![Mexico Solar Energy Market Size Mexico Solar Energy Market - Market Summary](https://s3.mordorintelligence.com/mexico-solar-energy-market/mexico-solar-energy-market-size-image-1735445072169.webp)
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Historical Data Period | 2020 - 2023 |
CAGR | 8.00 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Mexico Solar Energy Market Analysis
The Mexico Solar Energy Market is expected to register a CAGR of greater than 8% during the forecast period.
- Utility-scale solar energy projects have been growing in Mexico, which may dominate the market during the forecast period, owing to higher investment and government policies. Many ambitious solar energy projects are lined up during the forecast period, which may drive the solar market at the estimated growth rate.
- In Mexico, the solar financing wave is being fueled in large part by the country's renewable energy goals, which are 35% by 2024 and 50% by 2050. The higher investment and government policies are expected to provide good opportunity to the Mexican solar energy market during the forecast period.
- 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 energy market in Mexico during the forecast period.
Mexico Solar Energy Market Trends
Utility-scale Solar Energy Projects Driving the Renewable Market
- Mexico is currently one of the global hotspots for renewable energy markets. The country lies within the most favorable sunbelt on the planet and enjoys around 2,190 hours of sunshine per year. The major hotspots for the solar energy market in the country include the state of Baja California, Coahuila, Chihuahua, and Sonora.
- In recent years, solar energy has marked itself as the renewable energy with the largest presence in the country. The solar PV market reached the GW scale mark in 2018 for the first time, with 2.7 GW newly installed capacity. In June 2019, the cumulative installed PV capacity increased by 32% and reached 4.057 GW. Also, from December 2018 to May 2019, the number of large-scale solar parks reached 44 operating in 14 states, with an installed capacity of 3.36 GW.
- Moreover, in 2018, the government passed three auctions allocated around 4.8 GW of solar generation capacity, with a cumulative investment of around USD 5 billion for about 40 solar power plants.
- Hence, with several projects under operation and others in the planning and construction phase, Mexico is moving toward becoming a primary solar energy market.
Increasing Demand for Decentralized Solar Energy Systems is Expected to Drive the Market
- Decentralized solar systems, also called as distributed solar energy systems, are small-scale, self-supply solar energy systems that are less than 0.5 MW in capacity and connected to a distribution circuit with a high concentration of load centers. These solar generators do not need a CRE permit for installation.
- Initially, these small-scale solar systems were established in rural areas that are not connected to the national grid. However, gradually, residential and commercial buildings in the urban areas also began installing solar PV panels.
- Though distributed solar generation is still in a nascent stage in Mexico, it witnessed a rapid growth in the last few years. One of the major factors driving the growth of the distributed solar generation is the reduction in the cost of solar PV systems. As of August 2019, average solar energy systems in Mexico cost USD 3.02 per watt, which is less than the average price of solar systems in the United States, which is around USD 3.34 per watt.
- As of 2018, more than 100,000 roofs on commercial buildings, industrial buildings, and homes have distributed solar PV installations. This number is projected to increase to around 650,000, by 2023.
- Hence, owing to the aforementioned factors, the decentralized solar energy systems in the country are likely to grow, which, in turn, is likely to act as a key driver to the market studied, during the forecast period.
Mexico Solar Energy Industry Overview
The Mexican solar energy market is fragmented. The major companies include Sojitz Corporation, Enel Green Power SpA, Trina Solar Ltd, Martifer Solar SA, and Jinko Solar Corporation.
Mexico Solar Energy Market Leaders
-
Sojitz Corporation
-
Enel Green Power SpA
-
Trina Solar Ltd
-
Martifer Solar SA
-
Jinko Solar Corporation
- *Disclaimer: Major Players sorted in no particular order
![Mexico Solar Energy Market Concentration Mexico Solar Energy Market.png](https://s3.mordorintelligence.com/mexico-solar-energy-market/mexico-solar-energy-market_Mexico_Solar_Energy_Market.webp)
Mexico Solar Energy Industry Segmentation
The scope of the Mexican solar energy market report includes:
Deployment | Residential |
Commercial | |
Utility-scale | |
Technology | Photovoltaic |
CSP |
Mexico Solar Energy Market Research FAQs
What is the current Mexico Solar Energy Market size?
The Mexico Solar Energy Market is projected to register a CAGR of greater than 8% during the forecast period (2025-2030)
Who are the key players in Mexico Solar Energy Market?
Sojitz Corporation, Enel Green Power SpA, Trina Solar Ltd, Martifer Solar SA and Jinko Solar Corporation are the major companies operating in the Mexico Solar Energy Market.
What years does this Mexico Solar Energy Market cover?
The report covers the Mexico Solar Energy Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Mexico Solar Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
Solar Energy in Mexico Industry Report
Statistics for the 2025 Mexico Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Solar Energy analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.