Chile Solar Photovoltaics Market Report and Forecast 2025-2034

Chile Solar Photovoltaics Market Outlook

The Chile solar photovoltaics market size is projected to expand at a CAGR of 8.20% between 2025 and 2034.

Key Takeaways

• The Luz del Norte project, situated 58 km northeast of Copiapó, Chile, covers an extensive area of 478 hectares, making it the largest photovoltaic (PV) solar power plant in Latin America.

• Chile has established an ambitious goal of transitioning 70% of its energy consumption to renewable sources by 2030, while also committing to achieving carbon neutrality by 2050.

• As of February 2024, the Environmental Evaluation Service (SEA) included 81 projects from different economic sectors of the country. Among them, 20 are solar panel electricity generation plants, with a combined estimated investment of US$2,023 million.

The market is experiencing robust expansion as a result of the rising adoption of renewable energy to fulfil the escalating electricity demands and the government's increased investment in sustainable energy technology. The country's favourable geographical position ensures an ample supply of solar resources, ensuring a consistent and dependable source of sunlight for solar energy production. The nation's commitment to environment protection and endeavours to combat climate change are positively influencing the market. With an increasing awareness of the detrimental effects of conventional energy sources on the environment, Chileans are increasingly embracing cleaner alternatives, consequently driving up the Chile solar photovoltaics market share.

The increasing need for rooftop solar photovoltaic (PV) systems in both residential and commercial areas is fuelling the expansion of the market. Homeowners in the residential sector are more interested in rooftop solar installations to lower electricity expenses and attain energy self-sufficiency, leading to significant long-term savings. Likewise, businesses in the commercial sector are acknowledging the financial and environmental advantages of rooftop solar PV systems, favouring the Chile solar photovoltaics market growth.

Furthermore, the market is expected to benefit from increasing collaborations and partnerships among organisations seeking to support sustainable development. For instance, in February 2024, Enel O'Higgins completed a solar energy project for Geofrut, a prominent regional entity, showcasing their commitment to sustainable energy solutions. This initiative, specifically designed for self-consumption, incorporates 683 state-of-the-art solar panels, each with an impressive output of 575 Wp.

Market Segmentation

Chile Solar Photovoltaics Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Thin film

• Multi-Si

• Mono-Si

Market Breakup by Deployment

• Rooftop Solar

• Ground-mounted

Market Breakup by Connectivity

• On-grid

• Off-grid

Market Breakup by End Use

• Residential

• Commercial

• Utility

Competitive Landscape

The market participants are increasing their collaborations and partnerships to implement effective solar photovoltaic technologies and support sustainable development.

• Mainstream Renewable Power Limited

• Enel S.p.A.

• Sonnedix Power Holdings Limited

• Sociedad Abengoa S.L.

• Urrejola Ingenieros SpA

• ZNSHINE PV-TECH Co., Ltd.

• SunRoof

• Others

Key Highlights of the Report