South America Solar Photovoltaic Market Size (2024 - 2029)

The South America solar photovoltaic market is poised for significant expansion, driven by supportive government policies, a growing demand for renewable energy, and efforts to reduce greenhouse gas emissions. The market's growth is further supported by the declining costs of solar PV systems and the implementation of energy-efficiency laws that facilitate the transition from fossil fuels. Despite the potential challenges posed by the increasing focus on alternative clean energy sources like natural gas, wind, and biomass, the market is expected to benefit from opportunities related to net-zero emission targets and long-term renewable energy commitments. Brazil is anticipated to lead the market in the region, with the ground-mounted segment expected to hold a substantial share.

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Market Size of South America Solar Photovoltaic Industry

Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 11.00 %
Market Concentration High

Major Players

South America Solar Photovoltaic Market Major Players

*Disclaimer: Major Players sorted in no particular order

South America Solar Photovoltaic Market Analysis

South America solar photovoltaic market is expected to grow at a CAGR of more than 11% during the forecast period. The primary drivers of the market include supportive government policies, rising demand for renewable energy, efforts to reduce GHG emissions, and the declining cost of solar PV systems. The use of effective energy-efficiency law helps not only cover rising energy demand with solar power but also can replace and phase-out of fossil fuels. The increasing demand for the energy on the account of rising population and increasing industrialization is anticipated to boost the solar photovoltaic market in South America. However, the increasing focus on alternative clean energy sources such as natural gas, wind, and biomass are expected to hinder the growth of the market.

  • The ground-mounted segment is expected to account for the major share in the South America photovoltaic market during the forecast period.
  • The intention to achieve net-zero emissions by 2050 and to strengthen its national climate commitment using long term renewable energy targets is likely to create an opportunity for the market players to penetrate into the South America solar photovoltaic market in the near future.
  • Brazil is expected to dominate the solar photovoltaic market in South America during the forecast period.

South America Solar Photovoltaic Industry Segmentation

South America solar photovoltaic market report includes:

Deployment
Ground Mounted
Rooftop
End-User
Residential
Commercial and Industrial
Geography
Brazil
Argentina
Chile
Rest of South America
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South America Solar Photovoltaic Market Size Summary

The South America solar photovoltaic market is poised for significant expansion, driven by supportive government policies, a growing demand for renewable energy, and efforts to reduce greenhouse gas emissions. The declining cost of solar PV systems further bolsters this growth, as they help meet rising energy demands and facilitate the transition away from fossil fuels. The market is expected to benefit from the increasing energy needs due to population growth and industrialization, although competition from alternative clean energy sources like natural gas, wind, and biomass may pose challenges. The ground-mounted segment is anticipated to dominate the market, supported by large-scale solar projects and favorable climatic conditions in countries such as Brazil, Chile, Argentina, and Peru, which are leading the solar energy charge in the region.

Brazil stands out as a key player in the South American solar photovoltaic market, with substantial investments and government initiatives aimed at diversifying the electricity mix and promoting solar energy deployment. The country's abundant solar resources and decreasing PV technology costs are significant drivers of growth. Major projects, such as the Sao Goncalo solar photovoltaic plant, highlight Brazil's commitment to expanding its solar capacity. The market is characterized by fragmentation, with prominent players like Enel Green Power S.p.A., Trina Solar Limited, and Canadian Solar Inc. actively participating. As Brazil continues to invest in solar energy, it is expected to maintain its dominance in the region's solar PV market over the forecast period.

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South America Solar Photovoltaic Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 Ground Mounted

      2. 2.1.2 Rooftop

    2. 2.2 End-User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Industrial

    3. 2.3 Geography

      1. 2.3.1 Brazil

      2. 2.3.2 Argentina

      3. 2.3.3 Chile

      4. 2.3.4 Rest of South America

South America Solar Photovoltaic Market Size FAQs

The South America Solar Photovoltaic Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)

Enel Green Power S.p.A. , Trina Solar Limited , Atlas Renewable Energy , Sonnedix Power Holdings Ltd and Canadian Solar Inc. are the major companies operating in the South America Solar Photovoltaic Market.

South America Solar Photovoltaic Market Report Snapshots

South America Solar Photovoltaic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)