Renewable energy sources are forecast to account for 47% of the total electricity generation capacity in Mexico by 2035, compared with 34% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Mexico’s renewable energy market in its Mexico Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 11% in 2023 to 22% in 2035.
The share of wind power is expected to reach 9% in 2035, compared with a 13% share in 2023. Biopower is forecast to account for 1% share of Mexico’s total electricity generation capacity, in 2035, as against 1% share in 2023. The share of geothermal is expected to change from a 1% share in 2023 to a 0.74% share in 2035.
In terms of capacity additions, the total renewable energy capacity is expected to see 37582.81 MW of additions in Mexico during the forecast period while the non-renewable energy segment is likely to see 12553.43 MW of additions.
CAGR growth of key renewables in Mexico
Renewable generation capacity in Mexico is expected to reach 58GW in 2035 at a CAGR of 7% during 2023-2035.
Solar PV power is expected to record highest growth rate of 10.05% by 2035, followed by wind with 9%. Other renewable energy sources such as biopower, geothermal and hydro are estimated to have growth rates of 4%, 0.85%, and 0.00% respectively.
Hydrogen and CCS plants in pipeline in Mexico
A total of one hydrogen and nine carbon capture and storage (CCS) plants are expected to be developed in Mexico by the end of 2035.
For more detailed analysis of the renewable energy market in Mexico, buy the report here.
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