Mexico Solar Power Market Overview, 2030

Mexico’s solar power market has seen significant growth in recent years, driven by the country’s favorable geographic conditions, government support, and a growing need for cleaner energy sources. With vast expanses of land in northern and central Mexico receiving high levels of solar radiation, the country is positioned to become a leader in solar energy generation in Latin America. The adoption of solar energy in Mexico has been particularly prominent in the residential sector, where homeowners are increasingly looking to solar power as a way to reduce their electricity bills and increase energy independence. The government has played a pivotal role in supporting the growth of the solar sector through the introduction of policies such as the Clean Energy Certificate (CEL) program, which incentivizes the development of renewable energy projects, including solar. Furthermore, Mexico’s energy reform has opened up the market to private investment in renewable energy, attracting international solar companies and boosting competition. The commercial and industrial sectors in Mexico are also major contributors to the growing solar market, as businesses seek ways to reduce energy costs, improve sustainability, and meet corporate social responsibility goals. Large-scale solar projects are being developed in several regions of the country, with the largest concentration of solar farms in the northern states such as Sonora, Baja California, and Chihuahua. These utility-scale installations are helping to meet the country’s energy needs, particularly in remote areas where traditional grid infrastructure is limited. Mexico's ambitious renewable energy goals, combined with a favorable climate for solar generation and a robust regulatory framework, have created an ideal environment for the continued expansion of the solar power market.

According to the research report " Mexico Solar Power Market Overview, 2030," published by Bonafide Research, the Mexico Solar Power Market is expected to reach a market size of more than USD 5.72 Billion by 2030. The technological advancements in Mexico’s solar power market have contributed significantly to the sector’s rapid growth, with increasing adoption of efficient photovoltaic (PV) panels, inverters, and energy storage systems. The cost of solar technology has declined considerably over the past few years, making solar energy more affordable and accessible to a wide range of consumers. Photovoltaic systems are by far the most common technology used in Mexico’s solar market, with both residential and commercial installations benefiting from the efficiency and scalability of solar panels. In addition, the integration of energy storage solutions, such as batteries, is gaining traction, particularly in off-grid regions of Mexico where solar power is used as a primary energy source. These solar-plus-storage systems are allowing consumers to store excess energy generated during the day and use it during nighttime or periods of low sunlight, improving the reliability and stability of solar power. As the market matures, there is also a growing trend of hybrid systems that combine solar energy with other renewable energy sources, such as wind and geothermal, to ensure a consistent and reliable energy supply. Inverters, which convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity for use in homes and businesses, are an essential component of solar installations. The demand for inverters in Mexico is rising, particularly as the commercial and industrial sectors scale up their solar projects. Furthermore, the government’s focus on smart grid development and energy efficiency is encouraging the integration of advanced monitoring and control systems into solar power installations, improving performance and enabling better energy management. As Mexico’s solar power sector continues to evolve, technological innovation will be key to meeting the country’s energy needs while reducing its environmental impact.

The solar power market in Mexico is experiencing significant growth, driven by advancements in photovoltaic (PV) technology, which is the most widely used solar technology in the country. Photovoltaic systems, which convert sunlight directly into electricity, are a critical component of Mexico's renewable energy strategy. The country's geographical location, with high levels of solar irradiance, makes it an ideal candidate for widespread adoption of PV systems. The Mexican government has been implementing policies that encourage the installation of solar systems, particularly in residential, commercial, and industrial sectors, through incentives such as tax rebates, financial subsidies, and net metering programs. In addition to PV systems, Concentrated Solar Power (CSP) technologies are becoming increasingly popular for large-scale utility projects. CSP uses mirrors or lenses to concentrate sunlight onto a small area to generate heat, which is then used to produce electricity. Although CSP technology requires a high level of direct sunlight, which is abundant in Mexico's northern and central regions, it remains a niche option in the market. Other solar technologies, such as solar thermal systems and thin-film panels, are also being explored, with the latter gaining traction in certain applications due to their flexibility and low cost. As the Mexican solar power market continues to expand, technological innovations in PV and CSP technologies, as well as government support, will be key drivers in the market's continued growth.

In Mexico, the solar power market is characterized by a diverse range of products that are integral to the generation, storage, and management of solar energy. Solar panels are the most crucial product, with monocrystalline and polycrystalline panels being the most common choices for residential and commercial applications. Monocrystalline panels, known for their higher efficiency and long lifespan, are often preferred in residential applications where space is limited. Polycrystalline panels, which offer a more cost-effective solution, are typically chosen for larger installations, including commercial and industrial projects. In addition to solar panels, charge controllers play a critical role in regulating the power from the solar panels to prevent overcharging of batteries. Batteries, particularly lithium-ion and lead-acid batteries, are essential for energy storage in off-grid systems and for managing intermittent energy production in grid-tied systems. As demand for energy storage solutions grows, the adoption of lithium-ion batteries is increasing due to their higher efficiency, longer lifespan, and better performance. Inverters are another key product, as they convert the direct current (DC) generated by solar panels into alternating current (AC) that can be used by household appliances and fed into the power grid. The adoption of smart inverters is on the rise in Mexico, as they offer advanced features such as remote monitoring and grid stabilization. Other products in the market include solar water heaters, solar-powered streetlights, and off-grid solar solutions for rural areas. These products are gaining popularity as part of efforts to reduce energy costs and improve sustainability, particularly in off-grid regions and for industrial applications. As Mexico continues to embrace solar energy, the diversity of products available will ensure that consumers have a range of options to suit their energy needs.

In Mexico, solar power installations are typically divided into three main categories: ground-mounted, roof-mounted, and other specialized installations. Ground-mounted solar systems are often employed for large-scale utility projects and commercial installations due to the ample space required and the ability to optimize system orientation for maximum sunlight exposure. These systems are ideal for rural areas, industrial sites, and utility-scale solar farms, which are becoming increasingly prevalent in Mexico’s northern and central regions. With the growing adoption of solar energy, the number of large ground-mounted installations is expected to increase as part of Mexico's broader renewable energy strategy. Roof-mounted solar installations are more commonly used in urban and residential areas, where space is limited. These installations are ideal for homeowners and businesses seeking to reduce energy costs and contribute to sustainability efforts. Roof-mounted solar panels are particularly popular in residential applications, with many homeowners installing solar systems as a way to take advantage of the country's abundant sunlight while reducing electricity bills. There are also other specialized installation methods in Mexico, such as building-integrated photovoltaics (BIPV). BIPV systems integrate solar panels directly into the building structure, such as in windows or facades, providing both energy generation and aesthetic value. These systems are gaining traction in new commercial and residential buildings, especially in urban areas where space is at a premium. As the solar power market in Mexico continues to grow, the variety of installation options available ensures that solar energy can be effectively harnessed across different sectors, from residential to large-scale commercial and utility applications.



The Mexican solar power market is experiencing growth in various end-use sectors, including residential, commercial/industrial, and utility-scale applications. In the residential sector, solar power adoption is growing rapidly, driven by increasing electricity prices and a desire for greater energy independence. Many homeowners are turning to solar energy as a way to reduce their electricity bills, with residential solar installations commonly featuring roof-mounted PV systems. These installations provide a reliable, long-term solution for generating clean electricity and offer homeowners the ability to sell excess energy back to the grid through net metering programs. As government incentives and tax credits become more accessible, the number of residential solar installations is expected to rise significantly. The commercial and industrial sectors in Mexico are also increasingly adopting solar power solutions to reduce operational costs, enhance sustainability efforts, and meet corporate social responsibility (CSR) goals. Large businesses, such as retail chains and manufacturing companies, are installing solar panels on their rooftops and on open land to power their operations. Solar energy helps these businesses reduce their reliance on traditional power grids and provides an opportunity to lock in long-term energy savings. In the industrial sector, particularly in manufacturing and agriculture, solar power is used to power equipment, reduce energy costs, and ensure consistent power supply in remote locations. The utility-scale solar sector in Mexico is also growing, with several large solar farms being developed to provide clean energy to the national grid. Ground-mounted systems are the most common in utility-scale projects, and they are located in regions with abundant sunlight. These large-scale solar farms contribute to Mexico’s renewable energy goals by supplying power to homes and businesses throughout the country. As demand for solar power continues to increase, these end-use sectors are expected to drive the growth of the Mexican solar power market, contributing to a more sustainable and energy-independent future.

Major Companies present in the market:
Canadian Solar Inc., Trina Solar Co., Limited, Jinko Solar Holding Co., Limited, Longi Green Energy Technology Co., Limited, JA Solar Technology Co., Limited, Sunpower Corporation, First Solar Inc., Hanwha Corporation, Abengoa, S.A., Engie SA

Considered in this report
• Historical year: 2018
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030

Aspects covered in this report
• Solar power market with its value and forecast along with its segments
• Region-wise solar power market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle-East & Africa

Types of Technology in the report:
• Solar Photovoltaic
• Concentrated Solar Power (CSP)
• Others

By Product
• Solar Panels
• Charge Controllers
• Batteries
• Inverters
• Others

By Installation
• Ground mounted
• Roof mounted
• Others

By Application in the report:
• Residential
• Commercial/ Industrial
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar power industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.