Market Size of Philippines Wind Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Philippines Wind Energy Market Analysis
The Philippine wind energy market is estimated to install 450 Megawatt by the end of this year and is projected to reach 932.9 Megawatt in the next five years, registering a CAGR of over 15.7% during the forecast period.
- Over the medium period, increased demand for renewable energy, favorable government policies, and the reduced wind power tariff is expected to drive the wind energy market in the Philippines. The Philippines has extensive wind potential among Southeast Asian countries, expected to drive the market's growth during the forecast period.
- On the other hand, 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.
- Nevertheless, 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, resulting in increased efficiency and reduced operational and maintenance costs, which is likely to provide the opportunity for growth in the deployment of wind turbines in coming future.
