Costa Rica: Market for Solar Cells and Light-Emitting Diodes 2025

Market Size for Solar Cells and Light-Emitting Diodes in Costa Rica

The Costa Rican market for solar cells and light-emitting diodes declined to $X in 2022, waning by -6.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a prominent expansion. Solar cells and light-emitting diodes consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports from Costa Rica

Solar cells and light-emitting diodes exports from Costa Rica surged to X units in 2022, increasing by 37% compared with 2021. Over the period under review, exports saw prominent growth. The growth pace was the most rapid in 2020 when exports increased by 1,301%. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, solar cells and light-emitting diodes exports skyrocketed to $X in 2022. In general, exports, however, faced a abrupt contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 1,857% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X units) was the main destination for solar cells and light-emitting diodes exports from Costa Rica, with a 83% share of total exports. Moreover, solar cells and light-emitting diodes exports to Mexico exceeded the volume sent to the second major destination, the Dominican Republic (X units), more than tenfold. Panama (X units) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mexico totaled +209.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+23.9% per year) and Panama (+8.3% per year).

In value terms, Mexico ($X) remains the key foreign market for solar cells and light-emitting diodes exports from Costa Rica, comprising 73% of total exports. The second position in the ranking was taken by the United States ($X), with a 15% share of total exports. It was followed by Panama, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value to Mexico amounted to +176.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-25.3% per year) and Panama (+0.6% per year).

Export Prices by Country

The average export price for solar cells and light-emitting diodes stood at $X per unit in 2022, with an increase of 6.1% against the previous year. In general, the export price, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2015 an increase of 41%. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (+19.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Costa Rica

Solar cells and light-emitting diodes imports into Costa Rica shrank to X units in 2022, which is down by -7.3% compared with the previous year's figure. Over the period under review, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2014 when imports increased by 125% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then contracted in the following year.

In value terms, solar cells and light-emitting diodes imports contracted slightly to $X in 2022. Overall, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 114%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of solar cells and light-emitting diodes to Costa Rica, accounting for a 58% share of total imports. Moreover, solar cells and light-emitting diodes imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), twofold. Hong Kong SAR (X units) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +32.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+167.5% per year) and Hong Kong SAR (+106.7% per year).

In value terms, the largest solar cells and light-emitting diodes suppliers to Costa Rica were China ($X), Malaysia ($X) and the United States ($X), with a combined 80% share of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +126.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for solar cells and light-emitting diodes amounted to $X per unit, rising by 5.3% against the previous year. Over the period under review, the import price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 18% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform