Market Trends of Republic of Congo Renewable Energy Industry
This section covers the major market trends shaping the Republic of Congo Renewable Energy Market according to our research experts:
Hydropower likely to Dominate
- The Republic of Congo is a Central African country that shares its geographical boundaries with Gabon, Angola, the Democratic Republic of Congo, Cameroon, and the Central African Republic and shares the western part of its boundary with the South Atlantic Ocean.
- The hydropower segment dominates over other kinds of renewable energy power plants in the country with a capacity of 214 MW in 2020 as compared to 227 MW of renewable energy capacity installed in the country in 2020.
- This dominance is largely due to abundant hydropower resources in the country which have been exploited and are in various stages of development.
- In May 2021, China Gezhouba Group was commissioned to carry out the studies, and construction of the 600 MW Chollet hydroelectric dam on the Dja river and operate it under a build, operate and transfer contract, slated to complete in 2025.
- Furthermore, the country has witnessed marginal development in other kinds of renewable energy power systems and the likelihood of them being adopted during the forecast remains low.
- Thus, due to the above-mentioned points, Hydropower is likely to dominate in the Republic of Congo's Renewable Energy Market.
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Petroleum to Restrain the Market
- The Republic of Congo is a Central African nation that is considerably rich in petroleum reserves and has been a producer and net exporter of crude oil and has been an OPEC member for a long as a result, a majority of energy demand is catered by petroleum.
- The crude oil production stood at 307 thousand barrels per day in 2020 as compared to 336 thousand barrels per day in 2019, indicating a slight decline majorly due to the COVID-19 pandemic. The daily crude oil production has been increasing over the past few years after a decline indicating increasing adoption in the energy demand matrix.
- In 2019, an oil discovery was made in the Northern part of the Republic of Congo in the town of Oyo, named Delta de la Cuvette Deposit. It covers an area of 9,392 square meters and holds around 1 billion cubic meters of hydrocarbon according to estimates. The field is expected to quadruple the daily crude oil production once the field begins commercial operations.
- Thus, due to the above mentioned points, reliance over petroleum is likely to restrain the renewable energy market in the country during the forecast period.
