| Study Period | 2021 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2021 - 2023 |
| CAGR | 10.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Argentina's Solar Energy Market Analysis
The Argentina Solar Energy Market is expected to register a CAGR of greater than 10% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as rising environmental concerns and government policies for solar PV development are expected to mainly drive the market.
- However, insufficient government investments in the renewable sector due to fiscal deficit and lack of finance may restrain the market's growth.
- The Argentinian government initiated the RenovAr program to improve the share of renewable energy in its energy mix to 20% by 2025. Under the RenovAr program, the government held regular public bidding processes, where different companies presented their investment plans. Such factors are likely to create ample opportunities for the key players in the solar energy market.
Argentina's Solar Energy Market Trends
Solar Photovoltaic (PV) is Expected to be the Largest Segment
- The cost of solar power has declined in recent years, majorly due to initiatives taken on an international level by governments and private organizations to promote research and development in this field. This cost reduction has made solar technology, especially solar PV technology, more accessible in Argentina, with a total solar PV installed capacity of 1,060 MW in 2021.
- The growing electricity demand is also a major factor driving the market's growth. Concerns regarding the high carbon footprint of conventional power plants are also expected to aid in increasing the demand for solar PV to meet the growing power demand in Argentina.
- More than half of Argentina's territory receives annual average sunlight over 3.5 kWh/m2, making solar PV a technically viable option to match the higher electricity demand. In 2021, solar power accounted for more than 12.7% of total renewable power in Argentina, with the majority being generated through solar PV.
- Under the RenovAr Program, the country plans to add 10,000 MW of renewable power to the grid by 2025. To realize this target, 58 potential solar projects, with a combined capacity of 2,834 MW, were submitted in the first renewable energy tender, further driving the solar PV market.
- Argentina's solar energy market is relatively underdeveloped. However, due to the declining costs of solar, the Argentinian government is investing small amounts in solar energy, which is expected to result in gradual growth in the sector. For instance, in February 2022, the state-owned oil and gas utility firm, YPF, started constructing the 300 MW Parque Solar Zonda project.
- The country has several solar PV projects in the pipeline and planning stages, which are expected to significantly boost the growth of the solar energy market in Argentina.
Understand The Key Trends Shaping This Market
Download PDF
Government Policies for Solar PV Development to Drive the Market
- So far, the RenovAr program has attracted strong investor interest, leading to significant oversubscription of the bidding rounds. Bidders are competing to sign 20-year power purchase agreements (PPAs) with CAMMESA (Compañía Administradora del Mercado Mayorista Eléctrico), which acts as an off-taker on behalf of distribution utilities and large, wholesale market users.
- With solar energy generation in Argentina increasing by more than 100-fold in just five years, the country generated approximately 2.19 TWh of solar energy in 2021, up from 16.4 GWh in 2017, representing a 63% increase in solar energy production in Argentina.
- The country's solar sector has been growing at a moderate pace, boosted by government policies such as the Public-Privateate Partnership (PPP) law and efforts to regulate and encourage private investments in the critical sectors of the country's economy. More than 30 solar projects, primarily across major infrastructure and social sectors, including energy and transport projects, are expected to be implemented under the PPP model.
- Due to such developments, the country's solar energy market is expected to be dominated by large-scale utility solar projects. In December 2021, Argentine power producer Genneia SA started the construction of the 80 MW Sierras de Ullum solar farm. The USD 60-million project is expected to be commissioned by the end of 2022.
- Similarly, in February 2022, YPF Luz started the construction of the 100-MW Zonda solar farm project in San Juan. After the completion of the first phase worth USD 93 million, the company expects to upgrade the farm's capacity to 300 MW in three 100 MW stages. These large-scale utility projects are expected to drive the solar energy market in Argentina during the forecast period.
- Such developments in solar PV installations in the country and the increasing adoption of renewble energy are likely to drive the growth of the solar energy market in Argentina in the coming years.
Get Analysis on Important Geographic Markets
Download PDF
Argentina's Solar Energy Industry Overview
The Argentine solar energy market is moderately fragmented. Some of the major companies (in particular order) include Empresa Mendocina De Energías A.P.E.M, Canadian Solar, 360 Energy SA, Genneia SA, and Trina Solar Limited.
Argentina's Solar Energy Market Leaders
-
Empresa Mendocina De Energías A.P.E.M
-
Canadian Solar
-
360 Energy SA
-
Genneia SA
-
Trina Solar Limited
- *Disclaimer: Major Players sorted in no particular order
Need More Details on Market Players and Competiters?
Download PDF
Argentina's Solar Energy Market News
- In October 2022, the International Bank for Reconstruction and Development (IBRD) financed a series of bids for installing solar energy equipment in Argentina's 19 provinces as part of a renewable energy push. The Energy Secretariat, a ministry within the Ministry of Economy, estimated a cost of USD 21.7 million for the procurement and installation of solar energy equipment at schools, homes, and other buildings.
- In September 2022, YPF Luz, a state-owned energy company in Argentina, partnered with EPSE (Provincial Energy Company of the State) to develop 500 MW solar PV projects. The agreement is to construct two solar PV plants in San Juan, a region with high solar irradiation. El Zonda's 300MW project is scheduled for development over three phases, while Tocota's 200-MW project is expected to be a joint venture between EPSE, which will provide the land, and YPF Luz, which will develop the plant.
Argentina's Solar Energy Industry Segmentation
A solar energy plant converts solar energy into thermal or electrical energy. Solar energy is one of the cleanest and most abundant renewable energy sources available today. It offers several applications, including generating electricity, providing light or a comfortable interior environment, and heating water for domestic, commercial, or industrial purposes.
Argentina's solar energy market is segmented by type and application. By type, the market is segmented into solar photovoltaic (PV) and solar thermal. By application, the market is segmented into power generation and heating. For each segment, the market size and forecasts have been done based on installed capacity (GW).
| Type | Solar Photovoltaic (PV) |
| Solar Thermal | |
| Application | Power Generation |
| Heating |
Need A Different Region or Segment?
Customize Now
Argentina's Solar Energy Market Research FAQs
What is the current Argentina Solar Energy Market size?
The Argentina Solar Energy Market is projected to register a CAGR of greater than 10% during the forecast period (2025-2030)
Who are the key players in Argentina Solar Energy Market?
Empresa Mendocina De Energías A.P.E.M, Canadian Solar, 360 Energy SA, Genneia SA and Trina Solar Limited are the major companies operating in the Argentina Solar Energy Market.
What years does this Argentina Solar Energy Market cover?
The report covers the Argentina Solar Energy Market historical market size for years: 2021, 2022, 2023 and 2024. The report also forecasts the Argentina Solar Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
Argentina's Solar Energy Industry Report
Statistics for the 2025 Argentina Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Argentina Solar Energy analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
