Solar Power Market in Brazil to grow by 89.57 terawatt-hour units from 2021 to 2026 | Sunny climatic conditions boost the market growth - Technavio

NEW YORK, Aug. 24, 2023 /PRNewswire/ -- The solar power market in Brazil size is estimated to grow by 89.57 terawatt-hour units from 2021 to 2026, according to Technavio. The market is estimated to decline at a CAGR of 47.24% during the forecast period. However, the growth momentum will decelerate. For more insights on the forecast market size (2021 to 2026) - Request a sample report

Solar Power Market In Brazil - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on end-user (Utility and Rooftop) and application (Grid-connected and Off-grid). 

• The solar power market share growth in Brazil by the utility segment will be significant during the forecast period. Utility-scale solar power plants give the advantage of fixed electricity prices and they can also be stored in energy storage systems for use when there is no sunlight. Also, it has power purchase agreements (PPA) with utilities to assure that there is a market for their energy for a fixed period of time. These factors will boost the adoption of utility-scale solar power in the country during the forecast period.

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• Global competitiveness and key competitor positions 
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Solar Power Market In Brazil – Market Dynamics
Key factor driving market growth

The sunny climatic conditions as it is located in a latitude zone where the incidence of solar radiation is substantially higher than the rest of the globe is one of the key factors driving the market growth. Solar energy began to attain traction in 2017, with total capacity increasing to 7.8 gigawatts by 2020. Altogether, Brazil's solar power sector has grown steadily in tandem with the country's economic recovery since 2017, which is the major factor driving the market growth. For instance, according to the Brazilian Ministry of Mines and Energy (MME), solar power in Brazil will increase by 67% by the end of 2021. Biomass and hydropower generation, on the other hand, decreased in 2021. These factors are anticipated to augment the growth of the Brazil solar power market in focus during the forecast period.

Leading trends influencing the market 

Increasing renewable electricity usage is an emerging trend shaping market growth.

Major challenges hindering the market growth

The slow growth in photovoltaic systems is a significant challenge hindering market growth. 

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What are the key data covered in this Solar Power Market In Brazil report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar power market in Brazil between 2022 and 2026
• Precise estimation of the solar power market in Brazil size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the solar power market in Brazil across Brazil
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of the solar power market in Brazil compnaies 

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Table of contents 

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio