Chile Renewable Energy Market Report and Forecast 2024-2032

Chile Renewable Energy Market Outlook

The Chile renewable energy market size is projected to grow at a CAGR of 15.3% between 2024 and 2032.

Key Takeaways

• Chile has set forth ambitious goals in terms of climate change. By 2030, the country aims to derive 70 percent of its electricity from renewable sources, and by 2050, Chile is determined to achieve carbon neutrality.

• In December 2021, the Chilean government committed $50 million in financing for six initiatives designed to promote the development of the country's green hydrogen sector, aiming to be the cheapest provider of the alternative fuel globally.

• Chile aims to reach 95 MtCO2eq in GHG emissions by 2030, with emissions peaking in 2025. This represents a 15% decrease from the 2018 level of 112 MtCO2eq.

The Chile renewable energy market growth is primarily fuelled by the rising consciousness regarding climate change and the limitations of traditional energy sources like coal, oil, and natural gas. The market is further propelled by the mounting pressure on different sectors to enhance their production capabilities to adapt to evolving market needs, adhere to stringent environmental policies, and stimulate economic progress. Additionally, the growing environmental concerns among the populace and the concerted efforts of governments to curb carbon emissions play a pivotal role in driving the growth of the renewable energy market in Chile.

As per the Chile renewable energy market analysis, during the forecast period, the utilisation of solar photovoltaic panels for residential purposes is anticipated to drive the demand. In addition, commercial photovoltaic solar panels have the potential to power industrial structures in remote or isolated areas, preheat ventilation air, and supply hot water in various settings including offices and industries.

The rising installation of solar energy systems in the country is expected to create profitable opportunities for the market expansion in the future. Solar energy is not only more sustainable but also more cost-effective compared to conventional energy sources. The decreasing costs of solar cells, the advancements in solar technology, and the establishment of new solar power plants are all playing a crucial role in accelerating the Chile renewable energy market development.

Market Segmentation

Chile Renewable Energy Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Hydropower

• Wind

• Solar

• Others

Market Breakup by End Use

• Residential

• Commercial

• Industrial

Competitive Landscape

The market players are increasingly prioritising the development of cost-effective renewable energy systems to accelerate the transition towards a clean energy future.

• Mainstream Renewable Power

• Enel Green Power

• Acciona, SA

• First Solar, Inc.

• Statkraft

• Blue Light Energy

• Ingenostrum S.L

• Atlas Renewable Energy

• Innergex Renewable Energy Inc.

• Solcor Chile

• Others

Key Highlights of the Report