Venezuela Solar Energy Market Size

Venezuela Solar Energy Market Analysis

Venezuela's solar energy market is expected to register a CAGR of more than 1.5% during the forecast period. The impact of COVID-19 is expected to delay the proposed solar projects in the country, as the whole supply chain is affected from 2020. The primary drivers of the market include rising energy demand and efforts to reduce the reliance on fossil fuel-based power generation. Other factors like increasing demand for renewable energy and available potential in solar energy sources drive the solar energy market. However, as of 2020, even with an ideal solar radiation level (5.1 kW x m2) to install photovoltaic energy production systems at a large scale, the country is lagging in uplifting the solar PV projects. This is primarily due to the increasing reliance on alternate clean power sources such as hydropower and wind and the expensive nature of solar energy and pirated services in the country, which is likely to restrain the growth of the solar energy market in the coming years.

• 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.