Latin America is forecast to install 2.2GW of PV in 2015, a 352% increase from 625MW in 2014, according to the recently released 'Q1 2015 Latin American PV Playbook' report from GTM Research.

Half the projects will be in Chile. meanwhile Honduras is forecast to undertake a huge rise to 460MW installed capacity in 2015, up from 5MW in 2014. It will overtake Mexico as the region's second biggest market. Meanwhile Brazil will fall off the top five market list below Panama and Guatemala.

The region’s total pipeline is now 34GW, with 25GW announced, 6.8GW contracted, 1.9GW under construction and 943MW operational.

In Q1 2015, the region installed 207MW.

A GTM statement said Latin America is positioned to be one of the most attractive regions for solar development in the world.

The previous report, covering Q4 2014, revealed that the Latin America PV market grew by 370% last year, with Chile accounting for more than three quarters of total production.

GTM's top five PV Installed capacity table:

  2014 2015 (forecast)
1st Chile Chile
  493MW 1GW
2nd Mexico Honduras
  67MW 460MW
3rd Brazil Mexico
  22MW 195MW
4th Guatemala Guatemala
  6MW 98MW
5th Honduras Panama
  5MW 62MW