Chile Solar Photovoltaic (PV) Market Size (2024 - 2029)

The Chile solar photovoltaic (PV) market is poised for growth, driven by factors such as increased electricity demand, environmental sustainability awareness, and supportive government policies. Despite challenges posed by the COVID-19 pandemic, which disrupted supply chains and project implementations, the market is expected to recover. The declining costs of solar panels and economies of scale have further bolstered market potential. The rooftop segment, particularly in the commercial and industrial sectors, is anticipated to expand significantly due to government initiatives and new installation projects. However, competition from other renewable energy sources like wind and bioenergy may impede market expansion.

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Market Size of Chile Solar Photovoltaic (PV) Industry

Chile Solar Photovoltaic (PV) Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.00 %
Market Concentration Medium

Major Players

Chile Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Chile Solar Photovoltaic Market Analysis

The Chile solar photovoltaic (PV) market is expected to grow at a CAGR of more than 5% during the forecast period of 2021 - 2026. The COVID-19 pandemic has negatively affected the solar PV market in the country in terms of supply chain disruptions and delays in solar PV project implementation. The COVID-19-related national lockdown measures, led to a halt on the construction of many ongoing solar projects in the country, slowing the market growth. The market for solar power in the country is expected to revive during the forecast period. As the solar industry has cut costs dramatically in the past six years through economies of scale and the cost of solar panels dropping exponentially are expected to drive the market during the forecast period. Moreover, increasing demand for electricity and raising awareness about environmental sustainability is also expected to promulgate the solar PV market in the country. However, competition from alternative renewable energy sources such as wind and bioenergy is expected to hinder the growth of the market studied during the forecast period.

  • The rooftop segment is expected to witness significant growth during the forecast period, owing to government initiatives and upcoming rooftop installation projects in the country, majorly in commercial & industrial segment.
  • Due to increasing blackouts in the country leading to the electricity crisis and increasing demand for continuous power, solar PV installation is expected to create a significant amount of opportunities for the market players in Chile to full-in the supply and demand gap.
  • Factors such as increasing awareness on the solar PV development and supportive government policies are expected to drive the market during the forecast period.

Chile Solar Photovoltaic Industry Segmentation

The Chile solar photovoltaic (PV) market report includes:

End-User
Residential
Commercial & Industrial (C&I)
Utility
Deployment
Rooftop
Ground-mounted
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Chile Solar Photovoltaic (PV) Market Size Summary

The Chile solar photovoltaic (PV) market is poised for significant growth, driven by a combination of favorable environmental conditions and supportive government policies. The country benefits from some of the highest solar radiation levels globally, particularly in regions like the Atacama Desert, making it an ideal location for solar PV development. Despite challenges posed by the COVID-19 pandemic, which caused supply chain disruptions and project delays, the market is expected to recover and expand. The reduction in solar panel costs and the increasing demand for electricity, coupled with a growing awareness of environmental sustainability, are key factors propelling the market forward. However, competition from other renewable energy sources such as wind and bioenergy may pose challenges to market growth.

The rooftop solar segment is anticipated to experience robust growth, particularly in the commercial and industrial sectors, due to government initiatives and new installation projects. The increasing frequency of electricity blackouts and the rising demand for reliable power supply present significant opportunities for solar PV installations to bridge the supply-demand gap. While utility-scale projects dominate the market, small-scale rooftop systems are also crucial, providing electricity access to underserved households and reducing energy costs. The Chilean government's commitment to renewable energy targets and the phase-out of coal-powered generation by 2040 further enhance the prospects for solar PV development. Key industry players, including TerraForm Power, Inc., SunEdison, Inc., and Sonnedix, are actively involved in expanding solar capacity, contributing to the market's dynamic growth trajectory.

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Chile Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, 2019

    3. 1.3 Solar Photovoltaic (PV) Installed Capacity and Forecast in MW, till 2026

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION (QUALITATIVE ANALYSIS ONLY)

    1. 2.1 End-User

      1. 2.1.1 Residential

      2. 2.1.2 Commercial & Industrial (C&I)

      3. 2.1.3 Utility

    2. 2.2 Deployment

      1. 2.2.1 Rooftop

      2. 2.2.2 Ground-mounted

Chile Solar Photovoltaic (PV) Market Size FAQs

The Chile Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

TerraForm Power, Inc, SunEdison, Inc, Etrion Corporation, Mainstream Renewable Power and Sonnedix are the major companies operating in the Chile Solar Photovoltaic (PV) Market.

Chile Solar Photovoltaic (PV) Market Report Snapshots

Chile Solar Photovoltaic (PV) Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)