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Philippines Solar Energy Market Report and Forecast 2025-2034

Publisher Expert Market Research
Published May 30, 2025
Length 88 Pages
SKU # EMAR20079186

Description

The Philippines solar energy market reached around 2.23 TWh in 2024. The market is projected to grow at a CAGR of 17.90% between 2025 and 2034 to reach nearly 11.57 TWh by 2034.

Philippines Solar Energy Market Growth

As per the Philippines Department of Energy, renewable energy accounted for 22% of the overall electricity generation in 2021. By 2030, it is expected to account for 35% of the overall energy mix. To achieve the targets laid down in its National Renewable Energy Plan 2020-2040, the government is expected to expand its existing capacity for renewable energy production to 102,231 MW by 2040. Under this strategy, the expansion of solar power generation capacity to 27,162 MW by 2040 is expected to drive its widespread adoption, owing to its rising cost-effectiveness and sustainability.

In 2023, the government of the Philippines raised the minimum Renewable Portfolio standards for energy distribution companies to 2.52%, which is expected to accelerate the shift towards non-fossil fuel-based energy resources. The launch of the Green Energy Options Program in 2021 has given households, industries, and various other end users of power to choose their preferred retail supplier of renewable energy, which is expected to further boost the market growth in the coming years.

Various other government programmes, including the Green Energy Auction Program, and the Renewable Energy market are expected to expedite the shift towards renewable energy, creating a significant potential for the growth of solar power in the region.

Philippines Solar Energy Industry Segmentation

Philippines Solar Energy Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Technology:

Solar Photovoltaic
Concentrated Solar Power

Market Breakup by Solar Module:

Monocrystalline
Polycrystalline
Thin-Film Solar Modules
Others

Market Breakup by Application:

Residential
Commercial and Industrial
Utility

Philippines Solar Energy Market Share

Based on application, the market is segmented into residential, commercial and industrial, and utility. The residential sector is projected to grow at a CAGR of 19.8% during the forecast period of 2025-2034 amid rising energy costs and the rising adoption of renewable energy in homes. Benefits such as cost-savings and low maintenance are further boosting the adoption of solar energy in residential spaces.

Leading Companies in the Philippines Solar Energy Market


Key market players are driving advancements in solar technology and introducing innovative solutions to enhance the accessibility to solar energy.
SOLAR PHILIPPINES
Solaric Corp.
Philergy Inc.
GoSolar Philippines
Transnational Uyeno Solar Corporation
We Gen Energy Philippines
Others

Table of Contents

88 Pages
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 Solar Energy Market Overview
5.1 Key Industry Highlights
5.2 Asia Pacific Solar Energy Historical Market (2018-2024)
5.3 Asia Pacific Solar Energy Market Forecast (2025-2034)
6 Philippines Solar Energy Market Overview
6.1 Key Industry Highlights
6.2 Philippines Solar Energy Historical Market (2018-2024)
6.3 Philippines Solar Energy Market Forecast (2025-2034)
7 Philippines Solar Energy Market by Technology
7.1 Solar Photovoltaic
7.1.1 Historical Trend (2018-2024)
7.1.2 Forecast Trend (2025-2034)
7.2 Concentrated Solar Power
7.2.1 Historical Trend (2018-2024)
7.2.2 Forecast Trend (2025-2034)
8 Philippines Solar Energy Market by Solar Module
8.1 Monocrystalline
8.1.1 Historical Trend (2018-2024)
8.1.2 Forecast Trend (2025-2034)
8.2 Polycrystalline
8.2.1 Historical Trend (2018-2024)
8.2.2 Forecast Trend (2025-2034)
8.3 Thin-Film Solar Modules
8.3.1 Historical Trend (2018-2024)
8.3.2 Forecast Trend (2025-2034)
8.4 Others
9 Philippines Solar Energy Market by Application
9.1 Residential
9.1.1 Historical Trend (2018-2024)
9.1.2 Forecast Trend (2025-2034)
9.2 Commercial and Industrial
9.2.1 Historical Trend (2018-2024)
9.2.2 Forecast Trend (2025-2034)
9.3 Utility
9.3.1 Historical Trend (2018-2024)
9.3.2 Forecast Trend (2025-2034)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Supplier Selection
11.2 Key Global Players
11.3 Key Regional Players
11.4 Key Player Strategies
11.5 Company Profiles
11.5.1 SOLAR PHILIPPINES
11.5.1.1 Company Overview
11.5.1.2 Product Portfolio
11.5.1.3 Demographic Reach and Achievements
11.5.1.4 Certifications
11.5.2 Solaric Corp.
11.5.2.1 Company Overview
11.5.2.2 Product Portfolio
11.5.2.3 Demographic Reach and Achievements
11.5.2.4 Certifications
11.5.3 Philergy Inc.
11.5.3.1 Company Overview
11.5.3.2 Product Portfolio
11.5.3.3 Demographic Reach and Achievements
11.5.3.4 Certifications
11.5.4 GoSolar Philippines
11.5.4.1 Company Overview
11.5.4.2 Product Portfolio
11.5.4.3 Demographic Reach and Achievements
11.5.4.4 Certifications
11.5.5 Transnational Uyeno Solar Corporation
11.5.5.1 Company Overview
11.5.5.2 Product Portfolio
11.5.5.3 Demographic Reach and Achievements
11.5.5.4 Certifications
11.5.6 We Gen Energy Philippines
11.5.6.1 Company Overview
11.5.6.2 Product Portfolio
11.5.6.3 Demographic Reach and Achievements
11.5.6.4 Certifications
11.5.7 Others

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