The annual solar photovoltaic (PV) installations in key Americas countries are expected to grow at 5.5%, generating $141.2 billion in annual investment by 2022. Backed by strong regulatory activity aimed at adjusting incentives and support mechanisms, solar has extended beyond the traditional markets of the US and Chile to Mexico, Brazil, Argentina, and Colombia. The annual installed capacity reached 12.8 GW in 2017, and the total generation capacity, which currently stands at 59.0 GW, is likely to more than double to 141.3 GW by 2022.
"The multiple supportive mechanisms and electricity regulatory frameworks across the region have made market participants diversify strategies, encouraging business model innovation. Solar PV and storage expansion will become increasingly attractive propositions as battery system costs decline further,” said Maria Benintende, Senior Analyst for Energy & Environment at Frost & Sullivan.
Frost & Sullivan’s recent analysis,Americas Solar Power Market, Forecast to 2022, presents an in-depth examination of select solar power markets across the Americas countries of Argentina, Brazil,Canada, Chile, Colombia, Mexico, and the United States. Market size metrics and forecasts to 2022 are presented for total installed capacity, annual capacity additions, and annual investment for two types of projects: utility-scale and distributed generation (DG). The study also analyzes the regulatory environment and key players in each country, and identifies technologies, trends, drivers, and restraints affecting the market.