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

The Mexico Solar Photovoltaic market is anticipated to experience growth in its installed base over the forecast period, driven by the increasing demand for decentralized solar energy systems. However, challenges such as the lack of new initiatives, limited land availability, the cancellation of key auction rounds, and an underdeveloped power grid may impede market expansion. Despite these obstacles, the country's ambitious renewable energy targets are expected to attract significant investment, contributing to the market's development.

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Market Size of Mexico Solar Photovoltaic (PV) Industry

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Mexico Solar Photovoltaic (PV) Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 8.91 %
Market Concentration Medium

Major Players

Mexico Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Mexico Solar Photovoltaic (PV) Market Analysis

The Mexico Solar Photovoltaic Market size in terms of installed base is expected to grow from 10.67 gigawatt in 2024 to 16.35 gigawatt by 2029, at a CAGR of 8.91% during the forecast period (2024-2029).

  • Over the long term, increasing demand for decentralized solar energy systems is expected to drive the market.
  • On the other hand, the absence of new initiatives, limited land, factors such as the cancellation of the fourth auction round by the new government, and an underdeveloped power grid of Mexico are expected to hinder the growth of the solar PV market in the coming years.
  • Nevertheless, the solar financing wave in Mexico is fueled largely by country's renewable energy goals, which are 35% by 2024 and 50% by 2050. Such ambitious goals will likely open up a new stream of investments in the Mexican solar market during the forecast period.

Mexico Solar Photovoltaic (PV) Industry Segmentation

Solar photovoltaic (PV) energy or PV solar energy directly converts sunlight into electricity, using a technology based on the photovoltaic effect.

Mexico's solar photovoltaic (PV) market is segmented by deployment. By deployment, the market is segmented into utility-scale and distributed solar generation. For each segment, the market sizing and forecasts have been done based on installed capacity (MW).

Deployment
Utility-scale
Distributed Solar Generation (Residential, Commercial, and Industrial)
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Mexico Solar Photovoltaic (PV) Market Size Summary

The Mexican solar photovoltaic market is poised for significant growth over the forecast period, driven by increasing demand for decentralized solar energy systems. Despite challenges such as limited land availability, an underdeveloped power grid, and the cancellation of key government auctions, the market is expected to expand due to the country's ambitious renewable energy targets. These targets aim for a substantial portion of the country's electricity to be generated from renewable sources by 2024 and 2050, which is anticipated to attract new investments in the solar sector. The market's growth is further supported by government initiatives and programs aimed at boosting clean energy generation, particularly in utility-scale projects concentrated in the northern desert regions of Mexico.

The decentralized solar energy systems, although still in their nascent stages, have experienced rapid growth due to decreasing costs of solar PV systems. These small-scale systems, which do not require specific permits for installation, have expanded from rural areas to urban residential and commercial buildings. The growth of distributed solar generation is expected to continue, contributing significantly to the overall market expansion. Key players in the moderately consolidated market include Enel SpA, Engie SA, Canadian Solar Inc., Risen Energy Co. Ltd, and Hanwha Q Cells Co. Ltd. Recent developments, such as the commissioning of large-scale solar projects and strategic agreements for future projects, underscore the dynamic nature of the Mexican solar PV market.

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

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix in Mexico, 2022

    3. 1.3 Mexico Solar PV Installed Capacity Forecast in MW, till 2028

    4. 1.4 Mexico Solar Irradiation and Resource Potential

    5. 1.5 Status of Solar Auctions in Mexico

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies and Regulations

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

        1. 1.8.1.1 Declining Costs of Solar Technologies

        2. 1.8.1.2 Demand for Decentralized Solar Energy Systems

      2. 1.8.2 Restraints

        1. 1.8.2.1 Absence of Any New Initiatives in the Country

    9. 1.9 Supply Chain Analysis

    10. 1.10 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 Utility-scale

      2. 2.1.2 Distributed Solar Generation (Residential, Commercial, and Industrial)

Mexico Solar Photovoltaic (PV) Market Size FAQs

The Mexico Solar Photovoltaic (PV) Market size is expected to reach 10.67 gigawatt in 2024 and grow at a CAGR of 8.91% to reach 16.35 gigawatt by 2029.

In 2024, the Mexico Solar Photovoltaic (PV) Market size is expected to reach 10.67 gigawatt.

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