Latin America And Caribbean Region Expected To Install 9 GW Of Solar In 5 Years

That solar photovoltaic (PV) technology is poised to become a dominant energy generation technology throughout the world is of no surprise to most, but the sheer wealth of possibility being forecast throughout the middle and southern hemispheres begins to give an idea of just how prevalent the technology will be by the end of the decade.

Figures published by NPD Solarbuzz have so far predicted that several of the major Asia Pacific nations will account for 60% of solar PV demand in 2014, while being primary drivers of growth over the next several years, at the same time as the Middle East and Africa region currently has close to 12 GW of solar demand in the pipeline.

So it should really come as no surprise that NPD Solarbuzz’s recent figures show that the Latin America and Caribbean region is set to install 9 GW of solar PV over the next five years.

Latin America and Caribbean Five-Year Cumulative Demand Forecast by Project Status

“Solar PV is now starting to emerge as a preferred energy technology for Latin American and Caribbean countries,” said Michael Barker, senior analyst at NPD Solarbuzz. “The region has high electricity prices and it also benefits from strong solar irradiation, which makes it a good candidate for solar PV deployment. As a result, experienced global solar PV developers are seeing strong solar PV growth potential in the region.”

NPD Solarbuzz’s Emerging PV Markets Report: Latin America and Caribbean shows that the total PV project pipeline now exceeds 22 GW of projects across all stages of development — with 1 GW of projects already under construction, and another 5 GW of projects have received the appropriate approval to proceed.

The Latin America and Caribbean region was previously home to many small-scale and off-grid solar PV applications, however governments are now looking to solar PV to address large-scale utility power requrements — specifically in Brazil, Chile, and Mexico.

“Many countries across the LAC region have the potential to develop into major solar PV markets in the future,” added Barker. “While project pipelines vary by country, there is a strong contribution from early-stage developments that have yet to finalize supply deals or find end-users to purchase the generated electricity, which presents both risks and opportunities for industry players.”

A number of countries throughout the developing and second-world countries are turning to renewable energy technologies to develop strong, future-proof, and economically efficient energy generation. Such a trend is being backed by major manufacturing companies who are focusing their efforts on these regions, hoping to increase their own profits while fulfilling renewable energy demand.