Colombia Solar Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Colombia's solar energy market is expected to register a CAGR of more than 50 % during the forecast period, reaching the installed capacity of 4019 MW in 2027 from 440 MW in 2022. With the COVID-19 pandemic, the market had not witnessed any major negative impact. The market grew by around 18.8% in 2020, despite challenges related to workforce availability, supply chain, and a few others. The primary drivers of the market include government initiatives like net-metering to promote renewable energy, reduce GHG emissions, and have a sustainable form of energy. Furthermore, the Colombian solar energy market is expected to grow with the increase in electricity demand, which is expected to be generated from its upcoming and under-construction solar PV projects. However, the increasing adoption of alternate clean power sources and problems associated with renewable energy grid integration are likely to hinder the growth of the solar energy market during the forecast period.
Key HighlightsThe Colombian solar energy market is consolidated. Some of the key players in the market include Ventus Ingeniería SRL, Enel Green Power SpA, Trina Solar Ltd, Solen Technology, and Ecopetrol SA.
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