Philippines Power Market Report and Forecast 2025-2034

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 Market Report Snapshots

Philippines Power Market Size

Philippines Power Market Growth

Philippines Power Market Share

Philippines Power Companies