Mexico Solar Pv Panels Market Size & Outlook, 2023-2030
Mexico solar pv panels market, 2018-2030 (US$M)
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Mexico solar pv panels market highlights
- The Mexico solar pv panels market generated a revenue of USD 1,242.6 million in 2023 and is expected to reach USD 2,079.8 million by 2030.
- The Mexico market is expected to grow at a CAGR of 7.6% from 2024 to 2030.
- In terms of segment, crystalline silicon was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 1,242.6 million |
| Market revenue in 2030 | USD 2,079.8 million |
| Growth rate | 7.6% (CAGR from 2023 to 2030) |
| Largest segment | Crystalline silicon |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, Mexico accounted for 0.7% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 4,845.4 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
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Mexico solar pv panels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv panels market will help companies and investors design strategic landscapes.
Crystalline silicon was the largest segment with a revenue share of 31.35% in 2023. Horizon Databook has segmented the Mexico solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
Increasing solar energy installations, owing to the projects announced in the LTAs during 2015-2018, increasing demand for decentralized solar energy systems, and the ambitious renewable energy targets are expected to drive the solar PV market in Mexico during the forecast period.
Factors such as approval procedures for solar projects sized from 500kW to 2MW by net metering and the government's initiative to expand and promote the domestic PV market are expected to support market growth. The low cost of solar technology and additional subsidies for solar systems are driving the PV market.
In addition, solar energy projects in the pipeline are expected to have a positive impact on the solar PV panels market. For instance, as per the National University UNAM, in July 2021, Sonora, which borders Arizona and New Mexico, has been identified as the largest solar generation potential area in the country.
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Our clientele includes a mix of solar pv panels market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into Mexico solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Mexico solar pv panels market size, by technology, 2018-2030 (US$M)
Mexico Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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