Market Overview
The Brazil solar energy market was valued at USD 2.49 Billion in 2025. It is expected to grow at a compound annual growth rate of 20.35% during the forecast period 2026-2034, reaching USD 13.19 Billion by 2034. Growth is driven by Brazil’s commitment to energy diversification, favorable government policies, declining photovoltaic technology costs, and abundant solar irradiation resources. Rising electricity prices and environmental awareness among users further support market expansion. For more details, visit Brazil Solar Energy Market.Â
Study Assumption Years
• Base Year: 2025
• Historical Period: 2020-2025
• Forecast Period: 2026-2034
Brazil Solar Energy Market Key Takeaways
• The market size was valued at USD 2.49 Billion in 2025, with a CAGR of 20.35% forecasted for 2026-2034
• Solar PV technology dominates with a 92% market share in 2025, driven by cost-effectiveness and scalability
• The Southeast region leads the market with a 48.7% share in 2025, supported by economic activity and infrastructure
• Strategic reforms in 2025 aim to open the energy market to all users by 2028, encouraging wider solar adoption
• Major solar projects and strategic collaborations for small-scale financing are fostering growth
• Environmental awareness, rising electricity tariffs, and improved financing options boost residential, commercial, and industrial adoption
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Market Growth Factors
Technological advancements in solar power, such as improved efficiency, lower costs and reliability, have been driving the growth of the Brazil solar market. For instance in 2025, TCL Solar introduced its highly-efficient and reliable solar technology in the Latin American region with BC and TOPCon modules having above 24.8% efficiency. These technologies are able to increase energy generation in less than ideal sunlight regions, making solar energy more sustainable.
Large-scale solar parks are another important driver of this market. Scatec ASA’s plan for a 142 MW plant in Minas Gerais, Brazil starting in 2025, with an investment cost of USD 85 million and supported by a 75% long-term power purchase agreement, shows how economies of scale and long-term financial planning are effective.
Apart from partnerships, access to financing for small solar power systems has enabled its market growth. In 2025, the International Finance Corporation (IFC) invested USD 150 million into BV Bank to finance small solar power systems throughout Brazil with the goal to achieve the country’s clean energy and climate objectives. These collaborative efforts lower financial barriers. These efforts also advance sustainable energy innovations.
Market Segmentation
Technology
• Solar PV: Represents 92% of the market share in 2025, favored for cost-effectiveness and scalability across residential and commercial sectors
• Concentrated Solar Power: Included as a technology segment, though with limited deployment
Region
• Southeast: Leading region with a 48.7% market share in 2025, benefiting from dense population, strong economic activity, higher disposable incomes, and advanced grid infrastructure
• South
• Northeast
• North
• Central-West
Regional Insights
The Southeast region dominates the Brazil solar energy market with a 48.7% share in 2025. This leadership is attributed to concentrated economic activity in São Paulo and Minas Gerais, substantial commercial and residential demand, and high installed capacity growth supported by favorable weather, infrastructure, government incentives, and renewable energy commitments.
Recent Developments & News
In November 2025, Iberdrola launched the Noronha Verde project to decarbonize the Fernando de Noronha archipelago by integrating solar energy with battery storage. During the same period, Enel Group’s Arinos Solar Park in Minas Gerais strengthened Brazil’s renewable energy efforts with a large-scale solar installation generating power for hundreds of thousands of homes while significantly reducing carbon emissions and creating local employment.
Key Players
• Canadian Solar Inc.
• Enel SpA
• Engie SA
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