Brazil Solar Energy Market Size (2024 - 2029)

The Brazil Solar Energy Market is anticipated to experience significant growth over the forecast period, driven by government initiatives that promote renewable energy and stabilize the carbon footprint. The implementation of net metering has further incentivized solar energy adoption by allowing customers to receive credits for excess electricity sold to the grid. Despite potential challenges posed by regulatory fees on solar systems and competition from other renewable energy sources, the market is poised for expansion. Brazil's strategic plans to increase non-hydro renewable energy in its electricity generation mix, along with opportunities from utility-scale and distributed solar projects, are expected to contribute to the market's growth trajectory.

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Market Size of Brazil Solar Energy Industry

Brazil Solar Energy Market Summary
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

Brazil Solar Energy Market 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 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)
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Brazil Solar Energy Market Size Summary

The Brazilian solar energy market is poised for significant expansion, driven by favorable government initiatives and the country's abundant solar radiation. The implementation of net metering policies has encouraged the adoption of solar energy by allowing consumers to sell excess electricity back to the grid, thereby reducing their energy bills. Despite regulatory challenges, such as proposed fees by the Agência Nacional de Energia Elétrica (ANEEL) for solar systems, the market is expected to benefit from Brazil's commitment to increasing non-hydro renewable energy sources as outlined in the Plano Decenal de Expansão de Energia (PDEE) 2027. This plan aims to enhance the share of renewables in the national electricity mix, creating opportunities for utility-scale and distributed solar projects.

Brazil's electricity generation is heavily reliant on renewable sources, with hydropower being the dominant form. However, the growing demand for electricity, particularly along the eastern coast, necessitates a diversification of energy sources, where solar energy plays a crucial role. The country's solar capacity has seen substantial growth, with a significant increase in installed photovoltaic systems. The market is characterized by a fragmented landscape with key players such as JinkoSolar, Canadian Solar, and Engie SA, among others. Recent investments, including substantial loans from the European Investment Bank for solar projects, underscore the sector's potential for further development. As Brazil continues to recover economically, its solar power sector is expected to lead the regional market, supported by decreasing costs and strategic partnerships.

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Brazil Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Power Installed Capacity and Forecast in GW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increasing Demand for Renewable Energy Generation

        2. 1.5.1.2 Rapidly Growing Demand for Net Metering of Bills

      2. 1.5.2 Restraints

        1. 1.5.2.1 Applicable Fee for Solar Systems with up to 5 MW by ANEEL

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Solar PV

      2. 2.1.2 Concentrated Solar Power (CSP)

Brazil Solar Energy Market Size FAQs

The Brazil Solar Energy Market is projected to register a CAGR of 23.30% during the forecast period (2024-2029)

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.

Brazil Solar Energy Market Report Snapshots

Brazil Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)