Forecast: Solar Energy Capacities in Mexico

The solar energy capacity in Mexico has shown substantial growth over the past decade, increasing from 109 Megawatts (MW) in 2013 to 9880 MW in 2023. The year-on-year variations indicate significant fluctuations, with notable spurts in growth such as 120.42% in 2016 and 129.36% in 2018. However, the growth rate has recently tapered off, with the latest year-on-year variation in 2023 being 9.45%. The compound annual growth rate (CAGR) over the last five years stands at 30.79%.

Future projections indicate a more moderate growth trajectory, with the forecast 5-year CAGR from 2024 to 2028 predicted at 5.49%, showing a deceleration compared to the historical growth rates. However, the overall installed capacity is expected to continue increasing, reaching 14010 MW by 2028.

Future Trends to Watch For:

- Increasing technological advancements and efficiency improvements in solar panels.

- Continued reduction in the costs of solar technology and installation.

- Government policies and incentives aimed at further boosting renewable energy adoption.

- Adoption of energy storage solutions to address intermittency issues associated with solar power.

- Potential impacts of global economic conditions and trade policies on the solar industry supply chain.