Trinidad and Tobago Solar Energy Market - Growth, Trends, and Forecast (2020-2025)
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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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The Trinidad and Tobago solar energy market is expected to register a CAGR of more than 0.8% during the forecast period of 2020 – 2025. Factors, such as rising environmental concerns and high cost of grid expansion, are expected to be major drivers for the market. Also, advancement in technology, leading to solar panel manufacturing cost reduction and increase in efficiency, has been a major factor for the growth of the Trinidad and Tobago solar energy market. However, the lack of interest by international companies to develop utility-size solar power projects in the country has hampered 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 toward developing its solar energy resource by floating various tenders. This 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.
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 is Expected to Drive the Market
Increasing demand for clean and stable energy is one of the primary drivers for the solar power generation market in the country. The country has been one of the most active countries, 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 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, the 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.
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Lack of International Investments may Restrain the Market
There has been a significant lack of investments by foreign companies in the country in the renewable 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) gave USD 3 million to the country to develop its solar power projects.
Therefore, the lack of foreign investments by large international companies is expected to be a major restraint for the solar power market in the country.
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The Trinidad and Tobago solar energy market is partially fragmented. Some of the major companies are AIMS Power, Resscott Ltd, Trifactor Technical Sales and Services Ltd, SolarWorld-tt, and AMBA Energy Limited, among others.