Colombia Renewable Energy Market by Types (Hydropower, Bioenergy, and Others) -Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
The Colombia renewable energy market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for renewable energy sources for electricity production.
Renewable energy is limitless and sustainable in nature. Electricity generation, air & water heating/cooling, transportation, and rural energy services are the four prime areas, where renewable energy is provided. Even though most of the renewable energy projects are in large-scale, renewable technologies are also suited to rural & remote areas.
Hydro power is one of the commercially developed renewable energy resource. Building a dam or a large reservoir can be used to create a controlled flow of water that drives the turbine and generate hydro power. This energy source is more reliable than solar or wind energy source and also allows storage, when demand reaches to peak level.
Bioenergy is burning of organic materials to produce electricity. It is the conversion of solid fuel made from plant materials into electricity. The ongoing technology advancement has made it cleaner and more energy-efficient process. The conversion of agricultural, industrial and domestic waste into solid, liquid, and gas fuel produce bioenergy, which generates power at a low economic and environmental cost.
Market Trends, Drivers, Restraints, and Opportunities
- Supportive government policies and efforts to meet the rising power demand using renewable energy sources are expected to boost the market growth.
- Growing awareness about renewable energy and declining cost of solar photovoltaic cells are anticipated to spur the market growth.
- Unfavourable climatic conditions and the use of conventional energy sources such as coal and natural gas are anticipated to restrict the market growth.
- Lack of awareness about renewable energy benefits and high cost of renewable energy projects are expected to impede the growth of the market during the forecast period.
- Land constraints and insufficient transmission facility are expected to hamper the market growth during forecast period.
- The COVID-19 pandemic had restricted the supply of crucial components required for the establishment of renewable energy projects. However, the market is anticipated to recover by end of 2021.
- Increasing R&D investments and technological advancements of the renewable energy sector in Colombia is anticipated to offer lucrative opportunities for the market players during the forecast period.
Scope of the Report
The report on the Colombia renewable energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Colombia Renewable Energy Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
Types(Hydropower, Bioenergy, and Others) |
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Regional Scope |
Colombia |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Celsia SAESP; DNV GL AS; Enel Green Power SpA; Ventus Ingeniería S.R.L; and EDP Renovaveis SA. |
Renewable Energy Market Segment Insights
Others segment is projected to account for a large market share
In terms of types, the market is segmented into hydropower, bioenergy, and others. The others segment is expected to account for a key share of the market during the forecast period due to rapid technology advancement in the solar and wind sectors. Colombia has solar radiation throughout the year, especially in areas such as La Guajira, Atlantico, Antioquia, and Valle de Cauca. The country’s solar installed capacity has reached about 88.52 MW in 2019. Increasing government subsidies is anticipated to encourage industry players and consumers to increase their investment in the country. Ongoing technological advancements are expected to propel the growth of the others segment. Moreover, significant energy security, economic benefits, and government subsidies are driving the segment growth.
The hydropower segment is anticipated to grow at a steady rate owing to increasing number of hydropower plants in the country. According to the reports, 65% of the annual electric consumption is relied on hydro power plants. Meanwhile, the bioenergy segment is expected to expand at a healthy rate during the forecast period.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Renewable Energy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Renewable Energy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Renewable Energy Market - Supply Chain
4.5. Global Renewable Energy Market Forecast
4.5.1. Renewable Energy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Renewable Energy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Renewable Energy Market Absolute $ Opportunity
5. Global Renewable Energy Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Renewable Energy Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Renewable Energy Demand Share Forecast, 2019-2026
6. North America Renewable Energy Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Renewable Energy Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Renewable Energy Demand Share Forecast, 2019-2026
7. Latin America Renewable Energy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Renewable Energy Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Renewable Energy Demand Share Forecast, 2019-2026
8. Europe Renewable Energy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Renewable Energy Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Renewable Energy Demand Share Forecast, 2019-2026
9. Asia Pacific Renewable Energy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Renewable Energy Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Renewable Energy Demand Share Forecast, 2019-2026
10. Middle East & Africa Renewable Energy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Renewable Energy Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Renewable Energy Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Renewable Energy Market: Market Share Analysis
11.2. Renewable Energy Distributors and Customers
11.3. Renewable Energy Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Celsia SAESP DNV GL AS Enel Green Power SpA Ventus Ingeniería S.R.L EDP Renovaveis SA
Segments Covered in the Report
The global Colombia renewable energy market has been segmented on the basis of
Types
- Hydropower
- Bioenergy
- Others
Key Players
- Celsia SAESP
- DNV GL AS
- Enel Green Power SpA
- Ventus Ingeniería S.R.L
- EDP Renovaveis SA
Key players competing in the Colombia renewable energy market include Celsia SAESP, DNV GL AS, Enel Green Power SpA, Ventus Ingeniería S.R.L, and EDP Renovaveis SA.
Industry players are engaging in partnerships and collaborating with government state bodies to expand their market share. Moreover, they’re heavily investing in R&D activities to leverage their market position in the projected timeline.
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