Mexico Renewable Energy Market Size (2024 - 2029)

Mexico Renewable Energy Market Size Summary

The Mexican renewable energy market is poised for significant growth, driven by a combination of government policies, foreign investments, and ambitious renewable energy targets. The market has shown resilience, rebounding to pre-pandemic levels and continuing to expand its capacity annually. The Mexican government's commitment to achieving a substantial portion of its power supply from renewable sources by 2024 and 2050 is supported by various policies and projects. Despite the increasing use of natural gas for power generation posing a challenge, the country's pledge to deploy substantial renewable energy capacity by 2030 is expected to create lucrative opportunities. The Federal Electricity Commission's investments in hydropower modernization and clean energy projects further underscore the ongoing efforts to strengthen the National Electric System.

Solar energy, in particular, has emerged as a significant contributor to Mexico's renewable energy landscape, with the country benefiting from its favorable geographic location and abundant sunlight. The development of major solar projects, such as the Sonora solar project and the La Pimienta solar power plant, highlights the growing investments in this sector. These initiatives, along with the involvement of key industry players like Siemens Gamesa Renewable Energy, Acciona, Enel, and Canadian Solar, are expected to drive the market's expansion. As Mexico continues to increase its renewable energy capacity, the market remains moderately fragmented, with numerous projects in various stages of planning and construction, poised to enhance the country's energy transition.