Colombia Solar Pv Panels Market Size & Outlook, 2023-2030
Colombia solar pv panels market, 2018-2030 (US$M)
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Colombia solar pv panels market highlights
- The Colombia solar pv panels market generated a revenue of USD 1,630.6 million in 2023 and is expected to reach USD 2,747.6 million by 2030.
- The Colombia market is expected to grow at a CAGR of 7.7% from 2024 to 2030.
- In terms of segment, thin film was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 1,630.6 million |
| Market revenue in 2030 | USD 2,747.6 million |
| Growth rate | 7.7% (CAGR from 2023 to 2030) |
| Largest segment | Thin film |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, Colombia accounted for 1.0% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Brazil solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- Brazil is the fastest growing regional market in Latin America and is projected to reach USD 5,406.4 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
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Colombia solar pv panels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv panels market will help companies and investors design strategic landscapes.
Thin film was the largest segment with a revenue share of 46.1% in 2023. Horizon Databook has segmented the Colombia solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
Factors such as rising renewable energy generation and the low cost of solar modules are expected to drive the market. For instance, in October 2021, the Ministry of Mines and Energy in Columbia announced 796 MW of large-scale solar plant at an average price of USD 0.041/kWh. In addition, the country has an installed PV capacity of around 107 MW as of 2020.
However, the market faces several challenges including the logistics chain, high freight costs, and supply shortages of PV panels, which are likely to hinder the market growth in the coming years. In February 2023, the government of Colombia received USD 70 million in the Climate Investment Funds (CIF) for investment in renewable energy generation.
The CIF was founded by the G8 and G20 countries to promote the growth of renewable technologies in underdeveloped and developing economies. The allocation of funds is yet to be ascertained, however, the funding is likely to go for solar and wind power generation.
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Horizon Databook provides a detailed overview of country-level data and insights on the Colombia solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into Colombia solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Colombia solar pv panels market size, by technology, 2018-2030 (US$M)
Colombia Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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