Brazil Solar Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 23.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Brazil Solar Energy Market Analysis
The Brazil Solar Energy Market size is expected to grow from 34.20 gigawatt in 2023 to 97.46 gigawatt by 2028, at a CAGR of 23.30% during the forecast period (2023-2028).
- Over the medium term, factors like government initiatives, like net metering, promote renewable energy, stabilize the growing carbon footprint, and have a sustainable form of energy. Also, net metering helped customers get credits on the bills by selling excess electricity produced to the grid.
- However, Brazil's electricity regulator, Agência Nacional de Energia Elétrica (ANEEL), proposed to apply a fee for solar systems with up to 5 MW of power generation capacity. Further, installing other renewable energy sources such as wind, hydro, and others is expected to hinder the market's growth during the forecast period.
- Under its latest plan, Plano Decenal de Expansão de Energia (PDEE) 2027, Brazil is expected to increase its non-hydro renewable energy to 28% of its electricity generation mix by 2027. Utility-scale projects and distributed solar generation projects are expected to be rolled out under various auctions, which is expected to create an opportunity for the market to grow in the future.
Brazil Solar Energy Market Trends
Rising Electricity Demand to Drive the Market
- Electricity in Brazil is generated through various fuels, and renewables are one of the major generation sources. With the increasing concerns over climate change in the atmosphere due to increasing CO2 emissions, Brazil and other countries are concentrating more on electricity generation from renewables. As of 2022, Brazil generated nearly 92% of electricity from renewable sources.
- The demand for electricity in Brazil is mostly mitigated by the hydropower facilities available. Hydropower dominated the country, with the output production of 48,000 MWa in 2022. Hydropower plants are located on the Amazon River basin in the north. However, Brazil's demand for electricity is mainly from the eastern coast that relies primarily on hydropower, which could be insufficient to fulfill the ring electricity demand during the coming years.
- According IRENA, Brazil's total installed solar energy capacity reached around 24.08 GW in 2022 increased from around 14.19 GW in 2021. The country expects to have 1.2 million solar power generation systems by 2024. With its net-meter policy and decreasing solar energy cost, Brazil's solar energy is anticipated to increase during the forecast period.
Increasing Deployment of Solar Photovoltaic (PV)
- Brazil is one of the most advanced countries in South America with respect to the development of renewable energies. The country has excellent solar radiation levels, as it is in a latitude range in which the incidence of solar radiation is much higher than in the rest of the world.
- The installation of distribution capacity is also rising rapidly in the country. The distributed installed capacity has exceeded centralized plants' capacity, accounting for 71% of the country's installed PV capacity.
- Solar PV picked pace from 2017, with the total capacity increasing to 24.08 GW in 2022. Overall, Brazil's solar power sector has experienced decent growth with its economic recovery since 2017, and it may lead the regional market in the future.
- For instance, In April 2023, Atlas Renewable Energy announced it reached a 21-year power purchase agreement with Albras, a Brazilian aluminium producer, to supply solar power. It will provide the agreed energy from the 902MWp Vista Alegre photovoltaic project in the state of Minas Gerais in Brazil.
- The above-mentioned factors are likely to drive growth in the solar PV segment in the upcoming period in Brazil.
Brazil Solar Energy Industry Overview
The Brazilian solar energy market is fragmented. Some of the key players in the market (not in particular order) include JinkoSolar Holding Co. Ltd, Yingli Green Energy Holding Co. Ltd, Canadian Solar Inc., Engie SA, Scatec Solar ASA, JA Solar Holdings Co. Ltd, Enel SpA, NextTracker Inc., and Solar Provider Group (SPG).
Brazil Solar Energy Market Leaders
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Canadian Solar Inc.
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Engie SA
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Scatec Solar ASA
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Yingli Green Energy Holding Co. Ltd
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JinkoSolar Holding Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Brazil Solar Energy Market News
- In June 2023, the European Investment Bank (EIB) has provided a loan of USD 213 million (EUR 200 million) loan to a cooperative financial institution in Brazil, Sicredi for investments in solar energy. Sicredi will use the funding to establish solar photovoltaic (PV) panels in individual homes, small and medium businesses, and rural properties in Brazil.
- In August 2022, a subsidiary of Exus Management Partners, Exus Brasil Investimentos, announced a contract to acquire 100% of the shares of Riacho da Serra Energia S.A., and the assets related to projects, from Decal Renewables and Upside Value. The portfolio consisting of 20 solar parks and this project shall have a total installed capacity exceeding 1GW already granted by ANEEL.
Brazil Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar Power Installed Capacity and Forecast in GW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Demand for Renewable Energy Generation
4.5.1.2 Rapidly Growing Demand for Net Metering of Bills
4.5.2 Restraints
4.5.2.1 Applicable Fee for Solar Systems with up to 5 MW by ANEEL
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Solar PV
5.1.2 Concentrated Solar Power (CSP)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 JinkoSolar Holding Co. Ltd
6.3.2 Yingli Green Energy Holding Co. Ltd
6.3.3 Canadian Solar Inc.
6.3.4 Engie SA
6.3.5 Scatec Solar ASA
6.3.6 JA Solar Holdings Co. Ltd
6.3.7 Enel SpA
6.3.8 NextTracker Inc.
6.3.9 Solar Provider Group (SPG)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Government Innitiatives to Increase Non-hydro Energy Sources
Brazil Solar Energy Industry Segmentation
Solar energy is heat and radiant light from the Sun that can be harnessed with technologies such as solar power (which is used to generate electricity) and solar thermal energy (which is used for applications such as water heating).
The Brazil solar energy market is segmented by technology and geography. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). The report also covers the market size and forecasts for the solar energy market across major regions. For each segment, the market sizing and forecasts have been done based on installed capacity (MW).
| Technology | |
| Solar PV | |
| Concentrated Solar Power (CSP) |
Brazil Solar Energy Market Research FAQs
What is the current Brazil Solar Energy Market size?
The Brazil Solar Energy Market is projected to register a CAGR of 23.30% during the forecast period (2024-2029)
Who are the key players in Brazil Solar Energy Market?
Canadian Solar Inc., Engie SA, Scatec Solar ASA, Yingli Green Energy Holding Co. Ltd and JinkoSolar Holding Co. Ltd are the major companies operating in the Brazil Solar Energy Market.
What years does this Brazil Solar Energy Market cover?
The report covers the Brazil Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Brazil Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are key trends driving the growth of the Solar Energy Market in Brazil?
The key trends driving the growth of the Solar Energy Market in Brazil include a) Increasing focus on decarbonization, declining cost of solar technology and rise in distributed solar power generation b) Growing concern for environmental sustainability and corporate social responsibility (CSR)
Brazil Solar Energy Industry Report
The Solar Energy Market in Brazil is segmented by Technology (Solar PV and Concentrated Solar Power (CSP). The Brazil solar energy market is poised for significant growth, driven by a strong focus on decarbonization, climate change mitigation, and energy diversification. The market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP) technologies, with solar PV leading the charge due to its cost-effectiveness and widespread adoption. The declining cost of solar technology, coupled with advancements in energy storage systems like lithium-ion batteries, is enhancing the reliability and grid integration of solar power. This decentralization of power generation is creating opportunities for prosumers to contribute surplus energy back into the grid. Additionally, the increasing emphasis on environmental sustainability and corporate social responsibility is driving businesses to adopt solar energy solutions, further bolstering market growth. The competitive landscape in the Brazil solar power market is dynamic, with various strategies and innovations shaping the market, ensuring a robust and sustainable energy future for Brazil. Solar energy in Brazil is becoming a key focus for solar energy companies, which are leveraging these trends to expand their footprint and drive the market forward. Statistics for the Brazil solar energy market share, size, revenue growth rate and forecast outlook provided by Mordor Intelligence™ Industry Reports. Get a sample of this industry analysis as a free report PDF download.
