Key Market Indicators
The solar energy sector in the Philippines is set for significant growth over the next five years. Solar capacity in the country is projected to reach approximately 2,630 megawatts by 2028, up from around 1,800 megawatts in 2023. This represents an average annual growth rate of 6%. The growth in solar capacity has been notable since 2009, with the supply increasing at an average rate of 14.4% per year. In terms of consumption, the Philippines is expected to maintain a steady increase in its use of solar energy. Solar energy consumption is projected to reach about 0.02 exajoules by 2028, up from a similar figure in 2023. This translates to an average annual growth rate of 4.8%. Since 2020, the demand for solar energy in the Philippines has risen at an average rate of 8.5% per year, indicating a robust and growing market for renewable energy sources in the nation.
