Please Wait.....
Report
Trinidad And Tobago Solar Energy - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 95 Pages I Mordor Intelligence
The Trinidad And Tobago Solar Energy Market size in terms of installed base is expected to grow from 8.37 megawatt in 2024 to 336.24 megawatt by 2029, at a CAGR of 109.30% during the forecast period (2024-2029).
Key Highlights
-Over the medium term, factors such as rising environmental concerns, energy security, and increasing focus on renewable energy are expected to be the major drivers for the market.
-On the other hand, the country had one of the lowest electricity rates in the region due to its abundance of natural fossil fuel reserves. This further translates into restraining the growth of renewable energy sources such as solar energy.
-Nevertheless, various government initiatives are expected to create a significant amount of opportunities in the market. For instance, under Vision 2030, the government of Trinidad and Tobago pledged to incorporate renewable energy into the country's electricity mix, further rendering tenders and economic incentives for solar energy installations.
Solar Energy in Trinidad & Tobago Market Trends
Increasing Demand for Clean Electricity Generation Expected to Drive the Market
- The electricity generation mix in Trinidad and Tobago is dominated by fossil fuels such as natural gas, coal, and diesel. In 2021, the country's primary energy consumption was around 0.59 exajoules, and in 2021, the country consumed 0.61 exajoules of energy, such as natural gas and oil. The government is making efforts to meet the increasing electricity consumption with cleaner energy sources such as solar.
- Increasing demand for clean and stable energy is expected to be the primary driver for the solar power generation market in the country. The country has been one of the most active countries in the region concerning policies to reduce greenhouse gas emissions and aim toward cleaner energy.
- Rooftop solar offers the benefits of modern electricity services to households with no access to grid electricity. It reduces electricity costs on islands and other remote locations dependent on oil-fired generation and enables residents and small businesses to generate electricity.
- Using local energy sources or distributed generation reduces energy losses due to line loss, i.e., the power lost in the transmission and distribution of electricity over long distances.
- Supporting government initiatives has also aided the country's solar energy market growth. Therefore, the aforementioned factors are expected to drive the market during the forecast period.
Lack of Investments to Restrain the Market
- There has been a significant lack of investments by foreign and domestic companies in the country's renewable energy sector. This has hampered the development of utility-size solar projects in the country. Due to the lack of investments, the country's solar capacity has remained stagnant between 2-4 MW since 2010, and in 2022 also, the installed capacity was around 4 MW.
- Renewable energy projects in Trinidad and Tobago have been limited to the pilot scale. One of the country's huge barriers against renewable energy penetration is the heavily subsidized fuel and electricity that creates an uncompetitive economic environment for renewable energy technologies.
- The electricity generated from fossil fuel sources such as natural gas or oil is comparatively cheaper. In September 2022, the cost of electricity was nearly 0.052 USD per kWh for households and 0.053 USD for businesses, including all components of the electricity bill, such as the cost of power, distribution, and taxes. At the same time, the average price of electricity in the world for the same period is around 0.170 USD per kWh for households and 0.191 USD for businesses. The low prices limit the companies to invest in any other source of electricity within the country.
- Therefore, the lack of investments, particularly in utility-scale solar projects, is expected to be a major restraint for the solar power market in the country.
Solar Energy in Trinidad & Tobago Industry Overview
The Trinidad and Tobago solar energy market is moderately consolidated. Some major companies operating in the market (not in particular order) include AIMS Power, Resscott Ltd, Trifactor Technical Sales and Services Ltd, SolarWorld-tt, and AMBA Energy Limited., among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Installed Capacity and Forecast in MW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Rising Environmental Concerns and Energy Security in the Country
4.5.1.2 Increasing Focus on Renewable Energy
4.5.2 Restraints
4.5.2.1 Availability of Abundance Natural Fossil Fuel Reserves
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5 COMPETITIVE LANDSCAPE
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles
5.3.1 AIMS Power
5.3.2 Resscott Ltd
5.3.3 Trifactor Technical Sales and Services Ltd
5.3.4 SolarWorld-tt
5.3.5 AMBA Energy Limited
5.3.6 Lightsource BP
6 MARKET OPPORTUNITIES AND FUTURE TRENDS
6.1 Various Government Initiatives Such as "Vision 2030"
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security