Market Size of Colombia Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Colombia Power Market Analysis
The Colombian power market is expected to register a CAGR of greater than 3% during the forecast period.
- Over the long term, factors such as the increasing demand for clean energy, such as solar and wind power, and favorable government policies are expected to drive the growth of the Columbian power market.
- On the other hand, long delays in constructing power transmission projects due to logistical, environmental, and social challenges are likely to hamper the market growth during the forecast period.
- Nevertheless, the country has a strong future in coupling large-scale solar and wind power as hybrid power plants. This, in turn, is expected to provide ample opportunity for the Colombian power market.
Colombia Power Industry Segmentation
Power, meaning electric power, is the rate at which electrical energy is transferred by an electric circuit. Power transmission is the movement of energy from its place of generation to a location where it is applied to perform useful work. Power is defined formally as units of energy per unit of time.
The Colombian power market is segmented by generation and transmission, and distribution. The market is segmented by generation into conventional thermal, hydro, and non-hydro renewable. The market sizing and forecasts are given for each segment based on installed capacity (GW).
| By Generation | |
| Conventional Thermal | |
| Hydro | |
| Non-hydro Renewable |
Colombia Power Market Size Summary
The Colombian power market is poised for growth, driven by an increasing demand for clean energy sources like solar and wind power, alongside supportive government policies. Despite challenges such as delays in power transmission projects due to logistical and environmental issues, the market is expected to benefit from the development of hybrid power plants that combine solar and wind energy. Hydropower remains the dominant form of power generation in Colombia, supported by its vast potential and ability to maintain low electricity tariffs. While large-scale hydropower growth may be limited, the country is likely to see an increase in small hydropower projects, which are more environmentally friendly and cost-effective.
Colombia is also making strides in solar and wind energy, with solar power anticipated to capture a significant market share due to decreasing costs and versatile applications. The country's National Energy Plan aims to increase coal-fired generation, which could impact decarbonization efforts. However, initiatives like the offshore wind lease round and the Terra Initiative, a solar project in partnership with the Arhuaco people, highlight the government's commitment to expanding renewable energy investments. The Colombian power market is semi-consolidated, with key players such as ISAGEN Energía Productiva and Enel Green Power SpA actively contributing to the sector's development.
Colombia Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Demand Forecast in GW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 By Generation
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2.1.1 Conventional Thermal
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2.1.2 Hydro
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2.1.3 Non-hydro Renewable
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2.2 By Transmission & Distribution (T&D)
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Colombia Power Market Size FAQs
What is the current Colombia Power Market size?
The Colombia Power Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Colombia Power Market?
ISAGEN Energía Productiva, DNV GL AS, Enel Green Power SpA, TermoCandelaria Power Limited and The AES Corporation are the major companies operating in the Colombia Power Market.
