Market Size of Venezuela Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.92 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Venezuela Power Market Analysis
The Venezuela power market is expected to grow at a CAGR of more than 6.92% during the forecast period 2020-2025. With a growing population, the demand for power is increasing tremendously. Adding to this, factors such as rapid urbanization, technical advancement, and industrialization is increasing the demand for electricity. With the acceptance of renewable energy sources, a robust grid development is required, which is expanding the distribution and transmission sector of the power market. On the other hand, considerable high investments required in upgrading and developing new generation transmission or distribution networks are hindering the growth of the power market in Venezuela.
- Wind energy with a share of more than 45% in 2019, is the cheapest power generation technology and one of the major clean power generation technologies is one of the significant energy generation sources.
- The Venezuela Plan for the National Electric System aims to integrate renewables in the power system by including it in medium and long-term strategies. It aims to develop the use of renewables within isolated rural communities
- The future development of the solar energy sector in Venezuela with the growth of energy consumption and substitution of fossil fuels by renewable energy potential is likely to promote the solar energy market in Venezuela. Moreover, efforts to decrease the emission of greenhouse gases is also expected to provide opportunities for growth in the coming future.
