Brazil - Solar Power Market by Application, End-user and Technology - Forecast and Analysis 2024-2028

Published: Jan 2024 Pages: 140 SKU: IRTNTR72182

Brazil - Solar Power Market 2024-2028

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 report includes historic market data from 2018-2022. The market is witnessing a growing demand for the rising adoption of floating solar power plants, advances in thin-film solar PV modules and growing application of concentrated solar power in buildings.

Brazil Solar Power Market Overview :

  • The market segmentation by Application is categorized as grid-connected and off-grid.
  • The market segmentation by End-user is categorized as utility and rooftop
  • The market segmentation by Technology is categorized as photovoltaic systems and concentrated solar power systems
  • Grid-connected is the fastest-growing segment during the forecast year.
  • The grid-connected was the largest segment and was valued at  USD 3.25 billion in 2018.
  •  It also includes an in-depth analysis of favourable climatic conditions for solar power, rising adoption of floating solar power plants, and intermittency in solar power generation. 

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Brazil Solar Power Market Trends 

The rising adoption of floating solar power plants is an emerging trend shaping the 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. 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 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, propel the growth of the market during the market forecast period.

Brazil Solar Power Market Largest-Growing Segments  

Grid-connected

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.

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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 grid-connected solar systems (including private PV panels) will be built in Brazil by 2024, resulting in considerable savings while preserving the ecological balance. Hence, the market is expected to grow during the forecast period.

Brazil Solar Power Market Dynamic

Key Driver of Brazil Solar Power Market

Favorable climatic conditions for solar power are notably driving the 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. 

Significance Challenges of Brazil Solar Power Market

Intermittency in solar power generation is a significant challenge hindering 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.

Brazil Solar Power Market Customer Landscape

The market research 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 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.

Brazil Solar Power Market Landscape

Major Brazil Solar Power Market Companies

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 research report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:

  • 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.
  • Yingli Green Energy Holding Co. Ltd.

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.

Segment Overview

The Brazil solar power market report forecasts 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. 

  • Application Outlook
    • Grid-connected
    • Off-grid
  • End-user Outlook
    • Utility
    • Rooftop
  • Technology Outlook
    • Photovoltaic systems
    • Concentrated solar power system 

Solar Power Market In Brazil 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 report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Brazil Solar Power Market Research Report?

  • CAGR of the market during the market growth and forecasting period
  • Detailed information on factors that will drive the growth of the market between 2024 and 2028
  • Precise estimation of the market  size and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across Brazil
  • Thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 08: Parent market
    • Exhibit 09: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 10: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 11: Market segments
  • 3.3 Market size 2023
    • 3.4 Market outlook: Forecast for 2023-2028
      • Exhibit 12: Chart on Brazil - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 13: Data Table on Brazil - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 14: Chart on Brazil: Year-over-year growth 2023-2028 (%)
      • Exhibit 15: Data Table on Brazil: Year-over-year growth 2023-2028 (%)

    4 Historic Market Size

    • 4.1 Solar power market in Brazil 2018 - 2022
      • Exhibit 16: Historic Market Size – Data Table on solar power market in Brazil 2018 - 2022 ($ billion)
    • 4.2 Application Segment Analysis 2018 - 2022
      • Exhibit 17: Historic Market Size – Application Segment 2018 - 2022 ($ billion)
    • 4.3 End-user Segment Analysis 2018 - 2022
      • Exhibit 18: Historic Market Size – End-user Segment 2018 - 2022 ($ billion)
    • 4.4 Technology Segment Analysis 2018 - 2022
      • Exhibit 19: Historic Market Size – Technology Segment 2018 - 2022 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 20: Five forces analysis - Comparison between 2023 and 2028
    • 5.2 Bargaining power of buyers
      • Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
    • 5.3 Bargaining power of suppliers
      • Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
    • 5.4 Threat of new entrants
      • Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028
    • 5.5 Threat of substitutes
      • Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028
    • 5.6 Threat of rivalry
      • Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028
    • 5.7 Market condition
      • Exhibit 26: Chart on Market condition - Five forces 2023 and 2028

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 27: Chart on Application - Market share 2023-2028 (%)
      • Exhibit 28: Data Table on Application - Market share 2023-2028 (%)
    • 6.2 Comparison by Application
      • Exhibit 29: Chart on Comparison by Application
      • Exhibit 30: Data Table on Comparison by Application
    • 6.3 Grid-connected - Market size and forecast 2023-2028
      • Exhibit 31: Chart on Grid-connected - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 32: Data Table on Grid-connected - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 33: Chart on Grid-connected - Year-over-year growth 2023-2028 (%)
      • Exhibit 34: Data Table on Grid-connected - Year-over-year growth 2023-2028 (%)
    • 6.4 Off-grid - Market size and forecast 2023-2028
      • Exhibit 35: Chart on Off-grid - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 36: Data Table on Off-grid - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 37: Chart on Off-grid - Year-over-year growth 2023-2028 (%)
      • Exhibit 38: Data Table on Off-grid - Year-over-year growth 2023-2028 (%)
    • 6.5 Market opportunity by Application
      • Exhibit 39: Market opportunity by Application ($ billion)
      • Exhibit 40: Data Table on Market opportunity by Application ($ billion)

    7 Market Segmentation by End-user

    • 7.1 Market segments
      • Exhibit 41: Chart on End-user - Market share 2023-2028 (%)
      • Exhibit 42: Data Table on End-user - Market share 2023-2028 (%)
    • 7.2 Comparison by End-user
      • Exhibit 43: Chart on Comparison by End-user
      • Exhibit 44: Data Table on Comparison by End-user
    • 7.3 Utility - Market size and forecast 2023-2028
      • Exhibit 45: Chart on Utility - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 46: Data Table on Utility - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 47: Chart on Utility - Year-over-year growth 2023-2028 (%)
      • Exhibit 48: Data Table on Utility - Year-over-year growth 2023-2028 (%)
    • 7.4 Rooftop - Market size and forecast 2023-2028
      • Exhibit 49: Chart on Rooftop - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 50: Data Table on Rooftop - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 51: Chart on Rooftop - Year-over-year growth 2023-2028 (%)
      • Exhibit 52: Data Table on Rooftop - Year-over-year growth 2023-2028 (%)
    • 7.5 Market opportunity by End-user
      • Exhibit 53: Market opportunity by End-user ($ billion)
      • Exhibit 54: Data Table on Market opportunity by End-user ($ billion)

    8 Market Segmentation by Technology

    • 8.1 Market segments
      • Exhibit 55: Chart on Technology - Market share 2023-2028 (%)
      • Exhibit 56: Data Table on Technology - Market share 2023-2028 (%)
    • 8.2 Comparison by Technology
      • Exhibit 57: Chart on Comparison by Technology
      • Exhibit 58: Data Table on Comparison by Technology
    • 8.3 Photovoltaic systems - Market size and forecast 2023-2028
      • Exhibit 59: Chart on Photovoltaic systems - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 60: Data Table on Photovoltaic systems - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 61: Chart on Photovoltaic systems - Year-over-year growth 2023-2028 (%)
      • Exhibit 62: Data Table on Photovoltaic systems - Year-over-year growth 2023-2028 (%)
    • 8.4 Concentrated solar power systems - Market size and forecast 2023-2028
      • Exhibit 63: Chart on Concentrated solar power systems - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 64: Data Table on Concentrated solar power systems - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 65: Chart on Concentrated solar power systems - Year-over-year growth 2023-2028 (%)
      • Exhibit 66: Data Table on Concentrated solar power systems - Year-over-year growth 2023-2028 (%)
    • 8.5 Market opportunity by Technology
      • Exhibit 67: Market opportunity by Technology ($ billion)
      • Exhibit 68: Data Table on Market opportunity by Technology ($ billion)

    9 Customer Landscape

    • 9.1 Customer landscape overview
      • Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 70: Impact of drivers and challenges in 2023 and 2028
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 71: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 72: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 73: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 74: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 75: Matrix on vendor position and classification
            • 12.3 Canadian Solar Inc.
              • Exhibit 76: Canadian Solar Inc. - Overview
              • Exhibit 77: Canadian Solar Inc. - Business segments
              • Exhibit 78: Canadian Solar Inc. - Key news
              • Exhibit 79: Canadian Solar Inc. - Key offerings
              • Exhibit 80: Canadian Solar Inc. - Segment focus
            • 12.4 Cox Energy S.A.B.
              • Exhibit 81: Cox Energy S.A.B. - Overview
              • Exhibit 82: Cox Energy S.A.B. - Product / Service
              • Exhibit 83: Cox Energy S.A.B. - Key offerings
            • 12.5 Enel Spa
              • Exhibit 84: Enel Spa - Overview
              • Exhibit 85: Enel Spa - Product / Service
              • Exhibit 86: Enel Spa - Key offerings
            • 12.6 ENGIE SA
              • Exhibit 87: ENGIE SA - Overview
              • Exhibit 88: ENGIE SA - Business segments
              • Exhibit 89: ENGIE SA - Key offerings
              • Exhibit 90: ENGIE SA - Segment focus
            • 12.7 First Solar Inc.
              • Exhibit 91: First Solar Inc. - Overview
              • Exhibit 92: First Solar Inc. - Business segments
              • Exhibit 93: First Solar Inc. - Key offerings
              • Exhibit 94: First Solar Inc. - Segment focus
            • 12.8 Flex Ltd.
              • Exhibit 95: Flex Ltd. - Overview
              • Exhibit 96: Flex Ltd. - Business segments
              • Exhibit 97: Flex Ltd. - Key news
              • Exhibit 98: Flex Ltd. - Key offerings
              • Exhibit 99: Flex Ltd. - Segment focus
            • 12.9 JinkoSolar Holding Co. Ltd.
              • Exhibit 100: JinkoSolar Holding Co. Ltd. - Overview
              • Exhibit 101: JinkoSolar Holding Co. Ltd. - Product / Service
              • Exhibit 102: JinkoSolar Holding Co. Ltd. - Key offerings
            • 12.10 Scatec ASA
              • Exhibit 103: Scatec ASA - Overview
              • Exhibit 104: Scatec ASA - Business segments
              • Exhibit 105: Scatec ASA - Key offerings
              • Exhibit 106: Scatec ASA - Segment focus
            • 12.11 Solar Provider Group LLC
              • Exhibit 107: Solar Provider Group LLC - Overview
              • Exhibit 108: Solar Provider Group LLC - Product / Service
              • Exhibit 109: Solar Provider Group LLC - Key offerings
            • 12.12 Solaris Photovoltaic Technology
              • Exhibit 110: Solaris Photovoltaic Technology - Overview
              • Exhibit 111: Solaris Photovoltaic Technology - Product / Service
              • Exhibit 112: Solaris Photovoltaic Technology - Key offerings
            • 12.13 Tata Power Co. Ltd.
              • Exhibit 113: Tata Power Co. Ltd. - Overview
              • Exhibit 114: Tata Power Co. Ltd. - Business segments
              • Exhibit 115: Tata Power Co. Ltd. - Key offerings
              • Exhibit 116: Tata Power Co. Ltd. - Segment focus
            • 12.14 TotalEnergies SE
              • Exhibit 117: TotalEnergies SE - Overview
              • Exhibit 118: TotalEnergies SE - Business segments
              • Exhibit 119: TotalEnergies SE - Key news
              • Exhibit 120: TotalEnergies SE - Key offerings
              • Exhibit 121: TotalEnergies SE - Segment focus
            • 12.15 Trina Solar Co. Ltd.
              • Exhibit 122: Trina Solar Co. Ltd. - Overview
              • Exhibit 123: Trina Solar Co. Ltd. - Product / Service
              • Exhibit 124: Trina Solar Co. Ltd. - Key offerings
            • 12.16 Yingli Green Energy Holding Co. Ltd.
              • Exhibit 125: Yingli Green Energy Holding Co. Ltd. - Overview
              • Exhibit 126: Yingli Green Energy Holding Co. Ltd. - Product / Service
              • Exhibit 127: Yingli Green Energy Holding Co. Ltd. - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 128: Inclusions checklist
                • Exhibit 129: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 130: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 131: Research methodology
                • Exhibit 132: Validation techniques employed for market sizing
                • Exhibit 133: Information sources
              • 13.5 List of abbreviations
                • Exhibit 134: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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