.5MW. Laguna Lake will be home to the plants. The department has given solar energy operating contracts for 1.3 GW floating projects.

Philippines Solar Energy Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Evolution of Solar Power Market in the Philippines
  • 4.3 Renewable Energy Mix, 2022
  • 4.4 Solar Energy Installed Capacity and Forecast, in GW, till 2028
  • 4.5 Recent Trends and Developments
  • 4.6 Government Policies and Regulations
  • 4.7 Market Dynamics
    • 4.7.1 Drivers
    • 4.7.1.1 The Growing Demand for Solar Energy-Based Power Generation
    • 4.7.1.2 Declining Photovoltaic System Prices
    • 4.7.2 Restraints
    • 4.7.2.1 The Country's Inefficient Electricity Grid Infrastructure
  • 4.8 PESTLE Analysis

5. MARKET SEGMENTATION - BY TECHNOLOGY

  • 5.1 Solar Photovoltaic (PV)
  • 5.2 Concentrated Solar Photovoltaic (CSP)

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Market Share Analysis
  • 6.4 Key Company Profiles
    • 6.4.1 Solar Philippines Power Project Holdings
    • 6.4.2 Solenergy Systems Inc.
    • 6.4.3 Vena Energy
    • 6.4.4 Solaric Corp.
    • 6.4.5 Trina Solar Ltd.
    • 6.4.6 AC Energy
    • 6.4.7 Cleantech Global
    • 6.4.8 Citicore Power Inc.
    • 6.4.9 Aboitiz Power Corporation
    • 6.4.10 Helios Solar Energy Corporation (HSEC)

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Off-Grid Electrification Through Renewable Energy Sources
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Philippines Solar Energy Industry Segmentation

Solar energy is heat and radiant light from the Sun that can be harnessed with technologies such as solar power (used to generate electricity) and solar thermal energy (used for applications such as water heating). The Philippines Solar Energy Market is segmented by technology. The market is segmented by technology into solar photovoltaic (PV) and concentrated solar power (CSP). The market sizing and forecasts for each segment have been done based on installed capacity (GW).

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Philippines Solar Energy Market Research FAQs

What is the current Philippines Solar Energy Market size?

The Philippines Solar Energy Market is projected to register a CAGR of greater than 25.2% during the forecast period (2025-2030)

Who are the key players in Philippines Solar Energy Market?

Solar Philippines Power Project Holdings, Solenergy Systems Inc., Vena Energy, Solaric Corp. and Trina Solar Ltd are the major companies operating in the Philippines Solar Energy Market.

What years does this Philippines Solar Energy Market cover?

The report covers the Philippines Solar Energy Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Philippines Solar Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Philippines Solar Energy Market Research

Mordor Intelligence offers a comprehensive analysis of the solar energy industry. This detailed research covers PV technologies and photovoltaic systems. Our extensive consulting expertise spans the entire spectrum of solar power solutions. We cover everything from solar panel installations to utility-scale solar farm developments. The report provides in-depth insights into renewable energy trends, including rooftop solar implementations, solar cell technologies, and advanced solar module applications. Available as an easy-to-download report PDF, our analysis encompasses solar thermal systems and concentrated solar power installations across the Philippines.

The report benefits stakeholders by providing detailed analysis of solar installation practices, solar inverter technologies, and emerging solar technology developments. Our research covers both commercial solar and residential solar segments. It examines solar tracking system innovations and solar mounting system specifications. The analysis includes comprehensive coverage of solar equipment deployment, solar components, and solar solutions integration. Special attention is given to solar storage technologies and solar plus storage systems. Alongside solar generation capabilities and solar electricity production metrics, this enables stakeholders to make informed decisions about solar project investments.

Philippines Solar Energy Market Report Snapshots