The Philippines power EPC market reached approximately USD 362.20 Million in 2024. The market is projected to grow at a CAGR of 5.90% between 2025 and 2034, reaching a value of around USD 642.55 Million by 2034.
Philippines Power EPC Market Growth
The Department of Energy (DOE) in the Philippines anticipates the commissioning of almost 4.2 GW of new power projects by the end of 2024, which involves a combination of renewable and conventional sources. This includes the commencement of commercial operations for a solar power capacity of nearly 2 GW (1,985 MW) in 2024, as well as the development of two large thermal power plants - the Batangas CCGT power project with a capacity of 1,320 MW (4x440 MW) and the Mariveles coal-fired power project with a capacity of 600 MW (4x150 MW, with unit 1 already operational and the other 3 units undergoing testing and commissioning). Furthermore, around 590 MW of battery energy storage is expected to be commissioned within the year.
The swift expansion of the Philippines' economy and population has led to a significant increase in energy needs. This upsurge in demand has required the enlargement of the power infrastructure, leading to the commencement of several engineering, procurement, and construction (EPC) endeavours.
To meet the objectives outlined in the Renewable Energy Roadmap 2020-2040, which seeks to achieve 35% of renewables in the power mix by 2030 and 50% by 2040 under a Clean Energy Scenario (CES) (35% in a Reference Scenario (REF)), the country will require PHP 25.3bn (US$490m) of green investments for pre-development under the CES scenario and PHP 17.9bn (US$347m) under the REF scenario.
Philippines Power EPC Industry Segmentation
“Philippines Power EPC Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Thermal
Oil and Gas
Renewable
Nuclear
Others
Philippines Power EPC Market Share
Based on type, the market is segmented into thermal, oil and gas, renewable, and nuclear, among others. The renewable segment is projected to grow at a CAGR of 6.7% during the forecast period of 2025-2034. Renewable energy sources are continuously replenished, ensuring a dependable energy supply. The utilisation of renewable energy greatly diminishes greenhouse gas emissions and pollution in comparison to traditional fossil fuels. This aids in combating climate change and lowering air and water pollution.
Leading Companies in the Philippines Power EPC Market
Major players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.
First Balfour, Inc.
EEI Corporation
MERALCO INDUSTRIAL ENGINEERING SERVICES CORPORATION
Aboitiz Construction, Inc.
D.M. Consunji, Inc.
Sta. Clara International Corporation
JGC Philippines, Inc.
Others
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Power EPC Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Power EPC Historical Market (2018-2024)
- 5.3 Asia Pacific Power EPC Market Forecast (2025-2034)
- 6 Philippines Power EPC Market Overview
- 6.1 Key Industry Highlights
- 6.2 Philippines Power EPC Historical Market (2018-2024)
- 6.3 Philippines Power EPC Market Forecast (2025-2034)
- 7 Philippines Power EPC Market by Type
- 7.1 Thermal
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Oil and Gas
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Renewable
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Nuclear
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Others
- 8 Market Dynamics
- 8.1 SWOT Analysis
- 8.1.1 Strengths
- 8.1.2 Weaknesses
- 8.1.3 Opportunities
- 8.1.4 Threats
- 8.2 Porter’s Five Forces Analysis
- 8.2.1 Supplier’s Power
- 8.2.2 Buyer’s Power
- 8.2.3 Threat of New Entrants
- 8.2.4 Degree of Rivalry
- 8.2.5 Threat of Substitutes
- 8.3 Key Indicators for Demand
- 8.4 Key Indicators for Price
- 9 Competitive Landscape
- 9.1 Supplier Selection
- 9.2 Key Global Players
- 9.3 Key Regional Players
- 9.4 Key Player Strategies
- 9.5 Company Profiles
- 9.5.1 First Balfour, Inc.
- 9.5.1.1 Company Overview
- 9.5.1.2 Product Portfolio
- 9.5.1.3 Demographic Reach and Achievements
- 9.5.1.4 Certifications
- 9.5.2 EEI Corporation
- 9.5.2.1 Company Overview
- 9.5.2.2 Product Portfolio
- 9.5.2.3 Demographic Reach and Achievements
- 9.5.2.4 Certifications
- 9.5.3 MERALCO INDUSTRIAL ENGINEERING SERVICES CORPORATION
- 9.5.3.1 Company Overview
- 9.5.3.2 Product Portfolio
- 9.5.3.3 Demographic Reach and Achievements
- 9.5.3.4 Certifications
- 9.5.4 Aboitiz Construction, Inc.
- 9.5.4.1 Company Overview
- 9.5.4.2 Product Portfolio
- 9.5.4.3 Demographic Reach and Achievements
- 9.5.4.4 Certifications
- 9.5.5 D.M. Consunji, Inc.
- 9.5.5.1 Company Overview
- 9.5.5.2 Product Portfolio
- 9.5.5.3 Demographic Reach and Achievements
- 9.5.5.4 Certifications
- 9.5.6 Sta. Clara International Corporation
- 9.5.6.1 Company Overview
- 9.5.6.2 Product Portfolio
- 9.5.6.3 Demographic Reach and Achievements
- 9.5.6.4 Certifications
- 9.5.7 JGC Philippines, Inc.
- 9.5.7.1 Company Overview
- 9.5.7.2 Product Portfolio
- 9.5.7.3 Demographic Reach and Achievements
- 9.5.7.4 Certifications
- 9.5.8 Others
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