According to a new report by Expert Market Research titled, “Argentina Solar Energy Market Share, Size, Report and Forecast 2024-2032″, the Argentina solar energy market is projected to grow at a CAGR of 13.10% between 2024 and 2032. The market is driven by increasing demand for renewable energy sources and the growing awareness of environmental sustainability, The market is expected to significantly grow by 2032.
Solar energy, harnessed from the sun’s radiation, is a critical component of the renewable energy mix, contributing significantly to the reduction of greenhouse gas emissions and the diversification of the energy portfolio. The Argentina solar energy market growth is driven by the country’s abundant solar resources, supportive government policies, and the increasing adoption of solar technology in residential, commercial, and industrial sectors.
The Argentine government’s commitment to increasing the share of renewable energy in the national energy mix is a significant driver of the solar energy market. Policies such as the Renewable Energy Law (Law 27.191) and various incentives for solar energy projects have created a favourable environment for the growth of the solar sector. These policies aim to achieve a renewable energy target of 20% by 2025, thereby boosting the demand for solar energy installations across the country.
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As per the Argentina solar energy market analysis, the abundant solar resources in Argentina, particularly in regions such as the Northwest and Cuyo, provide a strong foundation for the growth of the solar energy market. These regions receive high levels of solar radiation, making them ideal for the deployment of solar photovoltaic (PV) systems and concentrated solar power (CSP) plants. The efficient utilization of these resources is expected to significantly contribute to the market growth.
Argentina is targeting to increase the share of wind and solar energy in its electricity generation to 20% by 2025, alongside a goal to reduce greenhouse gas emissions by 19% by 2030. Moreover, CSP technology provides advantages in terms of energy storage and efficiency through the utilization of TES systems. Additionally, Argentina is striving to reach 57% of its energy output from renewable sources by 2030. The recent government plan highlights the necessity of an investment totalling US$86 billion to expedite the shift towards sustainable energy.
The increasing adoption of solar technology in residential, commercial, and industrial sectors is another key factor propelling the market growth. In the residential sector, the growing awareness of the environmental benefits of solar energy and the rising electricity prices are driving homeowners to install solar PV systems. In the commercial and industrial sectors, companies are increasingly adopting solar energy solutions to reduce their operational costs and carbon footprint, consequently driving up the Argentina solar energy market share.
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The market is categorised into various technologies, including solar photovoltaic (PV) systems and concentrated solar power (CSP) systems. Among these, solar PV systems hold a significant share of the market, driven by their lower installation costs, ease of deployment, and versatility in various applications. The demand for concentrated solar power systems is also substantial, particularly in large-scale solar power projects, owing to their ability to store thermal energy and provide electricity even during non-sunny periods.
The market is segmented based on application into residential, commercial, and industrial, sectors. The residential sector accounts for a large share of the market, driven by the increasing adoption of rooftop solar PV systems. The commercial sector also contributes significantly to the market, driven by the need for cost-effective and sustainable energy solutions in businesses and institutions. The industrial sector is experiencing robust growth, driven by the adoption of solar energy to power manufacturing processes and reduce energy costs. The utility-scale sector, comprising large solar power plants, is another key segment, driven by the growing investments in renewable energy projects, leading to Argentina solar energy market expansion.
Market Segmentation
The market can be divided based on the technology, solar module, and end use
Market Breakup by Technology
• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)
Market Breakup by Solar Module
• Polycrystalline
• Monocrystalline
• Amorphous Silicon Cells
• Cadmium Telluride
• Others
Market Breakup by End Use
• Residential
• Commercial
• Industrial
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Argentina solar energy market. Some of the major players explored in the report by Expert Market Research are as follows:
• Canadian Solar Inc.
• Enel Spa
• Genneia SA
• YPF SA
• Emesa
• 360ENERGY Solar SA
• Others
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