Philippines Power Market Report and Forecast 2025-2034
Market Report I 2025-06-06 I 112 Pages I EMR Inc.
The Philippines power market reached around 118.25 TWh in 2024. The market is projected to grow at a CAGR of 4.20% between 2025 and 2034 to reach nearly 178.43 TWh by 2034.
Philippines Power Market Growth
By 2030, the installed power capacity in the Philippines is expected to reach 58.4MW due to the rising residential and industrial demand. By the same year, the demand for solar power is expected to witness the highest growth (600%) and reach 15.29 GW from merely 2.16 GW in 2020. Similarly, the demand for thermal power is expected to surge by 67% and reach 30.8GW by 2030. Presently, coal accounts for nearly 61.9% of the energy mix of the Philippines, which is expected to be gradually phased out as the government shifts its focus towards renewable energy sources. By 2030, the demand for renewable power is expected to surge by over 300% to reach 22.2 GW from 5.3 GW in 2020.
The National Total Electrification Scheme 2023-2032 aims to achieve 100% electrification of all the households in the Philippines by 2028 to foster economic prosperity and social progress while enhancing the quality of life for Filipinos and influencing income-generating activities for marginalised people. This is expected to increase the power demand substantially in the coming years.
The Philippines Department of Energy is anticipating a capacity addition of 3,309 MW in 2024 to meet the increasing demand for electricity. Battery energy storage systems are expected to account for 334 MW of this increase. Primarily, the electricity grid of Luzon is expected to witness a surge in the adoption of renewable energy technologies, due to growth in the capacity of solar (1,123.95 MW), wind (160 MW), and hydropower (44.32 MW).
Philippines Power Industry Segmentation
Philippines Power Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Generation Source
- Thermal
- Hydro
- Renewable
- Others
Philippines Power Market Share
Based on generation source, the market is segmented into thermal, hydro, and renewable, among others. Over the forecast period, renewable sources of energy are expected to grow at a CAGR of 16.8% during 2025-2034, due to the increasing government focus on minimising carbon emissions.
Leading Companies in the Philippines Power Market
By 2040, the Philippines is expected to attract PhP 31 trillion for transitioning to clean energy sources. By 2040, it aims to achieve 5% energy savings and 10% EV penetration, while raising the share of renewable power to 50% of its energy mix.
- SOLAR PHILIPPINES
- Solaric Corp.
- Philergy Inc.
- GoSolar Philippines
- Transnational Uyeno Solar Corporation
- We Gen Energy Philippines
- MERALCO
- Aboitiz Power Corporation
- Others
Philippines Power MarketReport Snapshots
Philippines PowerMarket Size
Philippines Power Market Growth
Philippines PowerMarket Share
Philippines PowerCompanies
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 Market Overview
5.1 Key Industry Highlights
5.2 Asia Pacific Power Historical Market (2018-2024)
5.3 Asia Pacific Power Market Forecast (2025-2034)
6 Philippines Power Market Overview
6.1 Key Industry Highlights
6.2 Philippines Power Historical Market (2018-2024)
6.3 Philippines Power Market Forecast (2025-2034)
7 Philippines Power Market by Generation Source
7.1 Thermal
7.1.1 Historical Trend (2018-2024)
7.1.2 Forecast Trend (2025-2034)
7.2 Hydro
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 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 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 Solar 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 MERALCO
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 Aboitiz Power 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 Others
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