Philippines Solar Energy Market Report and Forecast 2025-2034

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