Argentina Solar Energy Market Report and Forecast 2024-2032

Argentina Solar Energy Market Outlook

The Argentina solar energy market size is projected to expand at a CAGR of 13.10% between 2024 and 2032.

Key Takeaways

• Argentina has set a target to raise the proportion of wind and solar energy in its electricity generation to 20% by 2025, while also striving to decrease greenhouse gas emissions by 19% by 2030.

• CSP (concentrated solar power) offers benefits in terms of energy storage and efficiency since it can facilitate energy storage with the help of TES (thermal energy storage) technologies.

• Argentina aims to achieve 57% of its energy production from renewable sources by 2030. The new government proposal indicates that an investment of US$86 billion is required to accelerate the transition to sustainable energy. 

The Argentine government's efforts to promote clean energy, the rise of environmental awareness, and the growing popularity of photovoltaic systems are contributing to the Argentina solar energy market growth. In 2022, the Energy Secretariat in Argentina (which falls under the Ministry of Economy) approved a series of bids to supply and install solar energy equipment at schools, homes, and other buildings in 19 provinces, at an estimated USD 21.7 million cost. The project for rural energy development will benefit rural households in the provinces of Buenos Aires, Formosa, Misiones, Rio Negro, Santa Cruz, and Tierra del Fuego, among others. 

The rising popularity of monocrystalline solar panels in residential areas can be attributed to their impressive energy capacity and efficiency. These panels are particularly advantageous for roofs with limited space as they require less area. Moreover, they excel in low sunlight conditions, making them a perfect choice for cloudy and low sunlight days, consequently driving up the Argentina solar energy market share.

The demand is expected to increase from the residential sector as well as a result of the growing concern among people for the environment and their inclination towards sustainable construction practices. The installation of solar system offers several environmental benefits as it does not release harmful greenhouse gases during electricity generation, making it an environmentally friendly option. Moreover, solar energy systems can prove to be valuable for remote areas that lack access to the electrical grid.

Market Segmentation

Argentina Solar Energy Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments

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 market players are increasingly focusing on establishing partnerships with government organisations and are increasing their research activities to develop improved energy solutions to accelerate transition towards clean energy

• Canadian Solar Inc.

• Enel Spa

• Genneia SA

• YPF SA

• Emesa

• 360ENERGY Solar SA

• Others

Key Highlights of the Report