Which country will dominate the solar photovoltaic market in South America?

Brazil is expected to dominate the solar photovoltaic market in South America during the forecast period. This section covers the major market trends shaping the South America Solar Photovoltaic Market according to our research experts:

What are the key drivers of South America solar photovoltaic market?

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.

What is South America's largest solar photovoltaic project?

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.

Are small-scale photovoltaic systems regulated in South America?

In South America, regulation on the connection of small-scale photovoltaic systems is recent, given that this type of generation has been integrated into the energy matrix for a few years.

Is solar energy a good investment in South America?

As a result, the preliminary energy balance for 2019 showed favorable results, showing that the share of fossil fuels is only 2%, being the smallest percentage in the region and the share of PV solar energy reaches 3%, being the second-largest participation in South America after Chile .

Where are the largest solar plants in South America?

The largest photovoltaic solar plants in South America are located in Brazil and Chile. The largest solar plant in the region corresponds to the São Gonçalo solar park located in the state of Piauí in Brazil, it has a generating capacity of 437.04 MW and it was inaugurated in November, 2019.