Mexico, Chile, and Brazil to dominate PV demand in Latin America, says NPD Solarbuzz

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Although emerging PV markets of Latin America and the Caribbean are set for 45% CAGR’s through 2017, Mexico, Chile, and Brazil are set to become the mainstream markets, absorbing nearly 70% of demand, in Latin Americain according to a new report from NPD Solarbuzz.

According to the market research firm, PV project applications in Latin America and the Caribbean topped 6GW in 2012. The market is therefore expected to be dominated by ground-mount installations compared to rooftop as seen in key markets in Europe. NPD Solarbuzz is forecasting that 60% of PV demand by 2017 in the region will be ground-mounted.

However, both the commercial and residential segments are expected to grow from 2015 onwards as markets open due to falling system prices.

Chris Sunsong, Analyst at NPD Solarbuzz, said: “Historically, PV demand was confined to rural off-grid and niche applications, but new renewable energy policies and incentive programs are now opening up the region for strong PV deployment. Set against a backdrop of strong economic growth, expanding energy demand, and increasing electricity prices, the conditions for PV adoption appear particularly attractive.”

Not surprisingly, the NPD Solarbuzz Emerging PV Markets Report: Latin America & Caribbean report highlighted that issues for growth in installations were ongoing.

“PV connection and integration procedures are not yet clearly defined, and there are concerns about grid stability as PV contributions come online,” noted Sunsong. “Electricity subsidies in Mexico and low natural gas prices in Peru are also delaying the onset of PV grid-parity for some end-user categories, while import tariffs across the region are keeping PV system costs on the high side.”

Sunsong also noted that it was crucial for PV suppliers to have a market-entry strategy for Latin America, especially as previously key markets such as Europe begin to decline as FiTs are reduced. However, PV suppliers will need to develop supply chains and purchasing channels in Latin America.

2 December 2021
Intersolar is the world’s leading exhibition & conference series for the solar industry. As part of this event series, Intersolar India in Mumbai is India’s most pioneering exhibition and conference for India’s solar industry. It takes place annually and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. Since 2019, Intersolar India is held under the umbrella of The smarter E India – India’s innovation hub for the new energy world.
9 December 2021
The Smart Energy Council is hosting Australia’s second Virtual Smart Energy Conference and Exhibition on Thursday, 9 December 2021. This event will show that the industry powers on despite COVID-19 and we are standing together undeterred in spirit. Bringing our global community together using the latest technology.
13 January 2022
Intersolar North America and Energy Storage North America “Come Together” for the first time in Long Beach, CA—connecting installers, developers, utilities, technology providers, policy makers, and key stakeholders from around the world to advance the clean energy future. With best-in-class conference programming, integrated exhibits and pavilions, and the live Solar Games installer competition, #isnaesna21 will showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets. Register today to redeem our exclusive offer for PV Tech readers—free expo hall or 20% off full conference pass.
1 February 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.

Read Next

December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
PV Tech Premium
December 1, 2021
The price of shipping containers from Asia to Europe and North America remains high but should start to come down in the new year, although the main price drops won’t occur in earnest until 2023 when new capacity is brought online. That additional capacity, however, may be offset by new International Maritime Organisation (IMO) rules to address the industry’s emissions
December 1, 2021
Enefit Green, the renewables subsidiary of Estonian state-owned utility Eesti Energia, is looking to procure up to 500MW of solar modules in the next three years.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
December 1, 2021
Global solar PV deployment is on track to grow by 17% this year in spite of surging commodity prices increasing manufacturing costs, according to the International Energy Agency (IEA).
December 1, 2021
The European Commission (EC) has approved the extension of Poland’s auction scheme for renewable resources that is predicted to support the creation of 9GW of renewables after it passed EU state aid rules

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal