Market Size of Trinidad And Tobago Solar Energy Industry
| 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.
