Renewable energy sources are forecast to account for 52% of the total electricity generation capacity in Philippines by 2035, compared with 34% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Philippines’s renewable energy market in its Philippines Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 10% in 2023 to 29% in 2035.
The share of hydro power is expected to reach 9% in 2035, compared with a 2% share in 2023. Geothermal is forecast to account for 3% shares of Philippines’s total electricity generation capacity, in 2035, as against 6% shares in 2023. The share of biopower is expected to change from a 3% share in 2023 to a 1% share in 2035.
In terms of capacity additions, the total renewable energy capacity is expected to see 29137.01 MW of additions in Philippines during the forecast period while the non-renewable energy segment is likely to see 15565.36 MW of additions.
CAGR growth of key renewables in Philippines
Renewable generation capacity in Philippines is expected to reach 33GW in 2035 at a CAGR of 12% during 2023-2035.
Wind power is expected to record highest growth rate of 20.34% by 2035, followed by solar PV with 18%. Other renewable energy sources such as hydro, biopower and geothermal are estimated to have growth rates of 5%, 2%, and 0.01% respectively.
CCS plants in pipeline in Philippines
A total of one carbon capture and storage (CCS) plants are expected to be developed in Philippines by the end of 2035.
For more detailed analysis of the renewable energy market in Philippines, buy the report here.
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