Latin America solar panel growing in a rapid pace and in forecast period also it will generate more solar power. With decrease in price of solar panel there is huge installation of solar panels and producing of solar panels. There is also huge demand due to rising population and increase industrialization. Covid-19 has also affected less and solar market was less affected. Some of the key factors behind increase in demand for solar panel are, Latin America has recently aimed to strengthen renewable energy since the policies have been changed. Brazil has introduced its forst certified bind for solar energy. This will help them distribute solar energy. Countries also have thought of generating reasonable amount of revenue by distributing solar power to other countries. These countries have invested in research and try to introduce new products to increase the efficiency rate of solar panels. In many countries there is favorable climate condition, these places would be good to install solar panels in large volumes. Therefore installing in large would help them generate more of solar power. Places like Baja California (Mexico), this places experience irradiation which is 1600-2250 KW/m2 per year. Latin America has also aimed to achieve net-zero emission and strengthen national climate commitment using long term renewable energy target is likely to create an opportunity for the market players. Brazil has got several projects and development and expected to be dominate the solar panel market in Latin America in forecast period.
Some of the challenges faced in Latin America is there was power oversupply and there was decrease in demand and this led huge problem. Delays and difficulties to obtain governmental permits have become burden for the manufacturers and developers in various countries. Brazil faced huge cost in obtaining due to content requirement and import tariffs. And this created a high price had a major problem.Solar energy has always been the most favorable renewable power generation sources. There has been huge investment and use of strategies and change of technologies are imminent. Some of the biggest investors in Latin America are from other region and those are China and North America. Some countries from Europe also have invested in Latin America, since here they have noticed huge opportunity for generating solar power. Latin America has got lot of natural resources and this region is going to be diversified. It is aimed to reduce the use of fossil fuels and increase the use of solar energy.
According to the research report, “Latin America Solar panel & Coating Market Outlook, 2027” published by Bonafide Research, the solar panel & coating market is anticipated to grow at a CAGR of more than 6% in terms of value during this forecasted period. Growing investment by major market players in the research and development of solar panel coating has impacted the market growth. New models of solar panels are made from a thin film solar panel technology which is used through coating of cadmium telluride in solar panels. This is termed to have higher efficiency and it has very little cost compared to other products in market. The market is expected to be utility market and includes the creation of electricity for large consumer base which is residential, industrial and for commercial purpose. The market is expected to increase at fast pace and will continue to dominate during the forecast period.
Brazil being the most dominated solar power generation and it has crossed more than 5GW of solar power generation. They have another project and is expected to be generate 133 MW to 608 MW by Sao Goncalo’s Power. And according to the Enel the plant is expected to save the power 860,000 tonnes of CO2 emmision per year. Chile also produces solar power more than capacity of 2.6GW. These countries have installed solar power in more than 1000 hectares in the Atacama Desert, which comprise of 392000 panels. It produces approximately 110 MW of solar power. Therefore, there are many countries Argentina. Colombia and Uruguay which have many projects, developments and produce GW of solar power.
Covid-19 has put Latin America into lot of challenging and difficult situation. Every sector got affected be it like energy, mining, infrastructure sectors. Government also changed some regulations due to the private and public contracts. Countries like Argentina also faced many regulations and other macroeconomics situations. Their projects and investment have also faced many challenges and went in delay due to the pandemic. Brazil has been continuously increasing their capacity for solar power and made many contracts in agreement. Distribution of energy have also increase with due time, and with government constant support, country has been able to do so. Chile is also working and trying to eliminate the use of coal and gas. With many solar power installation, they had many projects and generation of solar power has increased. Many of the companies have also gained a lot. Mexico faced in reduction in fossil fuels and therefore this made renewable energy more competitive in terms of prices. Therefore they try install more solar panels in more numbers and increased the capacity.
Major companies present in the market:
Enel green power S.p.A, Trina Solar Limited, Atlas Renewable Energy, Sonnedix power holding ltd, Candian solar Inc., SunEdison, Solarpack, EOSOL, Avenir Solar Energy, First Solar, Rijin Capital
Considered in the Report:
• Geography: Latin America region
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027
Aspects covered in this report:
• Asia-pacific Solar panel & Coating Market with its value and forecast along with its segments
• Country wise Solar panel & Coating market analysis
• Application wise Solar panel coating market distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Countries covered in the Report:
By application Solar panel type in the report:
• Monocrystalline solar panel
• Polycrystalline solar panel
• Thin film solar panel
Technical types of Solar panel Coating in the report:
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar panel & coating industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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