Market Size of Venezuela Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Venezuela Renewable Energy Market Analysis
The Venezuelan renewable energy market is expected to register a CAGR of more than 3.5% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 2020 had an adverse impact on investments, especially in the renewable energy sector, and further delayed the ongoing project installations. Factors such as the increasing hydropower installations, increasing share of renewable energy in the total energy mix to meet the rising power demand, and decreasing the dependency on fossil fuels to reduce carbon emissions are expected to drive the market. However, limited land and limited power capacity by variable renewable energy sources are expected to hinder the market growth during the study period.
- Hydropower is expected to be the dominating segment in the Venezuelan renewable energy market during the forecast period, owing to increasing installation capacity. It is considered one of the dominating energy generation sources.
- The Venezuela Plan for the National Electric System aims to integrate renewables into the power system. The plan aims to develop 613 MW of renewable energy by 2033. This is expected to create ample opportunities for the market players soon.
- The increasing share of renewable energy in the total energy mix is expected to drive the Venezuelan renewable energy market.
