Market Size of South America Solar Photovoltaic Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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 |
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.
South America Solar Photovoltaic Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecast in MW, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Deployment
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2.1.1 Ground Mounted
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2.1.2 Rooftop
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2.2 End-User
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2.2.1 Residential
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2.2.2 Commercial and Industrial
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2.3 Geography
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2.3.1 Brazil
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2.3.2 Argentina
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2.3.3 Chile
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2.3.4 Rest of South America
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South America Solar Photovoltaic Market Size FAQs
What is the current South America Solar Photovoltaic Market size?
The South America Solar Photovoltaic Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in South America Solar Photovoltaic Market?
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.
