Peru: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in Peru

The Peruvian market for solar cells and light-emitting diodes dropped to $X in 2022, falling by -6.4% 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). Overall, consumption, however, showed buoyant growth. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports from Peru

In 2022, approx. X units of solar cells and light-emitting diodes were exported from Peru; dropping by -43.3% on the previous year. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by 1,123%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, solar cells and light-emitting diodes exports declined dramatically to $X in 2022. Over the period under review, exports saw a dramatic shrinkage. The growth pace was the most rapid in 2021 when exports increased by 588%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Chile (X units) was the main destination for solar cells and light-emitting diodes exports from Peru, accounting for a 69% share of total exports. Moreover, solar cells and light-emitting diodes exports to Chile exceeded the volume sent to the second major destination, Colombia (X units), sixfold. The third position in this ranking was held by Ecuador (X units), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Chile amounted to +85.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+67.3% per year) and Ecuador (+49.8% per year).

In value terms, Chile ($X) remains the key foreign market for solar cells and light-emitting diodes exports from Peru, comprising 86% of total exports. The second position in the ranking was held by Colombia ($X), with a 5% share of total exports. It was followed by Ecuador, with a 4.4% share.

From 2012 to 2022, the average annual growth rate of value to Chile totaled +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+60.5% per year) and Ecuador (+7.8% per year).

Export Prices by Country

In 2022, the average export price for solar cells and light-emitting diodes amounted to $X per unit, stabilizing at the previous year. Overall, the export price, however, showed a precipitous shrinkage. The most prominent rate of growth was recorded in 2015 an increase of 57% against the previous year. 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 stood at a somewhat lower figure.

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 Chile ($X per unit), while the average price for exports to Ecuador ($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 Hong Kong SAR (-11.6%), while the prices for the other major destinations experienced a decline.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Peru

Solar cells and light-emitting diodes imports into Peru shrank to X units in 2022, waning by -9% on the year before. In general, imports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2014 when imports increased by 203%. 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 modestly to $X in 2022. Over the period under review, imports, however, recorded a tangible increase. The growth pace was the most rapid in 2014 with an increase of 196%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest solar cells and light-emitting diodes supplier to Peru, accounting for a 90% share of total imports. Moreover, solar cells and light-emitting diodes imports from China exceeded the figures recorded by the second-largest supplier, Denmark (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +24.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+213.4% per year) and Italy (+75.6% per year).

In value terms, China ($X) constituted the largest supplier of solar cells and light-emitting diodes to Peru, comprising 76% of total imports. The second position in the ranking was held by Denmark ($X), with an 11% share of total imports. It was followed by Italy, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+141.8% per year) and Italy (+38.5% per year).

Import Prices by Country

The average import price for solar cells and light-emitting diodes stood at $X per unit in 2022, rising by 5.2% against the previous year. Over the period under review, the import price, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2019 an increase of 14% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+7.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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