The Philippines renewable energy market reached around 25.60 TWh in 2024. The market is projected to grow at a CAGR of 4.80% between 2025 and 2034 to attain nearly 40.91 TWh by 2034.
Base Year
Historical Period
Forecast Period
In 2023, the Philippines generated 22% of its power from renewable energy sources.
Solar and wind energy accounted for 3.2% of overall electricity generation in 2023 in the Philippines.
The Philippines’ government aims to achieve a 35% share of renewable power in its energy mix by 2030.
Compound Annual Growth Rate
4.8%
Value in TWh
2025-2034
Philippines Renewable Energy Market Outlook
*this image is indicative*
| Philippines Renewable Energy Market Report Summary | Description | Value |
| Base Year | TWh | 2024 |
| Historical Period | TWh | 2018-2024 |
| Forecast Period | TWh | 2025-2034 |
| Market Size 2024 | TWh | 25.60 |
| Market Size 2034 | TWh | 40.91 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 4.80% |
| CAGR 2025-2034 - Market by Type | Wind | 19.1% |
| 2024 Market Share by Type | Wind | 5.9% |
Under the Green Energy Auction Program, the Philippines’ government aims to increase the share of renewable power in its energy mix to 50% by 2040. By the end of 2024, the government is expected to bid 11,000 MW of renewable energy (including geothermal and hydropower). The nation’s huge potential for offshore wind energy generation is expected to attract huge investments in 2025, contributing to the market growth.
By 2040, the Philippines’ population is expected to reach 140 million, rising by nearly 40 million from 2018 levels. As per the Philippines’ Department of Energy, this is expected to result in a four-fold increase in the demand for power, reaching 49.3 MW by 2040. In Mindanao, the demand for power is expected to grow at a rate of 8% annually, recording the highest growth in demand.
The Philippine Energy Plan, focused on driving the adoption of clean fuels in the automotive sector and increasing the production of renewable electricity in the country, is further expected to boost the market growth in the coming years.
In 2023, natural gas accounted for 18.8% of power production in the Philippines. Though coal-based power accounted for 43.9% of overall electricity generation in the Philippines, the shift towards renewable energy is permanent, and they are expected to be utilised as a transition fuel to sustain economic growth.
Philippines Renewable Energy Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
| CAGR 2025-2034 - Market by | Type |
| Wind | 19.1% |
| Solar | 17.9% |
| Hydro | XX% |
| Biomass | XX% |
| Geothermal | XX% |
Based on type, the market is segmented into solar, wind, hydro, biomass, and geothermal. Over the forecast period, wind energy is expected to grow at a CAGR of 19.1% as a result of its growing attraction for investors in the Philippines’ green energy auctions.
| 2023 Market Share by | Type |
| Wind | 5.9% |
| Hydro | XX% |
| Solar | 8.7% |
| Biomass | XX% |
| Geothermal | XX% |
In the first quarter of 2023, Ayala Corporation reported a 55% quarterly jump in its core profit earnings, which reached PhP 20.5 billion. This was largely driven by the excellent performance of its energy, banking, and property sectors.
Philippines Renewable Energy Market Size
Philippines Renewable Energy Market Growth
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The market reached nearly 25.60 TWh in 2024.
The market is projected to grow at a CAGR of 4.80% between 2025 and 2034.
The market is assessed to witness healthy growth in the forecast period to reach around 40.91 TWh in 2034.
The different types of renewable energy in the market are solar, wind, hydro, biomass, and geothermal.
The key market players are SOLAR PHILIPPINES, Solaric Corp., Philergy Inc., GoSolar Philippines, Transnational Uyeno Renewable Corporation, We Gen Energy Philippines, ACEN CORPORATION, Ayala Corporation, Alternergy Holdings Corporation, and Triconti, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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