Market Trends of South America Solar Photovoltaic Industry
This section covers the major market trends shaping the South America Solar Photovoltaic Market according to our research experts:
Ground Mounted Solar PV to Dominate the Market
- The ground-mounted segment holds the largest share than the rooftop segment in the solar PV market, due to the presence of large-scale solar PV projects in the ground-mounted segment.
- Brazil, Chile, Argentina, and Peru are leading the way in solar energy in South America, as the climatic conditions in these countries support high irradiation, which is favorable for the generation of solar energy.
- The governments of these leading countries are making new energy policies and forming public-private partnerships for renewable power energy. The falling costs and supportive government policies and regulations are driving the solar power market in these markets.
- The majority of solar power plants operating in emerging economies, such as Brazil, Argentina, and Peru, are equipped with large-scale ground-mounted modules, providing energy to the residential, commercial, and industrial sectors.
- Moreover, owing the a large number of upcoming solar PV projects, ground mounted segment is expected largest share in the South America solar photovoltaic market over the forecast period.
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Brazil is Expected to Dominate in the Market
- Brazil is one of the largest markets for renewable energy in South America. Solar was the most competitive energy source among all renewables featured in 2019. The total solar energy installed capacity in Brazil was 2485 MW in 2019, representing a decent growth rate over the previous year.
- The Brazilian government has started promoting large scale deployment of solar energy to diversify the electricity mix. Some of the key drivers behind the solar energy growth in Brazil are abundant solar resources, growing demand in electricity, the increasing pressure on the Brazilian government on environmental and climate protection, and rapid decrease in prices of PV technology.
- LONGi has signed an agreement with Solatio Energia in 2020, to supply 908 MW of its Hi-MO4 modules for Solatio's basic services scale solar projects in Latin America and commercial rooftop solar plants in Brazil.
- Furthermore, to increase the share of solar energy in the energy mix, the country aims to invest USD 25 billion by 2030, thereby offering growth opportunities for solar module manufacturers globally.
- South America's largest solar photovoltaic project is underway in Brazil. Enel Green Power has started operations of a 475 MW section of Sao Goncalo solar photovoltaic plant in the north-east of Brazil has the capacity to produce more than 1,200 gigawatt-hours (GWh) per year when fully functional.
- Overall, Brazil's solar power sector is set to experience a decent growth, and is likely to dominate the South America solar PV market during the forecast period.
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