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Solar PV Installed Capacity is Set to More than Double by 2022 Due to Stable Growth in the US and Emerging Markets in Latin America
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This research presents an in-depth analysis 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 analyses the regulatory environment and key players in each country, and identifies technologies trends, drivers, and restraints affecting the regional solar market.The studied countries are at different stages of development, but are all driven by the same factors of increasing solar technology price competitiveness, energy matrix decarbonization, and diversification goals.Except for Chile, Latin American countries have lagged behind North American markets but are now experiencing considerable expansion due to favorable regulations that include auction systems and net metering policies. Utility-scale projects are the key drivers of installation growth. However, DG is expected to start/continue to expand steadily in Latin America, representing significant market opportunities, especially in Brazil and Mexico. Chile started solar farm deployment in 2012 and since then, has witnessed massive installations, with solar becoming the preferred RE technology and already accounting for 8% of the total electricity generation capacity.The United States solar market is strong and quite autonomous and is forecast to continue expanding at 8 GW-10 GW per year, driven by the decline in system costs despite the negative effects of import duties. The outlook for Canada is not that optimistic. Even though Canada has been one of the pioneers in terms of solar development, it has favored natural gas and wind power as the main sources to meet its greenhouse gas emissions reduction goals. For further expansion, it is crucial that solar power generation thrives in Canadian provinces other than just Ontario.Total installed capacity in select countries in the region will expand at a compound annual growth rate (CAGR) of 19.2%, adding 82.2 GW in new capacity between 2018 and 2022, with $141.2 billion in investment.Why Partner with Frost & Sullivan?• Frost & Sullivan has a robust and proven research methodology that delivers high-quality findings. It has established relationships with leading participants in the renewable energy market value chain, which has helped it conduct primary research for the purpose of its research services.• Frost & Sullivan is a subject matter expert with 35 years of experience researching and tracking energy and environment markets, and generating reliable information.• The team of industry experts with multidisciplinary backgrounds in engineering, business studies, and market strategy combine their expertise to recommend effective strategies.• The fact-driven, client-specific approach bridges the gap between market research and mainstream consulting to help companies realize their vision.
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Author: Maria Benintende
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