IMARC Group has recently released a new research study titled “Mexico Power Market Report by Generation Sources (Thermal, Hydro, Renewable, and Others), and Region 2026-2034”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Market Overview

The Mexico power market size reached 95.9 GW in 2025. It is projected to grow to 128.0 GW by 2034, exhibiting a CAGR of 3.26% during the forecast period 2026-2034. The market expansion is driven by a shift towards renewable energy sources, incorporation of advanced technologies like smart meters and energy storage systems, and increased demand for sustainable energy options.

Study Assumption Years

• Base Year: 2025

• Historical Year/Period: 2020-2025

• Forecast Year/Period: 2026-2034

Mexico Power Market Key Takeaways

• Current Market Size (2025): 95.9 GW

• CAGR (2026-2034): 3.26%

• Forecast Period: 2026-2034

• Mexico has considerable potential in solar, wind, geothermal, and hydroelectric power generation to diversify its energy mix.

• The government encourages investments through clean energy certificates and ambitious renewable energy goals.

• Adoption of advanced technologies (smart meters, energy storage, digital platforms) enhances efficiency and grid reliability.

• Rising environmental awareness is driving demand for cleaner energy among individuals and businesses.

• Major projects include solar and hybrid projects by Cubico Sustainable Investments and the largest solar power plant on the roofs of Central de Abasto market in Mexico City.

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Mexico Power Market Growth Factors

1. Growing Shift Towards Renewable Energy Sources:

Mexico Power Market growth is being driven by the country’s vast potential for solar, wind, geothermal, and hydroelectric power generation. Government initiatives such as the issuance of clean energy certificates and the implementation of ambitious renewable energy targets are attracting significant investments in sustainable energy projects. As Mexico continues to diversify its energy mix to enhance sustainability, the increasing affordability of renewable technologies and growing environmental awareness are accelerating the transition away from fossil fuels. These efforts are helping reduce the nation’s carbon footprint while strengthening and diversifying the Mexico Power Market.

2. Technological Advancements and Innovation:

The market benefits from adopting advanced technologies including smart meters, energy storage systems, and digital management platforms that improve efficiency and reliability of power generation and distribution. These technologies facilitate decentralized energy systems with distributed generation options like rooftop solar panels. The introduction of modular home batteries, such as Enphase Energy’s IQ Battery 5P launched in 2024, supports energy self-sufficiency and management, facilitating a transition to clean and resilient power.

3. Rising Demand for Cleaner Energy:

Heightened environmental consciousness among individuals and businesses fuels demand for sustainable energy options. Consumers increasingly prefer renewable sources such as solar and wind over fossil fuels, prompting utility providers to expand renewable portfolios. Corporate sustainability targets further encourage sourcing energy from renewables. Significant initiatives include Mexico City’s largest rooftop solar plant at Central de Abasto market, generating 25 GWh annually, reducing CO2 emissions by 11,400 tons, and powering 10,000 households.

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Mexico Power Market Segmentation

Breakup By Generation Sources:

• Thermal

• Hydro

• Renewable

• Others

Each segment provides insights into the specific market trends and forecasts covering the period 2026-2034.

Breakup By Region:

• Northern States

• Central States

• Southern States

The report includes a comprehensive analysis of the major regional markets categorized into three regions: Northern, Central, and Southern States.

Regional Insights

The report covers Northern, Central, and Southern States as the key regional markets. Specific statistics such as market share or CAGR for these regions are not provided in the source. The segmentation reflects a comprehensive approach to regional market evaluation.

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Recent Developments & News

• January 2024: GE Vernova and Iberdrola Mexico launched the Topolobampo III power plant in Sinaloa using GE’s H-class combined cycle technology, producing 766 MW — enough for more than 1.6 million households.

• December 2023: Clir Renewables partnered with Grupo México to improve operations at the El Retiro Parque Eólico (74 MW) and Fenicias (175 MW) wind farms to aid renewable energy growth.

• February 2024: Cubico Sustainable Investments expanded its portfolio in Mexico’s renewable sector to over 2.2 GW through acquisitions and partnerships, increasing its development pipeline by over 1.6 GW.

Key Players

• Cubico Sustainable Investments

• GE Vernova

• Iberdrola Mexico

• Clir Renewables

• Grupo México

• Renantis Mexico

• Sowitec

• Enphase Energy

Customization Note

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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