Market Size of Colombia Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 2.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Colombia Renewable Energy Market Analysis
The Colombia Renewable Energy Market is expected to grow at a CAGR of more than 2.6% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, factors such as supportive government policies and efforts to meet the rising power demand using renewable energy sources are expected to contribute to the market's growth significantly.
- On the other hand, factors like unfavorable climatic conditions and the use of other conventional energy sources, such as coal and natural gas, are a few restraining factors for the Colombia renewable energy market.
- Nevertheless, the country has great potential for renewable energy-based electricity generation. The growing focus on clean energy to reduce power generation from fossil fuels is expected to offer essential investment opportunities for local companies within the country.
Colombia Renewable Energy Industry Segmentation
Renewable energy is energy produced from sources like the sun and wind that are naturally replenished and do not run out. Renewable energy sources are plentiful and all around us. The Colombia Renewable Energy Market is segmented by Type (Hydropower, Bioenergy, and Other Renewables). The report offers the installed capacity and forecasts for nuclear power in capacity (GW) for all the above segments.
| Type | |
| Hydropower | |
| Bioenergy | |
| Other Renewables |
Colombia Renewable Energy Market Size Summary
The Colombia renewable energy market is poised for growth, driven by supportive government policies and a rising demand for power from renewable sources. Despite challenges such as unfavorable climatic conditions and competition from conventional energy sources like coal and natural gas, the market is recovering from the COVID-19 pandemic's impact and is expected to expand steadily. The country's potential for renewable energy generation is significant, with a growing emphasis on clean energy to reduce reliance on fossil fuels. This shift is anticipated to create substantial investment opportunities for local companies, particularly in the solar and wind energy sectors.
The solar energy segment is projected to dominate the market, supported by decreasing costs of solar modules and their adaptability for various applications. The development of solar projects, such as the El Paso solar plant and the La Loma solar farm, underscores the sector's growth potential. Meanwhile, wind energy is also expected to see considerable expansion, particularly in the La Guajira region, which offers ideal conditions for wind power generation. The Colombian government's initiatives, including the launch of offshore wind lease rounds, further bolster the prospects for wind energy. The market is moderately consolidated, with key players like Celsia SAESP, DNV GL AS, and Enel Green Power SpA actively contributing to the sector's development.
Colombia Renewable Energy Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Renewable Energy Mix, 2021
-
1.3 Installed Capacity and Forecast in GW Till 2027
-
1.4 Recent Trends and Developments
-
1.5 Government Policies and Regulations
-
1.6 Market Dynamics
-
1.6.1 Drivers
-
1.6.2 Restraints
-
-
1.7 Supply Chain Analysis
-
1.8 PESTLE Analysis
-
-
2. MARKET SEGMENTATION
-
2.1 Type
-
2.1.1 Hydropower
-
2.1.2 Bioenergy
-
2.1.3 Other Renewables
-
-
Colombia Renewable Energy Market Size FAQs
What is the current Colombia Renewable Energy Market size?
The Colombia Renewable Energy Market is projected to register a CAGR of greater than 2.60% during the forecast period (2024-2029)
Who are the key players in Colombia Renewable Energy Market?
Celsia SAESP , DNV GL AS , Enel Green Power SpA, EDP Renovaveis SA and Ventus Ingeniería S.R.L are the major companies operating in the Colombia Renewable Energy Market.
