According to NPD Solarbuzz, a market research company, the region is poised to see "explosive" annual growth of 45 percent through 2017.
“Historically, PV demand was confined to rural off-grid and niche applications, but new renewable energy policies and incentive programs are now opening up the region for strong PV deployment," said Chris Sunsong, an analyst at NPD Solarbuzz, in a statement. "Set against a backdrop of strong economic growth, expanding energy demand, and increasing electricity prices, the conditions for PV adoption appear particularly attractive.”
Thanks to solar-friendly policies like net-metering, renewable portfolio standards, and other policies, three countries in the region will dominate the solar market. Chile, Brazil, and Mexico are expected to account for about 70 percent of PV demand by 2017.
“Having a successful market-entry strategy for Latin America is now essential for leading PV suppliers before key markets develop in the region and supply-chains and purchasing channels are established,” said Sunsong.
Get the full report here.
[h/t Clean Technica]
Photo: Flickr/Lance Cheung