Philippines Solar Energy market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2019 to 2024 are profiled in this report.
The solar energy market in Philippines is expected to grow at a CAGR of 13.40% during the forecast period of 2019 – 2024.
The Philippines Solar Energy market is highly competitive and consists of a number of major players: Solar Philippines Power Project Holdings, Solenergy Systems Inc., Vena Energy, Solaric Corp., Trina Solar Ltd and other.
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Scope of the Report
Philippines are powered by generator-based mini-grids, which are fueled by imported diesel and bunker (freighter) oil. Furthermore, due to factors, such as grid instability, inadequate generation capacity, and lack of subsidized fuel, these islands suffer from blackouts and unplanned power outages. Therefore, off-grid electrification through renewable energy sources such as solar is expected to create significant opportunity in the near future
Key Market Trends
Falling Photovoltaic System Prices to Fuel the Demand
– The solar industry has cut costs dramatically in the past six years through economies of scale. As the market was flooded with equipment, prices plummeted. In 2011, the price of solar panels declined by 48.4%, while the PV system costs dropped by more than 30% since 2008. At present, solar photovoltaic (PV) modules are more than 80% cheaper than in 2009.
– As a result, the cost of electricity from solar PV has also fell by almost three-fourth in 2010-2017 and it continues to decline. The cost reductions are driven by continuous technological improvements, including higher solar PV module efficiencies. The industrialization of these highly modular technologies has yielded impressive benefits from economies of scale and greater competition, to improved manufacturing processes and competitive supply chains.
– In 2017, module prices dipped as low as USD 0.34/W, but were relatively higher for modules from Chinese majors, and good quality modules can now be produced sustainably for USD 0.4/W or less.
– The production costs are projected to fall by as much as 59% by 2025, making solar the largest source of cheaper power.
– Thus, the decline in photovoltaic system prices is expected to increase the adoption of solar power in the Philippines and drive the market during the forecast period.
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Asia-Pacific to Dominate the Market
– China is expected to account for the major growth in crude Philippines Solar Energy between 2018 and 2023 in Asia-Pacific (APAC). The country is expected to account for 44%, an increase of 4% from 2017, of the refining capacity in APAC by 2023.
– Also, Indias refining capacity has witnessed a CAGR of 3.0% between 2012 and 2017. As of August 2018, India Oil Corp., Indias largest refining company, aimed to increase its refining capacity from 80.7 million metric ton per annum to 150 million metric ton per annum by 2030. Projects worth INR 320 billion are in various stages of execution.
– South-east Asia is witnessing the commissioning of a number of refinery projects including the expansion of existing ones and developing new ones to reduce the dependency on imports.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Philippines Solar Energy Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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