Market Size of Chile Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | 20.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Chile Solar Energy Market Analysis
The Chile Solar Energy Market size in terms of installed base is expected to grow from 8.40 gigawatt in 2024 to 21.61 gigawatt by 2029, at a CAGR of 20.80% during the forecast period (2024-2029).
- Over the medium term, increasing demand for solar energy and the declining cost of solar PV systems are expected to drive the Chile solar energy market demand during the forecast period.
- On the other hand, strong dependence on prevailing weather conditions is likely to restrain the market's growth over the forecast period.
- Nevertheless, the advancement in technology aiding the decrease in the cost of solar power plant construction is expected to render an opportunity for market growth over the forecast period.
Chile Solar Energy Industry Segmentation
Solar energy is heat and radiant light from the Sun that can be harnessed with technologies such as solar power (used to generate electricity) and solar thermal energy (used for applications such as water heating).
The Chile solar energy market is segmented by deployment and type. By deployment, the market is segmented into utility-scale and distributed generation. The market is segmented by type into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the market sizing and forecasts have been done based on installed capacity.
| Deployment | |
| Utility-Scale | |
| Distributed Generation |
| Type | |
| Solar Photovoltaic (PV) | |
| Concentrated Solar Power |
Chile Solar Energy Market Size Summary
The solar energy market in Chile is poised for significant expansion, driven by increasing demand for renewable energy and the declining costs of solar photovoltaic systems. The market is expected to experience robust growth over the forecast period, supported by technological advancements that reduce construction costs for solar power plants. However, the market's growth may be tempered by its reliance on weather conditions. The Chilean government's commitment to phasing out coal power plants by 2040 is anticipated to create additional demand for solar power installations, further bolstering the market. Private investments, such as the construction of large-scale solar power projects by companies like Enel Green Power Chile, are also contributing to the market's development.
The solar energy sector in Chile has seen substantial growth, with solar photovoltaic technology expected to dominate new renewable capacity additions in the coming years. The market has benefited from economies of scale, leading to a significant reduction in solar panel costs. Government policies have played a crucial role in this growth, transforming the solar power landscape from negligible levels in 2012 to over 6.2 GW by 2022. Key players in the fragmented market include Acciona, JinkoSolar, Trina Solar, Enel Green Power, and First Solar, among others. Recent developments, such as the construction of photovoltaic power plants and solar PV projects, underscore the sector's potential to diversify Chile's electricity mix and reduce its dependence on fossil fuels.
Chile Solar Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Solar Energy Installed Capacity and Forecast, till 2028
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1.3 Renewable Energy Mix, 2022
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Key Project Information
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1.6.1 Existing Projects
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1.6.2 Planned and Upcoming Projects
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.1.1 Increasing Solar Energy Demand
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1.7.1.2 Declining Cost of Solar PV Systems
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1.7.2 Restraints
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1.7.2.1 Strong Dependence on Prevailing Weather Condition
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1.8 Supply Chain Analysis
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1.9 PESTLE Analysis
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2. MARKET SEGMENTATION BY DEPLOYMENT
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2.1 Deployment
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2.1.1 Utility-Scale
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2.1.2 Distributed Generation
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2.2 Type
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2.2.1 Solar Photovoltaic (PV)
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2.2.2 Concentrated Solar Power
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Chile Solar Energy Market Size FAQs
How big is the Chile Solar Energy Market?
The Chile Solar Energy Market size is expected to reach 8.40 gigawatt in 2024 and grow at a CAGR of 20.80% to reach 21.61 gigawatt by 2029.
What is the current Chile Solar Energy Market size?
In 2024, the Chile Solar Energy Market size is expected to reach 8.40 gigawatt.
