The Philippine solar energy market is expected to record a CAGR of 15% during the forecast period (2022–2027). Due to the COVID-19 outbreak, the Philippine solar energy market witnessed a negative impact. The demand from the residential PV segment is severely affected due to the financial uncertainty faced by the customers. Utility-scale, commercial, and industrial solar installations slowed due to uneven cash flows and delays in commercial operations. Factors such as rapid economic development and growing population are expected to drive the market during the forecast period. However, an inefficient electricity grid infrastructure in the country is expected to hinder the market's growth in the coming years. With the increased solar PV installations across the country, the solar PV segment is expected to register significant growth due to increasing small-scale solar PV deployment during the forecast period. It is estimated that replacing/integrating diesel generators with renewable energy, like solar, can save the country over USD 200 million per year. Small islands in the Philippines are powered by generator-based mini-grids fueled by imported diesel and bunker (freighter) oil. These islands suffer from blackouts and unplanned power outages due to grid instability, inadequate generation capacity, and lack of subsidized fuel. Therefore, off-grid electrification through renewable energy sources, such as solar, is expected to create a significant opportunity in the future. The growing demand for solar energy-based power generation and declining photovoltaic system prices are expected to drive the market during the forecast period. -by:mordorintelligence.com
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