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Philippines Solar Energy Market - Growth, Trends, and Forecast (2019 - 2024)

  • ID: 4760178
  • Report
  • Region: Philippines
  • 73 pages
  • Mordor Intelligence
UP TO OFF
until Dec 31st 2019
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FEATURED COMPANIES

  • Solaric Corp.
  • Solenergy Systems Inc.
  • Trina Solar Ltd
  • Vena Energy
  • MORE
Market Overview

The solar energy market in Philippines is expected to grow at a CAGR of 13.40% during the forecast period of 2019 – 2024. The solar power sector is still in its nascent stage, and while the country is going through some policy changes, the solar market in the country is expected to garner more support from the government, in the coming years. Factors such as rising energy demand and declining photovoltaic system prices are expected to drive the market during the forecast period. However, an inefficient electricity grid infrastructure in the country is expected to hinder the growth of the market studied in the coming years.
  • It is estimated that replacing/integrating diesel generators with renewable energy, like solar, can save the Philippines over USD 200 million per year. Small islands in the Philippines are powered by generator-based mini-grids, which are fueled by imported diesel and bunker (freighter) oil. Furthermore, due to factors, such as grid instability, inadequate generation capacity, and lack of subsidized fuel, these islands suffer from blackouts and unplanned power outages. Therefore, off-grid electrification through renewable energy sources such as solar is expected to create significant opportunity in the near future.
Key Market Trends

Falling Photovoltaic System Prices to Fuel the Demand
  • The solar industry has cut costs dramatically in the past six years through economies of scale. As the market was flooded with equipment, prices plummeted. In 2011, the price of solar panels declined by 48.4%, while the PV system costs dropped by more than 30% since 2008. At present, solar photovoltaic (PV) modules are more than 80% cheaper than in 2009.
  • As a result, the cost of electricity from solar PV has also fell by almost three-fourth in 2010-2017 and it continues to decline. The cost reductions are driven by continuous technological improvements, including higher solar PV module efficiencies. The industrialization of these highly modular technologies has yielded impressive benefits from economies of scale and greater competition, to improved manufacturing processes and competitive supply chains.
  • In 2017, module prices dipped as low as USD 0.34/W, but were relatively higher for modules from Chinese majors, and good quality modules can now be produced sustainably for USD 0.4/W or less.
  • The production costs are projected to fall by as much as 59% by 2025, making solar the largest source of cheaper power.
  • Thus, the decline in photovoltaic system prices is expected to increase the adoption of solar power in the Philippines and drive the market during the forecast period.
Competitive Landscape

The Philippines solar energy market is consolidated. Some of the major companies include Solar Philippines Power Project Holdings, Solenergy Systems Inc., Vena Energy, Solaric Corp., and Trina Solar Ltd.
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Solaric Corp.
  • Solenergy Systems Inc.
  • Trina Solar Ltd
  • Vena Energy
  • MORE
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
1.4 Study Deliverables
1.5 Research Phases

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Evolution of Solar Power Market in the Philippines
4.3 Renewable Energy Mix, 2018
4.4 Supply of and Demand for Electricity
4.5 Recent Trends and Developments
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 PESTLE Analysis
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitutes Products and Services
4.8.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Philippines Solar Photovoltaic (PV) Market
5.1.1 Installed Capacity and Forecast in MW, till 2024
5.1.2 Government Policies and Regulations
5.1.3 Key Projects
5.1.3.1 Commissioned Projects
5.1.3.2 Upcoming Projects

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Key Company Profiles
6.3.1 Solar Philippines Power Project Holdings
6.3.2 Solenergy Systems Inc.
6.3.3 Vena Energy
6.3.4 Solaric Corp.
6.3.5 Trina Solar Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown
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  • Solar Philippines Power Project Holdings
  • Solenergy Systems Inc.
  • Vena Energy
  • Solaric Corp.
  • Trina Solar Ltd
Note: Product cover images may vary from those shown
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