A sector in expansionWhen it comes to installed capacity, the solar PV sector in Latin America is led by three nations – namely Brazil, Mexico, and Chile. Combined, they accounted for over 80 percent of the region’s solar capacity in 2022, with Brazil alone responsible for roughly half of the total capacity. In 2023, Brazil's solar PV generation capacity reached 37.3 gigawatts. While these countries dominate the current market, there is mor e potential to be explored in Latin America. Although still lagging behind its neighbors Brazil and Chile, Argentina’s solar capacity grew by more than 7-fold between 2018 and 2023.
Overall, solar energy is forecast to be the fastest-growing renewable energy source in Latin America in the next years, with a compound annual growth rate of over 15 percent until 2030. By that year, the solar energy sector in the region is expected to be worth more than 15.5 billion U.S. dollars.