Argentina Solar Energy Market Size (2024 - 2029)

The solar energy market in Argentina is anticipated to experience significant growth over the forecast period, driven by increasing environmental concerns and supportive government policies aimed at solar PV development. Despite challenges such as limited government investment due to fiscal constraints, the market has rebounded to pre-pandemic levels. Initiatives like the RenovAr program, which seeks to enhance the proportion of renewable energy, are expected to offer substantial opportunities for market expansion.

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Market Size of Argentina Solar Energy Industry

Argentina Solar Energy Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 10.00 %

Major Players

Argentina Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Argentina's Solar Energy Market Analysis

Argentina's solar energy market is projected to register a CAGR of over 10% during the forecast period.

The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as rising environmental concerns and government policies for solar PV development are expected to mainly drive the market.
  • However, insufficient government investments in the renewable sector due to fiscal deficit and lack of finance may restrain the market's growth.
  • The Argentinian government initiated the RenovAr program to improve the share of renewable energy in its energy mix to 20% by 2025. Under the RenovAr program, the government held regular public bidding processes, where different companies presented their investment plans. Such factors are likely to create ample opportunities for the key players in the solar energy market.

Argentina's Solar Energy Industry Segmentation

A solar energy plant converts solar energy into thermal or electrical energy. Solar energy is one of the cleanest and most abundant renewable energy sources available today. It offers several applications, including generating electricity, providing light or a comfortable interior environment, and heating water for domestic, commercial, or industrial purposes.

Argentina's solar energy market is segmented by type and application. By type, the market is segmented into solar photovoltaic (PV) and solar thermal. By application, the market is segmented into power generation and heating. For each segment, the market size and forecasts have been done based on installed capacity (GW).

Type
Solar Photovoltaic (PV)
Solar Thermal
Application
Power Generation
Heating
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Argentina Solar Energy Market Size Summary

Argentina's solar energy market is experiencing a resurgence, driven by increasing environmental awareness and supportive government policies aimed at expanding solar photovoltaic (PV) capacity. The RenovAr program plays a pivotal role in this growth, encouraging private investment through public bidding processes to enhance the renewable energy share in the national grid. Despite challenges such as fiscal constraints and limited government funding, the market is poised for gradual expansion, supported by declining solar power costs and the country's abundant sunlight. The government's goal to achieve a significant increase in renewable energy capacity by 2025, alongside initiatives like the Public-Private Partnership law, is expected to attract further investment and development in the solar sector.

The market landscape is characterized by a mix of large-scale utility projects and smaller initiatives, with major companies like Genneia SA and YPF Luz leading significant developments. Projects such as the Parque Solar Zonda and Sierras de Ullum solar farms exemplify the country's commitment to boosting solar energy production. The involvement of international financial institutions and partnerships with local energy companies further underscore the market's potential. As Argentina continues to enhance its solar infrastructure, the market is anticipated to grow steadily, with a focus on large-scale installations to meet the rising electricity demand and reduce reliance on conventional power sources.

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Argentina Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast, in GW, till 2027

    3. 1.3 Government Policies and Regulations

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

      2. 1.4.2 Restraints

    5. 1.5 Supply Chain Analysis

    6. 1.6 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Solar Photovoltaic (PV)

      2. 2.1.2 Solar Thermal

    2. 2.2 Application

      1. 2.2.1 Power Generation

      2. 2.2.2 Heating

Argentina Solar Energy Market Size FAQs

The Argentina Solar Energy Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)

Empresa Mendocina De Energías A.P.E.M, Canadian Solar, 360 Energy SA, Genneia SA and Trina Solar Limited are the major companies operating in the Argentina Solar Energy Market.

Argentina's Solar Energy Market Report Snapshots

Argentina's Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)