Solar Energy in Trinidad & Tobago Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 8.37 megawatt |
| Market Volume (2029) | 336.24 megawatt |
| CAGR (2024 - 2029) | 109.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar Energy in Trinidad & Tobago Market Analysis
The Trinidad And Tobago Solar Energy Market size in terms of installed base is expected to grow from 8.37 megawatt in 2024 to 336.24 megawatt by 2029, at a CAGR of 109.30% during the forecast period (2024-2029).
- Over the medium term, factors such as rising environmental concerns, energy security, and increasing focus on renewable energy are expected to be the major drivers for the market.
- On the other hand, the country had one of the lowest electricity rates in the region due to its abundance of natural fossil fuel reserves. This further translates into restraining the growth of renewable energy sources such as solar energy.
- Nevertheless, various government initiatives are expected to create a significant amount of opportunities in the market. For instance, under Vision 2030, the government of Trinidad and Tobago pledged to incorporate renewable energy into the country's electricity mix, further rendering tenders and economic incentives for solar energy installations.
Solar Energy in Trinidad & Tobago Market Trends
Increasing Demand for Clean Electricity Generation Expected to Drive the Market
- The electricity generation mix in Trinidad and Tobago is dominated by fossil fuels such as natural gas, coal, and diesel. In 2021, the country's primary energy consumption was around 0.59 exajoules, and in 2021, the country consumed 0.61 exajoules of energy, such as natural gas and oil. The government is making efforts to meet the increasing electricity consumption with cleaner energy sources such as solar.
- 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 concerning policies to reduce greenhouse gas emissions and aim toward cleaner energy.
- Rooftop solar offers the benefits of modern electricity services to households with no access to grid electricity. It reduces electricity costs on islands and other remote locations dependent on oil-fired generation and enables residents and small businesses to generate electricity.
- Using local energy sources or distributed generation reduces energy losses due to line loss, i.e., the power lost in the transmission and distribution of electricity over long distances.
- Supporting government initiatives has also aided the country's solar energy market growth. Therefore, the aforementioned factors are expected to drive the market during the forecast period.
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 country's solar capacity has remained stagnant between 2-4 MW since 2010, and in 2022 also, the installed capacity was around 4 MW.
- Renewable energy projects in Trinidad and Tobago have been limited to the pilot scale. One of the country's huge barriers against renewable energy penetration is the heavily subsidized fuel and electricity that creates an uncompetitive economic environment for renewable energy technologies.
- The electricity generated from fossil fuel sources such as natural gas or oil is comparatively cheaper. In September 2022, the cost of electricity was nearly 0.052 USD per kWh for households and 0.053 USD for businesses, including all components of the electricity bill, such as the cost of power, distribution, and taxes. At the same time, the average price of electricity in the world for the same period is around 0.170 USD per kWh for households and 0.191 USD for businesses. The low prices limit the companies to invest in any other source of electricity within the country.
- 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.
Solar Energy in Trinidad & Tobago Industry Overview
The Trinidad and Tobago solar energy market is moderately consolidated. Some major companies operating in the market (not in particular order) include AIMS Power, Resscott Ltd, Trifactor Technical Sales and Services Ltd, SolarWorld-tt, and AMBA Energy Limited., among others.
Solar Energy in Trinidad & Tobago Market Leaders
AMBA Energy Limited
SolarWorld-tt
Trifactor Technical Sales and Services Ltd.
Resscott Ltd.
AIMS Power
*Disclaimer: Major Players sorted in no particular order
Solar Energy in Trinidad & Tobago Market News
- April 2023: BP and Shell broke ground on Trinidad and Tobago's first utility-scale solar project at Brechin Castle. The 112MWac solar project comprised two sites, Orange Grove and Brechin Castle. The project is estimated to generate around 300,000 MWh of clean electricity per year, sufficient to power the equivalent of 42,500 homes and help to reduce carbon emissions.
- December 2022: The government of the Republic of Trinidad and Tobago (GoRTT) and the consortium partners, Lightsource, bp, Shell, and BP, announced receiving a green light for Trinidad and Tobago's first large-scale solar project with a capacity of 112 MWac/148 MWp.
Solar Energy in Trinidad & Tobago Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Installed Capacity and Forecast in MW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Rising Environmental Concerns and Energy Security in the Country
4.5.1.2 Increasing Focus on Renewable Energy
4.5.2 Restraints
4.5.2.1 Availability of Abundance Natural Fossil Fuel Reserves
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. COMPETITIVE LANDSCAPE
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles
5.3.1 AIMS Power
5.3.2 Resscott Ltd
5.3.3 Trifactor Technical Sales and Services Ltd
5.3.4 SolarWorld-tt
5.3.5 AMBA Energy Limited
5.3.6 Lightsource BP
- *List Not Exhaustive
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
6.1 Various Government Initiatives Such as "Vision 2030"
Solar Energy in Trinidad & Tobago Industry Segmentation
Solar energy is heat and radiant light from the Sun that can be harnessed with technologies such as solar power (which is used to generate electricity) and solar thermal energy (which is used for applications such as water heating). The report also covers the market size and forecasts for the solar energy market across major regions. The market sizing and forecasts have been done based on installed capacity (MW).
Solar Energy in Trinidad & Tobago Market Research FAQs
How big is the Trinidad and Tobago Solar Energy Market?
The Trinidad and Tobago Solar Energy Market size is expected to reach 8.37 megawatt in 2024 and grow at a CAGR of 109.30% to reach 336.24 megawatt by 2029.
What is the current Trinidad and Tobago Solar Energy Market size?
In 2024, the Trinidad and Tobago Solar Energy Market size is expected to reach 8.37 megawatt.
Who are the key players in Trinidad and Tobago Solar Energy Market?
AMBA Energy Limited, SolarWorld-tt , Trifactor Technical Sales and Services Ltd. , Resscott Ltd. and AIMS Power are the major companies operating in the Trinidad and Tobago Solar Energy Market.
What years does this Trinidad and Tobago Solar Energy Market cover, and what was the market size in 2023?
In 2023, the Trinidad and Tobago Solar Energy Market size was estimated at 4 megawatt. The report covers the Trinidad and Tobago Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Trinidad and Tobago Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Energy in Trinidad and Tobago Industry Report
Statistics for the 2024 Solar Energy in Trinidad and Tobago market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Solar Energy in Trinidad and Tobago analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
