Philippines Wind Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Philippine wind energy market is expected to record a CAGR of greater than 7.5% during the forecast period, 2022-2027. With the COVID-19 outbreak in Q1 of 2020, the growth of the Philippine wind energy market was moderately impacted. The country has faced disruptions in importing wind turbines. As a result, several projects, like the Aklan onshore wind project, got delayed in construction. Increased demand for renewable energy, favorable government policies, and the reduced wind power tariff are expected to drive the wind energy market in the Philippines. However, the increasing adoption of alternate clean power sources such as solar and biomass and the availability of fossil fuels are likely to restrain the growth of the wind energy market in the coming years.
Key HighlightsThe Philippine wind energy market is moderately consolidated. Some of the key players in this market include Vestas Wind Systems AS, Alternergy Ltd, AC Energy Inc., PetroEnergy Resources Corporation, and General Electric Company.
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