The Latin America solar panel market size reached USD 10.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 20.3 Billion by 2033, exhibiting a growth rate (CAGR) of 7.32% during 2025-2033. The increasing energy demand, government incentives promoting renewable energy, advancements in solar technology, rising electricity costs, and the growing awareness of climate change are some of the major factors positively impacting the Latin America solar panel market share.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 10.2 Billion |
Market Forecast in 2033 | USD 20.3 Billion |
Market Growth Rate (2025-2033) | 7.32% |
Growing Government Incentives and Policies
Governments across Latin America are increasingly implementing policies and incentives to promote the adoption of solar energy, which is supporting the Latin America solar panel market growth. Initiatives such as tax breaks, subsidies, and feed-in tariffs encourage both residential and commercial investments in solar panel systems. In May 2024, for example, the Colombian Ministry of Mines and Energy and the Institute for Planning and Promotion of Energy Solutions (IPSE) announced the opening of a hybrid power generation facility in Casuarito, a municipality of Puerto Carreño, Vichada. This new facility extends energy service hours for 239 homes in the area by combining photovoltaic (PV) panels, batteries, and a hybrid diesel backup system. A 132 KW backup diesel generator, 154 energy storage batteries with a combined capacity of 1,182.72 kWh, 810 solar panels with a total generation capacity of 372.6 KWp, and extended distribution networks are all part of the energy project. The Brazilian government also authorized proposals to increase import levies on wind turbines and solar modules in December 2023, which should encourage local manufacturing of renewable energy-generating equipment. The government removed an import tax subsidy on constructed solar panels because the nation produces comparable goods.
Significant Technological Advancements
Continual advancements in solar technology, such as energy storage solutions and improved photovoltaic efficiency, are enhancing the Latin America solar panel market outlook. Innovations have led to more efficient and cost-effective solar panels, thereby making them more accessible to a broader audience. Additionally, the integration of smart grid technologies enhances energy management and consumption, further increasing the appeal of solar solutions for both consumers and businesses seeking to reduce energy costs and carbon footprints. For instance, in October 2024, AES Andes SA, a utility company in Latin America officially launched the commercial operations of its Andes Solar IV power complex. This facility includes 211 MW of photovoltaic panels and a 130-MW battery energy storage system (BESS) in the heart of the Atacama Desert in the Antofagasta region of Chile. This power complex introduces 211 MW of photovoltaic panels and 130 MW of lithium battery energy storage for 5 hours, making it the largest operational battery system in Latin America. This technology serves as a key solution for alleviating transmission congestion in the National Electric System, as it enables solar energy to be stored during the day and released into the grid at night when demand peaks.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on type and end use.
Type Insights:
The report has provided a detailed breakup and analysis of the market based on the type. This includes crystal silicon, monocrystalline silicon, polycrystalline silicon, thin film, and others.
End Use Insights:
A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes commercial, residential, and industrial.
Country Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Types Covered | Crystal Silicon, Monocrystalline Silicon, Polycrystalline Silicon, Thin Film, Others |
End Uses Covered | Commercial, Residential, Industrial |
Countries Covered | Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: