The renewable energy sector is growing at a fast pace globally thanks to falling prices and improving technology. The Philippines renewable energy market, which is estimated to be worth USD XX billion in 2016 will grow at a CAGR of XX percent and reach USD XX billion by 2021.
Living standards of the growing population, supported by urbanization, is influencing the demand for power around the world. Conventional power generation methods like thermal power plants are finding it hard to meet this increase in demand, thus paving way for the growth of renewables. Another factor that is aiding the renewable industry is the efficient collaboration between the governments, and the private sector. There is a growth in industrial investments backed by supportive government policies in renewable technologies. This is resulting in affordable technologies for applications ranging from power plants to small rooftop installations. Growing concerns regarding greenhouse gas emissions and other pollutants has led to consequences like environmental damage and global warming. This is prompting governments to look for cleaner power generation options, which is again proving to be beneficial to the renewables industry.
Renewable energy generation is hindered by various factors. Solar and wind, which are the most popular renewable sources today, are heavily dependent on factors such as the weather, making them unreliable. Power generation from these sources is also intermittent. In addition to these factors, some of the renewable energy plants have a large space requirement. For example, a thermal power plant would require only 10% of space than that of a solar power plant generating the same amount of electricity would require. These factors are however not hindering the growth of the renewables industry, as can be seen from the growing investments and technological advancements in the industry.
There is a growth in small scale power generation such as from solar rooftop photovoltaic installations. Smart grids, which are gaining popularity around the world, help integrate renewable sources effectively to the power grid. Battery technologies are also improving. All these factors will help in the long term to overcome the hindrances that renewable energy sector faces today.
The Philippines Renewable energy market report provides a comprehensive analysis of the market for wind, solar, hydro and other renewable energy sources. This report also includes key project information of both pipeline and upcoming projects. Key drivers and restraints that are effecting the growth of this market are discussed in detail. The study also elucidates on competitive landscape and key market players (both domestic and international) across various types of renewable energy sources.
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