Philippines Wind Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Location of Deployment (Onshore and Offshore)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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The Philippines wind energy market has overtaken all other members of the Association of Southeast Asian Nations in terms of installed wind energy capacity and is expected to grow at a CAGR of greater than 6.5% during the forecast period 2020-2025. Increasing demand for renewable energy, favourable government policies and the cost of wind energy is driving the wind energy market. This has made wind power an attractive option for the government wanting to cut down emissions. However, the increasing adoption of alternate clean power sources such as solar and biomass and the availability of fossil fuels are likely to restrain the growth of the wind energy market in the coming years.
Onshore wind is the Philippines' largest wind power generator which makes them dominant in the wind energy market in the Philippines.
The integration of Artificial Intelligence(AI), Internet of Things(IoT), robotics, and data analytics in wind turbines will enable advanced condition monitoring and predictive maintenance which results in increased efficiency and reduced operational and maintenance costs, which is likely to provide the opportunity to growth in the deployment of wind turbines in coming future.
Scope of the report
The Philippines wind energy market report include:
Location of Deployment
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Key Market Trends
Onshore Wind Energy Market is Expected to Dominate the Market
As demand for energy is rising, wind turbines are helping the Philippines diversify its energy sources beyond fossil fuels and generating power.
According to the National Renewable Energy plan the Philippines has set the goal of adopting an additional 1,548MW of renewable energy by 2030. A breakdown of this reveals that wind power is expected to account for the greatest share of this at 38% (593MW).
The Philippines has significant wind energy resources spread across various islands of the country. As of 2019, the Philippines has installed onshore wind capacity of 426.9 MW.
Bangui Bay Wind Power Project (51MW), Burgos Wind Power Project (150MW), Caparispisan Wind Power Project (81MW), San Lorenzo Wind Power Project (54MW), Pililla Wind Power Project (54MW), Nabas Wind Power Project (36MW) are the few wind power farms operating commercially. These wind projects are expected to drive the onshore wind energy market during the forecast period.
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Wind Potential is Expected to Drive the Market
The greatest wind resources of the Philippines are in northern and central areas such as Batanes and Babuyan and the northern and central Luzon areas. Because of this high potential of wind energy in the country, wind energy developers are interested in commercializing the wind energy in the Philippines.
The Philippines has 11,055 km2 of windy land estimated to have good-to-excellent wind resource potential. Wind speeds at these sites range from 6.4 meters per second (m/s) to 10.1 m/s, with wind-power-density values of 300–1,250 Watts per square meter (W/m2 ).
Using conservative assumptions of about 7 MW/km2, these areas are likely to support more than 77,000 MW of potential installed capacity, providing more than 195 billion kWh per year.
Therefore factors such as huge wind energy potential coupled with the increasing investments in the country's renewable energy sector are expected to drive the market studied in the coming years.
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The Philippines wind energy market is moderately consolidated. Some of the key players in this market include Vestas Wind Systems A/S, Alternergy Ltd, AC Energy Inc., PetroEnergy Resources Corp., and General Electric Company.