Market Size of Brazil Renewable Energy Industry
| Study Period | 2019- 2028 |
| Base Year For Estimation | 2022 |
| Market Volume (2023) | 189.94 gigawatt |
| Market Volume (2028) | 273.87 gigawatt |
| CAGR (2023 - 2028) | 7.59 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brazil Renewable Energy Market Analysis
The Brazil Renewable Energy Market size is expected to grow from 189.94 gigawatt in 2023 to 273.87 gigawatt by 2028, at a CAGR of 7.59% during the forecast period (2023-2028).
The COVID-19 outbreak in Q1 of 2020 had an adverse impact on investments. For instance, Petrobras cut its 2020 investments by 30%, down to USD 8.5 billion from USD 12 billion. Though there was an impact on the supply chain during H1 of 2020, the renewable energy sector in the region managed to grow in 2020. Factors such as the increasing investments and developments in the wind energy sector and supportive government policies are expected to drive the market during the forecast period. However, limited land and limited power capacity by variable renewable energy sources are expected to hinder the market growth during the study period.
The wind energy segment is expected to witness significant growth during the forecast period, owing to future investments in offshore and onshore wind energy projects.
Brazil has aimed to exceed its renewable energy installed capacity to 60 GW by 2030. This is expected to provide ample opportunities for the market studied in the coming years.
Upcoming renewable energy projects are likely to drive the Brazilian renewable energy market during the forecast period.
