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.
