Latin America Solar PV Glass Market: By Glass Type (3.2 mm, 2 mm), By End-User (Residential, Commercial), and Country

Latin America Solar PV Glass Market is experiencing significant growth, with installed and glass consumed volume reaching 287.2 million sq.mts in 2023 and projected to grow at a CAGR of 6.2%. The market value is expected to rise from USD 1,038.8 Mn in 2023 to USD 1,700.7 Mn in 2030, with a CAGR of 4.0%. Solar PV glass, which converts solar energy into electricity using solar cells, is gaining traction in Latin America countries due to increased demand for solar PV installations, decreasing PV module prices, and rising rooftop solar installations, particularly in the residential sector. Technological advancements are revolutionizing the market, enhancing efficiency and affordability through innovations in panel designs, energy storage, and smart grid technologies.

The integration of AI and machine learning is optimizing energy production and reducing costs. In November 2023, perovskite tandem solar cells set a new world record for efficiency, surpassing the previous record set just months earlier. In 2022, Brazil completed nearly 10 GW of solar projects, bringing the country's total installed solar capacity to more than 25 GW, accounting for 11.6% of the national power mix. The utility-scale PV sector adds 7.8 GW to this total. The constant increase in solar capacity demonstrates Brazil's commitment to growing renewable energy infrastructure and promoting sustainable energy growth.

Despite challenges like supply chain limitations and permitting obstacles, the Latin America solar PV glass market is expected to transform, with M&A activity predicted to increase significantly in 2024. Researchers have made progress with multi-junction PV cells, achieving efficiencies over 45%. Bifacial solar panels, capturing light on both sides, show 30-40% higher efficiency when combined with sun-tracking technology. Agrivoltaics, integrating solar panels with farmland, addresses land-use conflicts and can increase farm yields. However, limitations on PV efficiency, geographic constraints, and lack of awareness hinder adoption. Moreover, centralized systems in the Brazilian solar market increased and surpassed 1.5 GW. The introduction of various power purchase agreements (PPA) based systems and energy auctions intended for large-scale power plants were the main causes of this expansion.

Latin America Solar PV Glass Market Key Developments:

• In June 2024, Brazil's federal government announced a R$3 billion investment for the Minha Casa, Minha Vida program. The funds will support the installation of photovoltaic systems in 500,000 social housing units, marking a significant step towards sustainable energy adoption in affordable housing projects across the country.
• In June 2024, Plutón Solar submitted an environmental impact assessment for a 172 MW solar power plant project to Mexico's Ministry of Environment. The plant will feature 354,480 photovoltaic panels, 30 inverters, and 17 battery storage modules. The generated energy will be fed into the national electrical system through a CFE substation.