Market Size of Philippines Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 25.20 % |
| Market Concentration | Medium |
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 estimated to install 1700 Megawatt by the end of this year and is projected to reach 5229.62 Megawatt in the next five years, registering a CAGR of over 25.2% during the forecast period.
- Over the medium period, factors such as rapid economic development and a growing population are expected to drive the market during the forecast period. The growing demand for solar energy-based power generation and declining photovoltaic system prices are expected to drive the market during the forecast period.
- On the other hand, the country's inefficient electricity grid infrastructure is expected to hinder the market's growth in the coming years.
- Nevertheless, it is estimated that replacing/integrating diesel generators with renewable energy, like solar, can save the country over USD 200 million per year. Small islands in the Philippines are powered by generator-based mini-grids fueled by imported diesel and bunker (freighter) oil. These islands suffer from blackouts and unplanned power outages due to grid instability, inadequate generation capacity, and lack of subsidized fuel. Therefore, off-grid electrification through renewable energy sources, such as solar, is expected to create a significant opportunity in the future.
