Market Trends of Venezuela Solar Energy Industry
This section covers the major market trends shaping the Venezuela Solar Energy Market according to our research experts:
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.
