Forecast: Solar Energy Generation in Mexico

From 2013 through 2023, solar energy generation in Mexico has shown substantial growth, peaking in 2021 at 20.2 TWh before entering a gradual decline. As of 2023, generation stood at 18.54 TWh. This represents a year-on-year decline of 3.82%, and a 41.99% compound annual growth rate (CAGR) over the last five years. The data indicates sharp increases in earlier periods, with especially high growth rates between 2017 and 2019 followed by a more fluctuating trend. Looking ahead, the forecast from 2024 to 2028 suggests a continued slight downward trend with an estimated 1.6% annual decline, cumulating in an overall 7.76% reduction over five years.

Future trends to watch for include:

• Advances in solar technology potentially reversing the downward trend.

• Government policies affecting renewable energy investments.

• Changes in market dynamics and energy demand that could impact the solar sector’s growth trajectory.