Market Size of Mexico Solar Photovoltaic (PV) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 10.67 gigawatt |
| Market Volume (2029) | 16.35 gigawatt |
| CAGR (2024 - 2029) | 8.91 % |
| Market Concentration | Medium |
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.
