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Latin America and Caribbean PV Demand Growing 45% Annually Out To 2017…

January 2, 2013 (SolarBuzz)

“Demand for solar photovoltaic (PV) energy across Latin America and the Caribbean is poised for explosive growth through 2017, with a forecasted compound annual growth rate (CAGR) of 45%...Mexico, Chile, and Brazil are emerging as market leaders within the region, driven by a combination of net-metering, Renewable Portfolio Standards (RPS), and other policies…[They] are forecast to have almost 70% of PV demand within the region by 2017.

“By the end of 2012, energy regulators across the region will have received PV project applications in excess of 6 gigawatts (GW), stimulating a healthy pipeline of new opportunities for PV component suppliers, developers and installers…The dominant ground-mount segment is forecast to provide 60% of PV demand by 2017…”

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“…[C]ommercial and residential segments will see increased PV adoption from 2015 onwards, as PV prices continue to decline and local installers target new revenue opportunities. The off-grid sector will continue to benefit from increased demand from rural electrification and development initiatives.

“…[F]undamentals for PV adoption remain particularly strong and the long-term prospects are highly appealing…[But] obstacles still exist…[C]onnection and integration procedures are not yet clearly defined, and there are concerns about grid stability…Electricity subsidies in Mexico and low natural gas prices in Peru are also delaying [grid-parity]…[and] import tariffs [keep PV system costs high]…With PV demand softening across established European countries and growing uncertainty regarding access to PV markets in the US, China and India, emerging PV regions are essential to sustain revenue growth targets…”

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