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

The Report Covers the Brazil Solar Renewable Energy Market Size and Share, and It is Segmented by Type (Wind, Solar, Hydro, Bioenergy, and Others. The Market Size and Forecasts for the Brazilian Renewable Energy Market in Terms of Installed Capacity (GW) for all the Above Segments.

Brazil Renewable Energy Market Size

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Brazil Renewable Energy Market Summary
Study Period 2024 - 2029
Base Year For Estimation 2023
Market Volume (2024) 221.45 gigawatt
Market Volume (2029) 301.75 gigawatt
CAGR (2024 - 2029) 6.40 %
Market Concentration Medium

Major Players

Brazil Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Brazil Renewable Energy Market Analysis

The Brazil Renewable Energy Market size is estimated at 221.45 gigawatt in 2024, and is expected to reach 301.75 gigawatt by 2029, growing at a CAGR of 6.40% during the forecast period (2024-2029).

  • Over the long term, factors such as the increasing investments and developments in the wind energy sector and supportive government policies are expected to drive the market during the forecast period. Upcoming renewable energy projects are likely to drive the Brazilian renewable energy market during the forecast period.
  • However, limited land and limited power capacity by variable renewable energy sources are expected to hinder the market growth during the study period.
  • Brazil has aimed to exceed its renewable energy installed capacity to 60 GW by 2030. This is expected to provide ample opportunities for the market studied in the coming years.

Brazil Renewable Energy Market Trends

The Wind Energy Segment is Expected to Witness Significant Growth

  • Brazilian wind energy has been growing rapidly, with the potential to be one of the largest primary energy sources in the near future. Since no offshore wind installations exist in the country, the onshore sector dominates the wind power industry.
  • Brazil was sixth in the global ranking of the Global Wind Energy Report 2023. According to the Brazilian Association of Wind Energy (ABEEólica), the expectation is that by 2024, Brazil will have at least 30 GW of installed wind energy capacity, considering only auctions already held and contracts signed.
  • However, there is a growing interest in offshore power plants, as wind is usually more durable and more uniform in the sea. Brazil will be the first country in Latin America to invest in offshore wind energy.
  • In February 2024, Statkraft AS, a hydropower company wholly owned by the Norwegian state, inaugurated the company’s largest wind farm outside Europe, the 519 MW Ventos de Santa Eugênia Wind Complex in Bahia, Brazil. It is among the first hybrid projects in Brazil once the planned solar farm of 163 MW is added to optimize energy production.
  • Moreover, the Brazilian government expects to reach around 30.2 GW of installed wind capacity in 2024, considering the auctions already held and contracts signed in the free market. As of 2023, Brazil installed 29.135 GW of wind capacity, which is comparatively more than the 24.163 GW installed in 2022.
  • Hence, owing to the above points, the wind energy segment is likely to witness considerable growth in Brazil's renewable energy market during the forecast period.
Brazil Renewable Energy Market : Total Wind Power Installed Capacity, In MW, Brazil, 2015-2023

Upcoming Renewable Energy Projects are Driving the Market Demand

  • Brazil is one of the most advanced countries in Latin America in terms of the development of the renewable energy sector. The country has excellent levels of solar radiation, as it is in a latitude range in which the incidence of solar radiation is much higher than in the rest of the world.
  • The total renewable energy installed capacity accounts for 194 GW in 2023. There has been 9.83% growth compared to the previous year (2022). Hydro, wind, and solar energy sources significantly contribute to increasing renewable capacity. The increasing installation capacity is expected to drive the Brazilian renewable energy market.
  • In 2023, Brazil produced 3,218 MW of energy from biomass. This corresponds to 4.6% of the energy consumed in the country last year. As of 2023, 637 biomass projects were implemented in Brazil. The total capacity of 422 projects using sugar cane is 12,410 MW. Forestry waste is used as fuel for 76 power plants with a capacity of 820 MW.
  • Furthermore, despite Brazil's unfavorable economic and political scenario during the past few years, the market for renewable energy continues to grow and attract international players. Brazil's government regulates various policies to attract domestic and foreign investment in renewable projects.
  • In April 2024, Scatec ASA, a renewable energy solutions provider, signed a 10-year power purchase agreement with Statkraft Energia do Brasil Ltda in Brazil for a 142-MW solar plant in Minas Gerais, Brazil. The estimated total capital expenditure for the solar plant is USD 94 million. Commercial operations are expected to start at the end of 2025.
  • This, along with the upcoming and under-construction renewable energy projects, is expected to drive the Brazilian renewable energy market during the forecast period.
 Brazil Renewable Energy Market: Total Renewable Installed Capacity, In GW, Brazil, 2015-2023

Brazil Renewable Energy Industry Overview

The Brazilian renewable energy market is moderately fragmented. The key players in the market (in no particular order) include ENGIE Brazil, Eletrobras Furnas, Companhia Hidro Eletrica do Sao Francisco (CHESF), CPFL Energias Renovaveis SA, and Omega Geracao SA.

Brazil Renewable Energy Market Leaders

  1. CPFL Energias Renovaveis SA

  2. ENGIE Brazil

  3. Eletrobras Furnas

  4. Companhia Hidro Eletrica do Sao Francisco

  5. Omega Geracao SA

*Disclaimer: Major Players sorted in no particular order

Brazil Renewable Energy Market Concentration
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Brazil Renewable Energy Market News

  • March 2024: Energea, an online investment platform that provides access to portfolios of renewable energy projects, announced the completion of 12 new projects in its Community Solar in Brazil portfolio. These latest additions mark a significant milestone in Energea's mission to provide sustainable and efficient energy solutions across Brazil.
  • October 2023: ENGIE Brasil Energia awarded ANDRITZ a contract for the modernization of the 424 MW Jaguara hydropower plant. The ANDRITZ scope of supply includes the modernization of the four Francis turbine-generator units with a capacity of 106 MW each, governors, excitation system, automation system, and all related auxiliary systems. ANDRITZ Hydro Brazil will execute the contract.

Brazil Renewable Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Renewable Energy Installed Capacity and Forecast in MW, till 2029

    3. 4.3 Brazil Renewable Energy Mix, 2023

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

        1. 4.6.1.1 Increasing Investments in Wind and Solar Energy

        2. 4.6.1.2 Supportive Government Policies in Developing Renewable Energy

      2. 4.6.2 Restraints

        1. 4.6.2.1 Limited Land And Limited Power Capacity By Variable Renewable Energy Sources

    7. 4.7 Supply Chain Analysis

    8. 4.8 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Wind

      2. 5.1.2 Solar

      3. 5.1.3 Hydro

      4. 5.1.4 Bioenergy

      5. 5.1.5 Other Types

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 ENGIE Brazil

      2. 6.3.2 Eletrobras Furnas

      3. 6.3.3 Companhia Hidro Eletrica do Sao Francisco

      4. 6.3.4 CPFL Energias Renovaveis SA

      5. 6.3.5 Omega Geracao SA

      6. 6.3.6 Siemens Gamesa Renewable Energy SA

      7. 6.3.7 Vestas Wind Systems AS

    4. *List Not Exhaustive
    5. 6.4 Market Ranking/Share (%) Analysis

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Brazil's Offshore Wind Potential and Projects

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Brazil Renewable Energy Industry Segmentation

Renewable energy is the energy collected from renewable resources such as sunlight, wind, the movement of water, and geothermal heat that are naturally replenished.

The Brazilian renewable energy market is segmented by type. By type, the market is segmented into wind, solar, hydro, bioenergy, and other types. For each segment, the installed capacity and forecasts have been done based on gigawatts (GW).

By Type
Wind
Solar
Hydro
Bioenergy
Other Types
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Brazil Renewable Energy Market Research FAQs

The Brazil Renewable Energy Market size is expected to reach 221.45 gigawatt in 2024 and grow at a CAGR of 6.40% to reach 301.75 gigawatt by 2029.

In 2024, the Brazil Renewable Energy Market size is expected to reach 221.45 gigawatt.

CPFL Energias Renovaveis SA, ENGIE Brazil, Eletrobras Furnas, Companhia Hidro Eletrica do Sao Francisco and Omega Geracao SA are the major companies operating in the Brazil Renewable Energy Market.

In 2023, the Brazil Renewable Energy Market size was estimated at 207.28 gigawatt. The report covers the Brazil Renewable Energy Market historical market size for years: . The report also forecasts the Brazil Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Brazil Renewable Energy Industry Report

Statistics for the 2024 Brazil Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Brazil Renewable Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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