Philippines Renewable Energy Market Size (2024 - 2029)

Philippines Renewable Energy Market Analysis

The Philippines Renewable Energy Market size in terms of installed base is expected to grow from 9.81 gigawatt in 2024 to 27.16 gigawatt by 2029, at a CAGR of 22.60% during the forecast period (2024-2029).

• Over the medium term, factors such as increasing demand for renewable energy, reduced tariffs on renewable energy, and government policies will likely drive the market during the forecast period.
• On the other hand, the country's inefficient grid infrastructure and many islands are expected to restrain the market.
• Nevertheless, the growing focus on achieving zero-emission targets, including targets for increasing clean power generation, will likely present significant opportunities in the Philippine renewable energy market.

Philippines Renewable Energy Industry Segmentation

Renewable energy refers to energy sources that are naturally replenished and will not be depleted over time, such as solar, wind, hydro, geothermal, and biomass energy. Unlike fossil fuels like coal, oil, and natural gas, which are finite resources and will eventually run out, renewable energy is sustainable and can be continuously harnessed without depleting the earth's resources.

The Philippines' renewable energy market is segmented by type. By type, the market is segmented into solar, wind, hydro, and other types. The market size and forecasts have been done for each segment based on capacity (gigawatts).