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Trinidad and Tobago Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Trinidad and Tobago solar energy market gives an insight into the solar power installed capacity, recent trends and developments, and key projects information

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Market Snapshot

Trinidad and Tobago Solar Energy Market Overview
Study Period: 2018- 2026
Base Year: 2019
CAGR: >0.8 %

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Market Overview

The Trinidad and Tobago solar energy market are expected to register a CAGR of more than 0.8% during the forecast period. However, the crash of global energy markets amid the COVID-19 pandemic and the growing threat of climate change is providing an impetus for a reevaluation of Trinidad and Tobago’s energy security and a concerted diversification of the nation’s energy mix. Trinidad and Tobago’s budget deficit in 2020 is estimated at 11% of GDP, due to collapsed oil and gas prices and increased expenditures due to the COVID-19 pandemic. Factors, such as rising environmental concerns, declining cost of solar panels, and associated systems are expected to be major drivers for the market. However, the lack of interest by international companies to develop utility-size solar power projects in the country is expected to hinder the growth of the market.

  • The gradual shift from energy generation using conventional sources, such as coal and natural gas, to clean energy is expected to drive the Trinidad and Tobago solar energy market.
  • The country is actively working towards developing its solar energy resource by floating various tenders. This, in turn, is expected to create a huge opportunity for solar market players in the country.
  • Trinidad and Tobago is expected to witness significant growth during the forecast period, over rising environmental concerns, economic benefits of solar power generation, and higher dependency on solar power for electricity during power cuts and in off-grid areas.

Scope of the report

The Trinidad and Tobago solar energy market report includes:

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Key Market Trends

Increasing Demand for Clean Electricity Generation to Drive the Market

  • As of 2020, the electricity generation mix in Trinidad and Tobago is dominated by fossil fuels such as natural gas and diesel. 
  • However, increasing demand for clean and stable energy is expected to be the primary driver for the solar power generation market in the country. The country has been one of the most active countries in the region, in relation to policies, to reduce greenhouse gas emissions and aim toward cleaner energy.
  • Rooftop solar offers the benefits of modern electricity services to households that had no access to grid electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
  • Usage of local energy sources or distributed generation reduces energy losses due to line loss, i.e., the power lost in transmission and distribution of electricity over long distances.
  • Overall, electricity generation has been rising in the country at a stable rate. Most of the electricity is produced from natural gas, but the country has set ambitious targets for electricity generation from renewable energy resources, like solar energy.
  • Therefore, the aforementioned factors are expected to drive the market during the forecast period.
Trinidad and Tobago Solar Energy Market Share

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Lack of Investments to Restrain the Market

  • There has been a significant lack of investments by foreign and domestic companies in the country's renewable energy sector. This has hampered the development of utility-size solar projects in the country. Due to the lack of investments, the solar capacity of the country has remained stagnant between 2-3 MW since 2010.
  • In February 2020, the government floated a tender for a 130MW solar power in a bid to attract foreign investors. The tender received a total of 11 proposals.
  • In June 2019, the International Renewable Energy Agency (IRENA) announced USD 3 million to the country to develop its solar power projects.
  • Therefore, the lack of investments particularly in utility-scale solar projects is expected to be a major restraint for the solar power market in the country.
Trinidad and Tobago Solar Energy Market Growth

Competitive Landscape

The Trinidad and Tobago solar energy market is consolidated. Some of the major companies operating in the market include AIMS Power, Resscott Ltd, Trifactor Technical Sales and Services Ltd, SolarWorld-tt, and AMBA Energy Limited.

Trinidad and Tobago Solar Energy Market Analysis

Recent Developments

  • In September 2020, the country joined the International Solar Alliance (ISA) as part of the country's goal toward creating renewable energy sources and decreasing carbon output. This new membership will provide opportunities to fulfill one of the key goals of the Government; the increase of energy supply through the use of renewables by 2021, in accordance with the Paris Agreement on climate change.
  • In October 2020, the government announces a planned solar power project, once completed, is expected to be the largest in the Caribbean. The government signed an agreement with Lightsource BP and Shell for the construction of a 150 MW solar power plant, which would represent 10% of the country's total power generation capacity, bringing the country within compliance with their commitment to the Paris Agreement.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Installed Capacity and Forecast in MW, till 2026

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. COMPETITIVE LANDSCAPE

    1. 5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 5.2 Strategies Adopted by Leading Players

    3. 5.3 Company Profiles

      1. 5.3.1 AIMS Power

      2. 5.3.2 Resscott Ltd

      3. 5.3.3 Trifactor Technical Sales and Services Ltd

      4. 5.3.4 SolarWorld-tt

      5. 5.3.5 AMBA Energy Limited

      4. *List Not Exhaustive

  6. 6. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Trinidad and Tobago Solar Energy Market market is studied from 2018 - 2026.

The Trinidad and Tobago Solar Energy Market is growing at a CAGR of >0.8% over the next 5 years.

AMBA Energy Limited, SolarWorld-tt , Trifactor Technical Sales and Services Ltd. , Resscott Ltd. , AIMS Power are the major companies operating in Trinidad and Tobago Solar Energy Market.

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