Chile Solar Photovoltaic (PV) Market Size

Chile Solar Photovoltaic Market Analysis

The Chile solar photovoltaic (PV) market is expected to grow at a CAGR of more than 5% during the forecast period of 2021 - 2026. The COVID-19 pandemic has negatively affected the solar PV market in the country in terms of supply chain disruptions and delays in solar PV project implementation. The COVID-19-related national lockdown measures, led to a halt on the construction of many ongoing solar projects in the country, slowing the market growth. The market for solar power in the country is expected to revive during the forecast period. As the solar industry has cut costs dramatically in the past six years through economies of scale and the cost of solar panels dropping exponentially are expected to drive the market during the forecast period. Moreover, increasing demand for electricity and raising awareness about environmental sustainability is also expected to promulgate the solar PV market in the country. However, competition from alternative renewable energy sources such as wind and bioenergy is expected to hinder the growth of the market studied during the forecast period.

• The rooftop segment is expected to witness significant growth during the forecast period, owing to government initiatives and upcoming rooftop installation projects in the country, majorly in commercial & industrial segment.
• Due to increasing blackouts in the country leading to the electricity crisis and increasing demand for continuous power, solar PV installation is expected to create a significant amount of opportunities for the market players in Chile to full-in the supply and demand gap.
• Factors such as increasing awareness on the solar PV development and supportive government policies are expected to drive the market during the forecast period.