Frost & Sullivan has published a new report analysing the annual solar photovoltaic installations in key Americas countries.
The report looks analyses the regulatory environment, key players and identifies technologies, trends, drivers, and restraints affecting the market in Argentina, Brazil, Canada, Chile, Colombia, Mexico, and the US.
According to the report:
- The annual solar photovoltaic installations will grow by 5.5% through 2022
- The annual installed capacity reached 12.8GW in 2017, currently stands at 59.0GW and is likely to reach 141.3GW by 2022
- Annual market revenue generation to reach $141.2 billion in 2022
- Solar has extended beyond the traditional markets of the US and Chile to Mexico, Brazil, Argentina and Colombia
- Government support (auctions, net metering), decarbonisation of the energy matrix, diversification goals and the decrease in solar is driving the market growth
- Distributed generation (DG) owing to high energy prices, market maturity and increased consumer awareness is likely to outstrip utility-scale solar projects. DG is expected to record a 9.9% annual increase
Maria Benintende, Senior Analyst for Energy & Environment at Frost & Sullivan, said: “The multiple supportive mechanisms and electricity regulatory frameworks across the region have made market participants diversify strategies, encouraging business model innovation. Solar PV and storage expansion will become increasingly attractive propositions as battery system costs decline further.
“The investments in solar in 2018 are estimated to have touched $4.2 billion across the Latin American countries; however, to make the most of their potential, suppliers need to develop a strong local strategy. This can be a huge differentiator in a region where interpersonal relations are important.”
The US market is expected to expand from 8GW to 10GW by 2022.
Find out more about the report and markets in other key American countries by visiting : http://frost.ly/39q