| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 1.50% |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Venezuela Solar Energy Market Analysis by Mordor Intelligence
The Venezuela Solar Energy Market is expected to register a CAGR of greater than 1.5% during the forecast period.
- The government's plans to increase the share of renewable energy in the country's energy mix are expected to drive the solar energy market during the forecast period.
- The Venezuela Plan for the National Electric System aims to integrate renewables in the power system by including them in medium and long-term strategies. It aims to develop the use of renewables within isolated rural communities includes solar. 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 greenhouse gas emissions are also expected to provide opportunities for growth in the coming future.
Venezuela Solar Energy Market Trends and Insights
Plans to Increase Renewable Energy Share in the Energy Mix to Drive the Market
- Venezuela is in its transition stage toward a new energy stage, in which renewable energy is expected to become the fundamental resource to address the country on its path to sustainability. According to the latest statistics published by the International Renewable Energy Agency, Venezuela had around 5.32 MW of installed solar PV power generation capacity in 2019.
- In 2019, the Venezuelan government announced a plan to build its first utility-scale PV project to strengthen its National Electric System. In particular, solar energy is in the stage of providing an important contribution to meet energy needs in the electricity sector. The electricity generated by solar PV is less than 0.05 TWh in 2019.
- Solar energy is one of the fastest-growing forms of energy in power generation that is expected to show a gradual increase in the energy mix of Venezuela. This tendency is maintained by the significant decrease in the cost of renewables with the support of investments and new technologies.
- However, with the proposed solar projects, the solar energy market is likely to witness significant growth at a considerable rate during the forecast period.
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Wind Potential is Likely to Hinder the Market
- As demand for energy is rising, Venezuela is turning toward adopting renewable energy as it can provide clean energy. The adoption of wind energy with advanced technology gradually makes wind energy a dominant type.
- The Paraguaná Wind Farm (PEP) began a new phase of operations in 2019, aiming at the regional electric strengthening with its own workforce that has reactivated the production of 14 wind turbines, under the responsibility of Petróleos de Venezuela (Pdvsa), Paraguaná Refining Center (CRP).
- At the end of 2019, Venezuela held 71.28 MW of installed wind capacity, a much higher capacity compared to the solar PV installed capacity as of 2019. Venezuela is also planning to build wind farms with a generating capacity of 10,000 MW over the next 15 years.
- Venezuela has great potential to use power from wind energy, which is expected to hinder the growth of the solar energy market during the forecast period.
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Competitive Landscape
The Venezuelan solar energy market is consolidated. The key players in the market include SOLINAL CA and INGESOL CA.
Venezuela Solar Energy Industry Leaders
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INGESOL CA
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Solinal C.A.
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- In 2019, the Venezuelan government announced a plan to build its first utility-scale PV project to strengthen its National Electric System.
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Venezuela Solar Energy Market Report Scope
The Venezuelan solar energy market report includes:
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Key Questions Answered in the Report
What is the current Venezuela Solar Energy Market size?
The Venezuela Solar Energy Market is projected to register a CAGR of greater than 1.5% during the forecast period (2025-2030)
Who are the key players in Venezuela Solar Energy Market?
INGESOL CA and Solinal C.A. are the major companies operating in the Venezuela Solar Energy Market.
What years does this Venezuela Solar Energy Market cover?
The report covers the Venezuela Solar Energy Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Venezuela Solar Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Venezuela Solar Energy Market Report
Statistics for the 2025 Venezuela Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Venezuela Solar Energy analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
