Forecast: Solar Energy Consumption in Mexico

The solar energy consumption in Mexico has seen dramatic growth from 2013 to 2023. Starting from almost negligible levels in 2013, the sector peaked in 2021 at 0.19 Exajoules. However, the year-on-year growth showed a decline beginning in 2022, with a -4.74% decrease, followed by a -3.87% decrease in 2023, where consumption stood at 0.17 Exajoules.

Between 2013 and 2023, the Compound Annual Growth Rate (CAGR) for solar consumption was impressive, peaking at 148.62% in 2021 before slipping to 41.2% by 2023. The forecast for the next five years shows a negative trend, with a forecasted CAGR of -1.73% and an overall 8.33% decline.

Future Trends to Watch For:

• Technological advancements that could lower the cost of solar energy production
• Government policies and incentives that promote renewable energy adoption
• Global energy trends that might influence local energy mix
• Potential market diversification and new business models in the renewable sector