Mexico's solar market will more than quadruple in 2014, making it the frontrunner for Latin America according to a report published this week by GTM Research.
The report, titled Latin America PV Playbook, predicts Mexican installed PV to reach 240 MW for 2014, up from 60 MW currently. The country's solar growth is likely to be driven by an extremely supporting regulatory body, with a number of schemes given the backing of the Small Power Producers Program a government-backed incentive to increase small-scale solar installations.
Coupled with increasing residential demand and solid self-supply projects available for commercial, agricultural and industrial entities, Mexicos solar conditions are ripe for expansion.
The report's author, GTM Research global solar analyst Adam James, said that Mexico is poised to be the hotbed for solar deployment in Latin America, adding: "There are a number of programs and policies in place that support solar development across market segments, and high insolation levels that ensure solar generates quick returns.
"We expect impressive year-over-year growth across the board."
Mexicos PV pipeline currently stands at 219 MW, with a number of large-scale projects under construction in the Baja California Sur state, close to the U.S. border. A further 280 MW of projects have recently been announced in the states of Sonora and Yucatan, giving Mexico a cross-country, balanced PV outlook.
Elsewhere in Latin America, Chiles impressive pipeline will help propel the region into the big leagues for solar PV deployment. Echoing GTM Researchs forecast that Latin America will enjoy a solid 2014 is IHS Research, who yesterday issued a forecast for next year that stated Latin America is the emerging region to watch.
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