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Venezuela Solar Energy Market 2021 Growth Opportunity and Future Scope – SOLINAL C.A., and INGESOL CA

01-13-2021 12:44 PM CET | Energy & Environment

Press release from: Market Insights Reports

Venezuela Solar Energy Market - Growth, Trends, and Forecasts (2020 - 2025)

The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Venezuela Solar Energy Market on the basis of stating current situation of the industry in 2020.

This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.

Venezuela solar energy market is expected to grow at a CAGR of more than 5.9% during the forecast period of 2020-2025.

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Competitive Landscape

The Venezuela solar energy market is consolidated. Some of the key players in the market include SOLINAL C.A., and INGESOL CA.

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, rising potential in solar energy are driving the solar energy market. However, the increasing adoption of alternate clean power sources such as hydropower and wind 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 is 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 it 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 the emission of greenhouse gases is also expected to provide opportunities for growth in the coming future.

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Key Market Trends: 

Plans to Increase Renewable Energy Share in the Energy Mix to Drive the Market

- Venezuela is in its transition stage towards 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 OPENPR of installed solar PV power generation capacity in 2019.

- In 2019, Venezuela planned its first utility-scale PV projects 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 2018.

- 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 important decrease in the cost of renewables with the support of investments, new technologies, and adequate policies.

- Therefore, with upcoming and under construction solar projects, the solar energy market is expected to witness significant growth at a considerable rate during the forecast period.

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The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the report’s an invaluable resource for industry executives, Marketing, Sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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Irfan Tamboli (Head of Sales)-Market Insights Reports

Phone: + 1704 266 3234 | Mob: +91-750-707-8687                        

sales@marketinsightsreports.com | irfan@marketinsightsreports.com

About Us:

MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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