The Philippines renewable energy market reached around 25.60 TWh in 2024. The market is projected to grow at a CAGR of 4.80% between 2025 and 2034 to attain nearly 40.91 TWh by 2034.
Philippines Renewable Energy Market Growth
Under the Green Energy Auction Program, the Philippines’ government aims to increase the share of renewable power in its energy mix to 50% by 2040. By the end of 2024, the government is expected to bid 11,000 MW of renewable energy (including geothermal and hydropower). The nation’s huge potential for offshore wind energy generation is expected to attract huge investments in 2025, contributing to the market growth.
By 2040, the Philippines’ population is expected to reach 140 million, rising by nearly 40 million from 2018 levels. As per the Philippines’ Department of Energy, this is expected to result in a four-fold increase in the demand for power, reaching 49.3 MW by 2040. In Mindanao, the demand for power is expected to grow at a rate of 8% annually, recording the highest growth in demand.
The Philippine Energy Plan, focused on driving the adoption of clean fuels in the automotive sector and increasing the production of renewable electricity in the country, is further expected to boost the market growth in the coming years.
In 2023, natural gas accounted for 18.8% of power production in the Philippines. Though coal-based power accounted for 43.9% of overall electricity generation in the Philippines, the shift towards renewable energy is permanent, and they are expected to be utilised as a transition fuel to sustain economic growth.
Philippines Renewable Energy Industry Segmentation
Philippines Renewable Energy Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Solar
Wind
Hydro
Biomass
Geothermal
Philippines Renewable Energy Market Share
Based on type, the market is segmented into solar, wind, hydro, biomass, and geothermal. Over the forecast period, wind energy is expected to grow at a CAGR of 19.1% as a result of its growing attraction for investors in the Philippines’ green energy auctions.
Leading Companies in the Philippines Renewable Energy Market
In the first quarter of 2023, Ayala Corporation reported a 55% quarterly jump in its core profit earnings, which reached PhP 20.5 billion. This was largely driven by the excellent performance of its energy, banking, and property sectors.
SOLAR PHILIPPINES
Solaric Corp.
Philergy Inc.
GoSolar Philippines
Transnational Uyeno Renewable Corporation
We Gen Energy Philippines
ACEN CORPORATION
Ayala Corporation
Alternergy Holdings Corporation
Triconti
Others
Philippines Renewable Energy Market Report Snapshots
Philippines Renewable Energy Market Size
Philippines Renewable Energy Market Growth
Philippines Renewable Energy Market Share
Philippines Renewable Energy Companies
- 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 Renewable Energy Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Renewable Energy Historical Market (2018-2024)
- 5.3 Asia Pacific Renewable Energy Market Forecast (2025-2034)
- 6 Philippines Renewable Energy Market Overview
- 6.1 Key Industry Highlights
- 6.2 Philippines Renewable Energy Historical Market (2018-2024)
- 6.3 Philippines Renewable Energy Market Forecast (2025-2034)
- 7 Philippines Renewable Energy Market by Type
- 7.1 Solar
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Wind
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Hydro
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Biomass
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Geothermal
- 7.5.1 Historical Trend (2018-2024)
- 7.5.2 Forecast Trend (2025-2034)
- 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 SOLAR PHILIPPINES
- 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 Solaric Corp.
- 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 Philergy Inc.
- 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 GoSolar Philippines
- 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 Transnational Uyeno Renewable Corporation
- 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 We Gen Energy Philippines
- 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 ACEN CORPORATION
- 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 Ayala Corporation
- 9.5.8.1 Company Overview
- 9.5.8.2 Product Portfolio
- 9.5.8.3 Demographic Reach and Achievements
- 9.5.8.4 Certifications
- 9.5.9 Alternergy Holdings Corporation
- 9.5.9.1 Company Overview
- 9.5.9.2 Product Portfolio
- 9.5.9.3 Demographic Reach and Achievements
- 9.5.9.4 Certifications
- 9.5.10 Triconti
- 9.5.10.1 Company Overview
- 9.5.10.2 Product Portfolio
- 9.5.10.3 Demographic Reach and Achievements
- 9.5.10.4 Certifications
- 9.5.11 Others
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