Venezuela Renewable Energy Market Size (2024 - 2029)

The Venezuelan renewable energy market is poised for growth, driven by factors such as the expansion of hydropower installations and a rising proportion of renewable energy in the overall energy mix. This shift aims to meet increasing power demands and reduce reliance on fossil fuels to lower carbon emissions. Despite challenges like limited land and power capacity from variable renewable sources, the market's potential is supported by national initiatives to integrate more renewables into the energy system. These developments are expected to enhance the market's scale and scope over the forecast period.

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Market Size of Venezuela Renewable Energy Industry

venezuela renewable energy market overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 3.50 %
Market Concentration High

Major Players

venezuela renewable energy market major players

*Disclaimer: Major Players sorted in no particular order

Venezuela Renewable Energy Market Analysis

The Venezuelan renewable energy market is expected to register a CAGR of more than 3.5% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 2020 had an adverse impact on investments, especially in the renewable energy sector, and further delayed the ongoing project installations. Factors such as the increasing hydropower installations, increasing share of renewable energy in the total energy mix to meet the rising power demand, and decreasing the dependency on fossil fuels to reduce carbon emissions are expected to drive the market. However, limited land and limited power capacity by variable renewable energy sources are expected to hinder the market growth during the study period.

  • Hydropower is expected to be the dominating segment in the Venezuelan renewable energy market during the forecast period, owing to increasing installation capacity. It is considered one of the dominating energy generation sources.
  • The Venezuela Plan for the National Electric System aims to integrate renewables into the power system. The plan aims to develop 613 MW of renewable energy by 2033. This is expected to create ample opportunities for the market players soon.
  • The increasing share of renewable energy in the total energy mix is expected to drive the Venezuelan renewable energy market.

Venezuela Renewable Energy Industry Segmentation

The Venezuelan renewable energy market report includes:

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Venezuela Renewable Energy Market Size Summary

The Venezuelan renewable energy market is poised for growth, driven by the increasing integration of renewable sources into the national energy mix. The market is expected to experience a steady expansion, with hydropower remaining the dominant segment due to its substantial contribution to the country's electricity production. The Venezuelan government's initiatives, such as the Venezuela Plan for the National Electric System, aim to enhance the renewable energy capacity, focusing on hydropower, solar, and wind energy. Despite challenges like limited land and power capacity from variable renewable sources, the shift towards reducing fossil fuel dependency and meeting rising energy demands is expected to propel the market forward.

Venezuela's renewable energy sector is in a transitional phase, with significant potential for growth in hydropower, solar, and wind energy. The country's efforts to diversify its energy sources are evident in plans to develop utility-scale solar projects and wind farms, which are anticipated to increase the share of renewables in the energy mix. The Guri hydroelectric power plant exemplifies the country's reliance on hydropower, accounting for a major portion of its energy needs. Key players in the market, including SOLINAL CA, INGESOL CA, and Siemens Gamesa Renewable Energy SA, are expected to play a crucial role in advancing Venezuela's renewable energy ambitions during the forecast period.

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Venezuela Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Installed Capacity and Forecast in GW, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY TYPE

    1. 2.1 Wind

    2. 2.2 Solar

    3. 2.3 Hydro

    4. 2.4 Bio-energy

Venezuela Renewable Energy Market Size FAQs

The Venezuela Renewable Energy Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)

SOLINAL C.A., INGESOL C.A., Siemens Gamesa Renewable Energy, S.A., Andritz AG and Corpoelec (National Electric Corporation) are the major companies operating in the Venezuela Renewable Energy Market.

Venezuela Renewable Energy Report Snapshots

Venezuela Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)