Trinidad & Tobago Solar Energy Market Outlook to 2023

Trinidad & Tobago solar power market, is estimated to reach USD XX billion in 2016, and is forecast to grow to USD XX billion by 2021, at a CAGR of XX percent.

Trinidad & Tobago is one of the world's fastest growing energy markets in the world. Installed photovoltaic capacity has increased from XX in 2009 to XX in 2014. The cost of solar power has come down in recent years, majorly due to initiatives taken on an international level by governments and private organizations to promote research and development in this field. This cost reduction has made solar technology, especially solar PV technology, more accessible. The growing demand for electricity is another major factor driving the growth of the market. Concerns regarding the high carbon footprint of conventional power plants are also expected to aid in increasing the demand for solar power plants to meet the growing power demand. Furthermore, favourable government regulations and private partnerships, downstream innovation and expansion, and various incentive schemes for the use of renewable energy for power generation, are also driving the solar power market at an exponential rate.

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. The space requirement for a solar power plant is another restraint for this market. Developments in battery storage technology, growth of rooftop solar installations etc. will in the long-term help overcome the restraints associated with the development of solar technology, and thereby will help in the long-term growth of the market.

Trinidad & Tobago solar power market report comprehensively analyses the market by segmenting it based on type into solar photovoltaic (PV), concentrated solar power (CSP) and solar thermal. Today, solar energy can be utilized mainly for two purposes, namely power generation and heating. This report provides a segmentation of the solar power market based on these applications. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The report also has key project information which includes both pipeline and upcoming projects. The study elucidates on the competitive landscape and key market players (both domestic and international) as well.