Market Size of Peru Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Peru Renewable Energy Market Analysis
The market for Renewable Energy Market in Peru is expected to grow at a CAGR of more than 5% in the forecast period of 2020-2025. Factors such as encouraging government policies and pressure to meet power demand using renewables to decrease dependency on fossils to decrease Carbon footprints are significant contributors to the growth of the market. Increasing global stress to achieve climate and renewable goals is pushing Peru to take initiatives to improve the renewable market. The declining costs of renewable technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewables are driving the renewable market further. On the other hand, in the absence of any new initiatives and limited land and limited power capacity by variable renewable energy sources, there can be a fall in the growth of renewable.
- Wind installation in Peru has shown significant growth since 2014. With ambitious projects under construction, wind energy is going to drive the renewable market of Peru in the forecast period.
- Solar energy and Biomass collectively contributed more than 15% of renewable installation capacity in 2019. Solar energy has tremendous potential in Peru, which can be witnessed in the upcoming period.
- Although the government of Peru is exceptionally modest in terms of the renewable goal, with the aim of 5% by 2025, the government has launched several initiatives and schemes to encourage the growth of renewables commercially and residentially.
