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The Brazil solar power market size is forecast to increase by USD 6.35 billion, at a CAGR of 13.47% between 2023 and 2028. The market is witnessing a growing demand for the rising adoption of floating solar power plants and solar panels, advances in thin-film solar PV modules and growing application of concentrated solar power in buildings. Brazil's solar power market is experiencing rapid growth, driven by decreasing production costs, favorable public policies, and increasing demand for renewable energy. The country is on track to add new solar capacity, continuing its expansion in distributed generation. Brazil's strong solar radiation and supportive legislative efforts are further contributing to its leadership in the Latin American renewable energy space.
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The Brazil solar power market forecast report predicts market growth by revenue and provides an analysis of the latest market trends and analysis and market research and growth opportunities from 2018 to 2028.
The grid-connected segment is estimated to witness significant growth during the forecast period. An electrical grid is a network of linked power lines that transport electricity from generators to consumers. Electrical grids come in various sizes and can encompass entire nations or continents. This segment is expected to witness substantial growth.
Further, grid-connected solar PV systems supply solar energy directly to the building loads without any energy storage system. In case of surplus energy, the energy will be fed back to the grid, and if there is any shortfall, the energy will be imported from the grid. According to initial projections, more than 887 thousand offgrid solar power systems (including private PV panels) will be built in Brazil by 2024, resulting in considerable savings while preserving the ecological balance. Hence, the solar power market in Brazil is expected to grow during the forecast period.
The rising adoption of floating solar power plants is an emerging trend shaping market growth. A floating solar power plant is one of the technologies which is at a nascent stage in Brazil. Floating solar power plants provide the regions that have limited space on land to capture solar energy on water, driving the demand for solar energy storage. They can be installed in human-made or natural water bodies such as dam reservoirs, lakes, municipality water storage ponds, and water treatment plants. Also, floating solar power systems can perform better than the arrays that are built on the land. One of the major reasons for the rising acceptance of floating solar power plants in Brazil is that they are not reliant on large areas of land for constructing the power plant.
Moreover, the other benefits of floating solar power plants and floating solar panels include longer module life and higher efficiency of solar panels due to the cooling effect. Therefore, all these factors drive the demand for floating solar power plants, which, in turn, fuel the growth of the market during the forecast period.
Favorable climatic conditions for solar power are notably driving Brazil solar power market growth. Brazil is one of the most advanced countries in South America in terms of renewable energy production. Because it is located in a latitude zone where the incidence of solar radiation is substantially higher than the rest of the globe, the country enjoys outstanding levels of solar radiation. During the first nine months of 2023, Brazil produced about 93% of its electricity from clean sources, up more than two percentage points from the same time in 2022 and holding the record for the highest share of clean power among big economies. Solar energy began to gain traction in 2017. Overall, Brazil solar power sector has grown steadily in tandem with the country's economic recovery since 2017, which is driving the growth of the Brazil solar power market.
For instance, Brazil connected 1.9 GW of additional power-generating capacity to the grid in December 2023, with solar power accounting for 374.8 MW of the total. Biomass and hydropower generation, on the other hand, decreased in 2021. Due to the catastrophic drought that Brazil has been experiencing, hydroelectric production has decreased by over 10%. Thus, the country has been increasing its focus on solar power. Hence, the market is expected to grow during the forecast period.
Intermittency in solar power generation is a significant challenge hindering Brazil solar power market growth. The adoption of solar power has been increasing due to the declining prices of solar power systems. This has increased the number of solar power installations over the years. However, the intermittent nature of solar power is a significant challenge that affects the adoption of solar power systems. The solar PV output is not continuous and depends on several factors, such as the degree of shade, panel efficiency, and solar irradiation, that change over the day. Hence, it is not viable to have a power system that is completely reliant on solar power.
However, during the night, solar panels do not function due to the lack of sunlight. Therefore, solar power systems can generate power effectively for approximately 12 hours a day. Moreover, rainy and cloudy weather also negatively affects the generation of solar power. Though solar power technology is constantly evolving, the conversion rate cannot match that of fossil fuels. Hence, the intermittent nature of solar power remains a major challenge to the growth of the market during the forecast period.
The Brazil solar power market growth analysis report includes the adoption lifecycle of the market growth and trends, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the Brazil solar power market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Market Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Canadian Solar Inc. - The company offers solar power maintenance backed by Canadian Solar performance and guarantees the entire life span of the project.
The Brazil solar power market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Market Scope |
|
Report Coverage |
Details |
Page number |
140 |
Base year |
2023 |
Historic period |
2018-2022 |
Market forecasting period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.47% |
Market Growth 2024-2028 |
USD 6.35 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
12.87 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Canadian Solar Inc., Cox Energy S.A.B., Enel Spa, ENGIE SA, First Solar Inc., Flex Ltd., JinkoSolar Holding Co. Ltd., Scatec ASA, Solar Provider Group LLC, Solaris Photovoltaic Technology, Tata Power Co. Ltd., TotalEnergies SE, Trina Solar Co. Ltd., and Yingli Green Energy Holding Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our Brazilian solar power market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this Brazil solar power market research and growth report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Market Segmentation by Technology
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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