The Growth of Solar Power is not just inclusive in Europe, North America and Asia, it is spreading wings across the Latin American and Caribbean. According to the latest report by SolarBuzz (link), Latin American and the Caribbean Solar Market is expected to grow with an explosive pace. The Market is expected to grow with a CAGR of 45% through out 2017.
Mexico,Chile and Brazil will lead the race:
According to Solar Buzz, Mexico, Chile, and Brazil will emerge as the top markets due to the favorable push such as net-metering, Renewable Portfolio
Standards (RPS) or RES, and other policies. These three countries are forecasted
to have almost 70% of PV by 2017.
Ground Mount will provide 60% of the PV Demand:
The ground-mount segment will cater about 60% of PV
demand by 2017. However, commercial 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.
But Still Obstacles remain:
- PV connection and integration procedures are not yet clearly defined.
- Grid stability creating hick ups
- Increased PV Costs due to High Import Duties
“Historically, PV demand was confined to rural off-grid and niche
applications, but new renewable energy policies and incentive programs
are now opening up the region for strong PV deployment. Set against a
backdrop of strong economic growth, expanding energy demand, and
increasing electricity prices, the conditions for PV adoption appear
particularly attractive.” says Chris Sunsong, Analyst at NPD Solarbuzz.
