Market Size of Ecuador Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 12.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ecuador Solar Energy Market Analysis
The Ecuador solar energy market is expected to grow at a CAGR of around 12%, during the forecast period. The primary driver for the market includes the government initiatives, that include the uses of clean and alternative sources of energy in order to preserve the environment from the growing carbon emission. However, the lack of certainty in regulations around feed-in tariffs is expected to hinder the market growth during the forecast period.
- The growing demand for electricity, government regulations, along with private partnership is expected to drive the market during the forecast period.
- Ecuador is estimated to have CO2 emissions per capita of around 3.3% average annual rate. And with this prevailing growth rate, it is estimated to reach around 7.2 metric tonnes of CO2 emission by 2030. Ecuador with its potential solar energy market and government invitation for foreign players to participate in its renewable market is expected to create an opportunity for the market in the near future.
- On the flipside, high initial investment, intermittent energy source, and requirement of large installation area to setup solar farms are restraining the market from growing.
