The Mexico Solar Photovoltaic (PV) Market Report is Segmented by Grid Type (On-Grid and Off-Grid) and End-User (Utility-Scale, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

Mexico Solar Photovoltaic (PV) Market size was valued at USD 4.5 Billion in 2024 and is projected to reach USD 10 Billion by 2032, growing at a CAGR of 10.7% from 2025 to 2032.

Key Market Drivers: Ambitious Clean Energy Targets with Government Support: Mexico has set ambitious renewable energy targets as part of its climate obligations. According to the Mexican Ministry of Energy (SENER), the government plans to generate 35% of its electricity from renewable sources by 2024 and 50% by 2050. According to Mexico's National Solar Energy Association (ASOLMEX), the Mexican government's Energy Transition Law has created a favorable environment for solar development, with solar capacity increasing from 3.1 GW in 2018 to 7.9 GW in 2022. Furthermore, the National Electric System Development Program (PRODESEN) anticipates an investment of USD 12.5 billion in solar energy infrastructure between 2023 and 2027.

The size of the Mexico Solar PV Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 8.91% during the forecast period. The solar photovoltaic (PV) sector in Mexico is undergoing significant expansion, propelled by the nation’s advantageous solar conditions and its dedication to enhancing renewable energy capacity. With high levels of solar irradiance, especially in the northern and central parts of the country, Mexico presents an optimal environment for solar PV installations. The Mexican government has established ambitious renewable energy objectives as part of its climate action initiatives, aiming to produce 35% of its electricity from clean energy sources by 2024 and 50% by 2050. Solar PV is integral to this plan, encompassing both large-scale solar farms and distributed rooftop systems that are crucial to its success. In recent years, there has been a notable influx of investments in solar infrastructure, supported by favorable policies and incentives such as the Energy Transition Law and the clean energy certificates market. These initiatives have drawn interest from both domestic and international investors, enhancing the implementation of solar projects throughout the nation. Additionally, advancements in solar PV technology and decreasing costs of solar panels have further propelled market growth. Nevertheless, challenges such as regulatory uncertainty, issues with grid integration, and financing limitations persist. Despite these hurdles, Mexico’s solar PV sector is well-positioned for ongoing growth, underscoring the country’s commitment to sustainable energy development and a reduced dependence on fossil fuels. Recent developments include: February 2023: German renewable energy developer Sowitec announced that it has signed agreements to trade three solar power projects with a integrated capacity of 570 MW in Mexico. At present, the three projects are at an advanced stage of development with land and all environmental permits in place. Commissioning is expected to start in 2025, November 2022: In Campeche, Mexico, Atlas Renewable Energy completed the installation of a 300-megawatt solar power plant. Under a 15-year power purchase agreement, the USD 340 million La Pimienta solar project will supply electricity to the Mexican state-owned energy company Comisión Federal de Electricidad (CFE).. Key drivers for this market are: 4., Declining Costs of Solar Technologies4.; Demand for Decentralized Solar Energy Systems. Potential restraints include: 4., Absence of Any New Initiatives in the Country. Notable trends are: Increasing Deployment of Utility-scale Projects.

The North America Solar Photovoltaic (PV) Market is segmented by Application (Residential, Commercial, and Utility), Deployment (Ground Mounted and Rooftop Solar), Technology (Crystalline Solar and Thin Film), and Geography (United States, Canada, and Mexico). The report offers the market size and forecasts installed capacity (GW) for all the above segments.

The North American solar photovoltaic (PV) market is experiencing robust growth, driven by increasing environmental concerns, supportive government policies (including tax credits and subsidies), decreasing solar panel costs, and a rising demand for renewable energy sources. The market's Compound Annual Growth Rate (CAGR) exceeding 20% signifies substantial expansion throughout the forecast period (2025-2033). Residential installations are a significant market segment, fueled by homeowner incentives and decreasing installation costs, alongside a steady rise in commercial and utility-scale projects catering to larger energy demands. Technological advancements, such as the development of higher-efficiency crystalline solar panels and more durable thin-film technologies, are further accelerating market growth. The United States represents the largest share of the market, followed by Canada and Mexico. However, the market faces challenges including land availability for large-scale projects, permitting complexities, and grid infrastructure limitations. Despite these constraints, the long-term outlook remains positive, with a projected substantial increase in market size by 2033, driven by continued technological innovation and increasing policy support. This market growth is segmented across various deployment methods, with rooftop solar installations dominating the residential sector, while ground-mounted systems prevail in commercial and utility applications. The crystalline silicon technology currently holds the largest market share, but thin-film solar technology is witnessing steady improvement and adoption, offering potential for future growth. Key players like SunPower Corporation, Sunrun Inc., and Canadian Solar Inc. are actively shaping the market landscape through innovation, strategic partnerships, and expanded distribution networks. Geographical differences in solar irradiance, policy frameworks, and economic conditions influence growth rates across the United States, Canada, and Mexico, with the US exhibiting the highest adoption rate. The sustained commitment to renewable energy targets and the declining cost of solar energy will continue to drive this significant expansion over the coming years. Recent developments include: December 2022: the construction of the largest landfill solar project of 25.6 MW in North America at Mount Olive, New Jersey, has been completed. The project was developed by CEP Renewables and CS Energy. The project is expected to light up 4,000 households with clean energy., November 2022: EE North America, a European Energy company, partnered with Elio Energy to develop a Solar Power Plant and Energy Storage in Arizona, USA. The construction of the 2 GW project will tentatively start in 2023.. Notable trends are: Utility Segment to Dominate the Market.

Technological advancements in the Mexico Solar PV industry are shaping the future market landscape. The report evaluates innovation-driven growth and how emerging technologies are transforming industry practices, offering a comprehensive outlook on future opportunities and market potential.

USD 368.49 Million in 2024; projected USD 788.93 Million by 2033; CAGR 8.87%.

Mexico Solar PV Panels Market is projected to grow around USD 322.4 billion by 2031, at a CAGR of 12.6% during the forecast period.

This statistic displays the market share of solar photovoltaic (PV) demand in Latin America in 2015, with a projection from 2016 to 2021, broken down by country. In 2018, Mexico is expected to account for ** percent of the markets' share of PV demand. Mexico currently has the lowest power purchase agreement prices ever recorded, stimulating its demand for solar energy.

Mexico Solar PV Mounting Systems Market is projected to grow around USD 32.7 Billion by 2031, at a CAGR of 13.5% during the forecast period.

“Solar Photovoltaic (PV) Market, Update 2018- Global Market Size, Market Share, Average Cost, Major Trends, and Key Country Analysis to 2030” is the latest market analysis report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the solar PV market.
The report provides a clear overview of and detailed insight into the global solar PV market. It explains the key drivers and challenges affecting the market and provides data covering historic and forecast market size, average cost, installed capacity and generation globally, and in twelve key wind power markets – China, India, Japan,Republic of Korea, Australia, US, Canada, Mexico, Germany, UK, Turkey and Spain.
The report uses data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GlobalData’s team of industry experts. Read More

The global solar photovoltaic (PV) market size was valued at USD 308.60 Million in 2023 and is projected to reach USD 2401.99 Million by 2032, growing at a CAGR of 25.6% during the forecast period (2024-2032).
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Discover the booming Mexico solar rooftop market! This comprehensive analysis reveals a CAGR exceeding 16%, driven by government incentives and falling solar costs. Explore market size projections, key players (Enlight Mexico, Tesla, SunPower), and future growth potential in this rapidly expanding sector. Notable trends are: Residential Segment to Dominate the Market.

Discover the booming Mexico solar energy market! With a CAGR exceeding 8% and a 2025 market size estimated at $500 million, learn about key drivers, trends, and challenges shaping this dynamic industry. Explore leading companies and investment opportunities in this rapidly expanding sector. Key drivers for this market are: 4., Favorable Government Policies4.; Increasing Demand for Renewable Energy. Potential restraints include: 4., Inefficient Grid Infrastructure and A High Number Of Islands in the Country. Notable trends are: Utility-scale Solar Energy Projects Driving the Renewable Market.

Mexico Utility Solar Projects Market Size, Share, Growth & Trends 2025–2033
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USD 1455.34 Million in 2024; projected USD 2405.09 Million by 2033; CAGR 5.75%.

The global rooftop solar photovoltaic (PV) installation market size is projected to grow from USD 147.00 billion in 2025 to USD 425.25 billion by 2033, exhibiting a CAGR of 14.2%.
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Booming North American single-axis solar tracker market projected to reach $11.82 Billion by 2033, driven by renewable energy demand and technological advancements. Explore market size, CAGR, key players, and regional analysis in this comprehensive report. Recent developments include: In September 2022, FTC Solar, Inc., a leading provider of solar tracker systems, software, and engineering services, announced the launch of a new and differentiated module in portrait (1P) Single-Axis Solar Tracker Solution called Pioneer. The Pioneer supports all module factors, including those over 2.4 meters in length, providing clients with increased flexibility when designing projects. In addition, Pioneer operates independently from the grid during outages and is self-powered with a high-energy battery for up to three days of overall backup, offering increased energy resilience., In March 2022, NEXTracker launched the NX Horizon-XTR, a terrain-following, single-axis smart solar tracker which us likely to broaden the addressable solar power market on sloped, uneven, and challenging terrain by expanding the addressable market. In the last three years, Nextrackerhas deployed and empirically tested the NX Horizon-XTR at the utility scale, working closely with customers facing capital expense and construction challenges on hilly project sites. Using NX Horizon-XTR's terrain-following capabilities, grading can be reduced, steel costs can be minimized, and project risks can be decreased.. Notable trends are: United States to Dominate the Market Growth.

Solar Backsheet Market Outlook

According to our latest research, the Global Solar Backsheet market size was valued at $2.1 billion in 2024 and is projected to reach $4.3 billion by 2033, expanding at a CAGR of 8.2% during the forecast period of 2025–2033. The primary growth driver for the global solar backsheet market is the surging adoption of solar photovoltaic (PV) installations worldwide, spurred by the increasing demand for renewable energy sources and the urgent need to decarbonize the energy sector. As governments, corporations, and consumers intensify their focus on sustainability, the durability and efficiency of solar panels become paramount, positioning high-performance solar backsheets as a critical component for long-term reliability and performance in both utility-scale and distributed solar applications.

Regional Outlook

Asia Pacific commands the largest share of the global solar backsheet market, accounting for over 48% of the total market value in 2024. This dominance is anchored by the region’s mature and rapidly expanding solar industry, particularly in China, India, and Japan. China alone represents the world’s largest solar PV market, driven by aggressive government policies, large-scale investments in solar manufacturing, and ambitious renewable energy targets. The presence of leading solar panel manufacturers and an integrated supply chain further solidifies Asia Pacific’s leadership. Moreover, favorable regulations, competitive pricing, and the availability of low-cost skilled labor have enabled the region to maintain a robust growth trajectory, with projections indicating sustained double-digit expansion throughout the forecast period.

North America emerges as the fastest-growing region in the solar backsheet market, expected to register a CAGR of 9.5% from 2025 to 2033. This accelerated growth is primarily fueled by the United States, where federal and state-level incentives, tax credits, and policy reforms have catalyzed solar adoption across utility, commercial, and residential segments. The proliferation of community solar projects, advancements in PV technology, and increasing investments from institutional players are further propelling market momentum. Additionally, Canada and Mexico are witnessing heightened activity in solar infrastructure development, underpinned by supportive regulatory frameworks and growing corporate sustainability commitments, collectively contributing to North America’s rapid market expansion.

Emerging economies in Latin America, the Middle East, and Africa are gradually carving out a niche in the global solar backsheet market, albeit from a smaller base. Countries such as Brazil, the United Arab Emirates, and South Africa are ramping up solar capacity to address energy access challenges and diversify their energy mix. However, these regions face unique adoption barriers, including inconsistent policy implementation, limited financing mechanisms, and infrastructural constraints. Despite these hurdles, localized demand for off-grid and distributed solar solutions is rising, especially in rural and underserved areas, signaling untapped growth potential as governments and international agencies intensify efforts to promote renewable energy deployment.

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