Latin America and the Caribbean: Market for Solar Cells and Light-Emitting Diodes 2025

Market Size for Solar Cells and Light-Emitting Diodes in Latin America and the Caribbean

In 2022, the Latin American market for solar cells and light-emitting diodes decreased by -92.6% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption, however, enjoyed strong growth. As a result, consumption reached the peak level of $X, and then shrank rapidly in the following year.

Production of Solar Cells and Light-Emitting Diodes in Latin America and the Caribbean

In value terms, solar cells and light-emitting diodes production expanded notably to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 57% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Solar Cells and Light-Emitting Diodes

Exports in Latin America and the Caribbean

Solar cells and light-emitting diodes exports reduced sharply to X units in 2022, which is down by -79.7% against the previous year's figure. Overall, exports recorded a deep slump. The pace of growth appeared the most rapid in 2021 when exports increased by 425%. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, solar cells and light-emitting diodes exports rose rapidly to $X in 2022. Over the period under review, exports recorded a pronounced slump. The growth pace was the most rapid in 2015 with an increase of 34%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico prevails in exports structure, finishing at X units, which was approx. 85% of total exports in 2022. It was distantly followed by the Dominican Republic (X units), constituting a 6.1% share of total exports. The following exporters - Brazil (X units) and Panama (X units) - together made up 7.1% of total exports.

Exports from Mexico decreased at an average annual rate of -15.5% from 2012 to 2022. At the same time, the Dominican Republic (+47.6%) and Brazil (+27.9%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +47.6% from 2012-2022. By contrast, Panama (-13.9%) illustrated a downward trend over the same period. While the share of the Dominican Republic (+6 p.p.) and Brazil (+3.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mexico (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest solar cells and light-emitting diodes supplier in Latin America and the Caribbean, comprising 99% of total exports. The second position in the ranking was held by Brazil ($X), with a 0.9% share of total exports. It was followed by Panama, with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to -4.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+7.6% per year) and Panama (-18.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, picking up by 444% against the previous year. Overall, the export price posted a prominent increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+13.5%), while the other leaders experienced a decline in the export price figures.

Imports of Solar Cells and Light-Emitting Diodes

Imports in Latin America and the Caribbean

In 2022, the amount of solar cells and light-emitting diodes imported in Latin America and the Caribbean declined notably to X units, falling by -87.1% against 2021. Overall, imports, however, saw a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 153%. The volume of import peaked at X units in 2021, and then declined notably in the following year.

In value terms, solar cells and light-emitting diodes imports skyrocketed to $X in 2022. In general, imports, however, saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile (X units) and Mexico (X units) represented roughly 43% of total imports in 2022. Argentina (X units) took a 9.3% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (8.6%) and the Dominican Republic (6.7%). The following importers - Barbados (X units), Brazil (X units), Panama (X units), El Salvador (X units), Guatemala (X units), Honduras (X units), Peru (X units) and Jamaica (X units) - together made up 24% of total imports.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +46.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constitutes the largest market for imported solar cells and light-emitting diodes in Latin America and the Caribbean, comprising 72% of total imports. The second position in the ranking was held by Mexico ($X), with a 19% share of total imports. It was followed by Chile, with a 6.4% share.

In Brazil, solar cells and light-emitting diodes imports expanded at an average annual rate of +48.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+5.3% per year) and Chile (+31.4% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, increasing by 1,522% against the previous year. In general, the import price showed strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per unit), while Barbados ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+35.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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