South America Renewable Energy Market Research Report, 2030
The South America Renewable Energy Market is segmented into By type (Hydropower, Wind Power, Solar Energy, Bioenergy, Geothermal, Others.) and By End User (Industrial, Residential and Commercial).
- Actual Market Research
- 31-12-2024
- Pages : 76
- Figures : 12
- Tables : 15
- Region : South America
- Category : Energy & Utility
- Alternative & Renewables
The South American renewable energy market is anticipated to exceed USD 45.43 billion between 2025 and 2030, driven by favorable climate conditions and a shift toward sustainable e
- Historical Period2019-2023
- Base Year2024
- Forecast Period2025-2030
- Largest MarketBrazil
- Fastest Market Colombia
- Market Difference(2025-2029) USD 45.43
- Format
Featured Companies
- 1. Tata Power Company Limited
- 2. First Solar Inc.
- 3. Aetrex Inc.
- 4. Doosan Corporation
- 5. Calpine Corporation
- More...
Renewable Energy Market Analysis
The renewable energy sector in South America has experienced swift expansion in recent years, fueled by the region's extensive natural resources, supportive governmental policies, and heightened demand for clean energy solutions. South America possesses significant renewable energy prospects, especially in hydropower, wind, solar, and bioenergy. While hydropower has traditionally been the primary energy source, other renewable sources are rapidly increasing due to technological innovations and environmental issues. Traditionally, hydropower has served as the foundation of South America's energy mix, with nations such as Brazil and Paraguay heavily depending on large hydroelectric facilities. Brazil's Itaipu Dam, which is shared with Paraguay, ranks among the largest hydroelectric plants globally, and hydropower represents approximately 60-70% of Brazil's electricity production. Likewise, Paraguay derives almost all its electricity from the Itaipu and Yacyretá dams, with excess generation being exported to adjacent countries. Nonetheless, in the previous twenty years, the region has achieved remarkable progress in diversifying its energy options. During the 2000s and 2010s, wind and solar energy started to gain momentum, particularly in nations with favorable climates such as Chile, Argentina, and Peru. Brazil launched its wind energy auction system in 2009, triggering growth in wind power installations and establishing Brazil as one of the major wind markets in Latin America. Likewise, Chile emerged as a pioneer in solar energy in the 2010s, leveraging its high solar irradiance and implementing policies to encourage solar power investments. The growth of the region's renewable energy market has been bolstered by government incentives, including renewable energy auctions, tax incentives, and long-term energy contracts. South America's growing dedication to decarbonization, along with its energy security requirements, positions the area for further advancement in renewable energy implementation, drawing in both domestic and foreign investment. According to the research report, "South America renewable Market Market Research Report, 2030," published by Actual Market Research, the South America renewable market is anticipated to add to more than USD 45.43 Billion by 2025–30. The renewable energy industry in South America has progressed considerably over the last few decades. Traditionally, hydropower was the leading energy source, especially in nations like Brazil, Paraguay, and Ecuador, where extensive hydroelectric facilities were established to satisfy both domestic and regional energy demands. Brazil has been pivotal in hydropower generation with its Itaipu Dam and Gurupi Hydroelectric Complex. However, in the 2000s and 2010s, wind and solar energy began to surface as important renewable energy alternatives, diversifying the energy landscape of the region. Wind energy gained momentum in countries such as Brazil, Argentina, and Chile, while solar energy saw substantial growth in Chile owing to its plentiful sunlight, particularly in the Atacama Desert. Nations like Brazil and Argentina possess substantial untapped wind resources, especially in their coastal and southern areas. With governmental support through wind energy auctions, the wind energy sector is experiencing rapid growth. Chile excels in solar energy development, taking advantage of its high solar irradiance, particularly in the Atacama Desert. Other nations, including Peru and Argentina, are also enhancing their investments in solar infrastructure. The continent has considerable bioenergy prospects, especially in Brazil, where sugarcane and other crops are utilized to create ethanol and biofuels. The nation’s Proálcool Program has been a frontrunner in biofuel production worldwide. Although established, the region continues to pursue the development of small and medium-sized hydropower facilities. Governments throughout South America have encouraged renewable energy through incentives, tax credits, energy auctions, and subsidized financing. For instance, Brazil’s energy auctions and Chile’s 2030 renewable energy objectives have attracted considerable foreign investment. Furthermore, green bonds, renewable energy collaborations, and international entities are contributing to the growth of the renewable energy sector.
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Market Drivers • Government Policies and Incentives:Policies enacted by governments play a crucial role in the expansion of renewable energy in South America. Numerous countries within the region, such as Brazil, Chile, and Argentina, have established frameworks to encourage the development of clean energy. For example, Brazil has introduced energy auctions to draw in private investment for renewable initiatives, while Chile aims for 70% of its electricity to come from renewable sources by 2050 as part of its National Energy Policy. Additionally, governments have offered tax incentives, subsidized financing, and long-term power purchase agreements (PPAs) to alleviate the financial load on renewable energy businesses, making it more appealing to both domestic and foreign investors. The objective of these policies is to enhance the energy mix, decrease greenhouse gas emissions, and promote sustainable economic advancement. • Abundant Renewable Resources:South America is rich in renewable energy resources, positioning it as an exemplary region for the advancement of clean energy. The area possesses significant hydropower capabilities, particularly found in Brazil and Paraguay, which host some of the planet's largest hydroelectric facilities. Besides hydropower, nations like Chile capitalize on strong solar irradiance, especially in the Atacama Desert, which enhances the feasibility of solar energy generation. The southern parts of Argentina and Brazil exhibit considerable wind energy potential, while agricultural nations such as Brazil and Argentina are leveraging bioenergy by producing ethanol and biodiesel. These plentiful resources offer a natural edge in propelling the uptake of renewable energy throughout the region. Market Challenges • Grid Infrastructure and Integration:One of the primary obstacles facing South America’s renewable energy market is the incorporation of renewable sources into the current grid infrastructure. Several countries in the region depend on antiquated grid systems that were established for centralized fossil-fuel-driven power production, leading to challenges in managing the intermittency of renewable sources like solar and wind. Nations such as Brazil and Chile are channeling investments into smart grid technologies and energy storage solutions to boost grid dependability and accommodate the increasing prevalence of renewables, but significant funding remains necessary to upgrade grid systems and enable the smooth integration of variable renewable energy sources. • Financing and Investment:Even with the advantageous natural resources and governmental incentives, obtaining funding for renewable energy ventures in South America can be quite difficult. Escalated initial capital expenses, extended project development periods, and perceived risks in specific markets (stemming from political uncertainty, fluctuations in exchange rates, and changes in regulations) may dissuade investors. Although multinational corporations and financial institutions are progressively supporting renewable energy initiatives, local financial markets in some regions may lack the maturity to sustain large-scale investments in renewable energy structures. Governments need to persist in cultivating an investment-supportive atmosphere, minimizing financial risks, and attracting global funding to achieve their renewable energy objectives. Market Trends • Increase in Solar Energy Adoption:The development of solar energy is one of the most notable trends in South America’s renewable energy sector. Nations such as Chile have experienced significant investments in solar farms, especially in areas with high solar irradiance like the Atacama Desert, recognized as one of the sunniest locations on the planet. Brazil and Argentina are also increasing their solar power installations, motivated by decreasing technology prices, governmental incentives, and the rising demand for decentralized energy solutions in rural and isolated regions. The decentralized aspect of solar energy provides a means for delivering more accessible and affordable electricity to areas that have previously lacked grid service. • Growth of Wind Energy Initiatives:Wind energy constitutes another swiftly expanding field in South America. The southern parts of Brazil, Argentina, and Uruguay have considerable unexploited wind resources. Argentina, for instance, has been progressively investing in large wind projects in the southern Patagonia area, while Brazil has increased its wind capacity via state-supported auctions. The decreasing costs of wind turbines and the achievements of initial wind energy initiatives have enhanced the competitiveness of wind power over fossil fuels. As global clean energy demand grows, South America’s wind energy sector is anticipated to be crucial in the region’s progression towards renewable energy.
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Renewable Energy Segmentation
| By Type | Hydropower | |
| Wind Power | ||
| Solar Energy | ||
| Bioenergy | ||
| Geothermal | ||
| Others | ||
| By End-User | Industrial | |
| Residential | ||
| Commercial | ||
| South America | Brazil | |
| Argentina | ||
| Colombia | ||
Solar energy is the most rapidly expanding renewable energy source in South America due to its plentiful sunlight, decreasing costs of solar technology, and strong government backing. Solar energy has seen swift growth in South America, mainly because of the area’s expansive regions with high solar irradiance. Nations such as Chile, Argentina, and Brazil are especially well-equipped to take advantage of solar power because of their favorable geographical attributes. For instance, Chile's Atacama Desert ranks among the sunniest locations on the planet, offering a substantial benefit for extensive solar installations. Solar energy is being utilized not just in isolated regions but also in city areas, as it provides a decentralized, sustainable, and progressively affordable energy solution. The reduction in the price of solar photovoltaic (PV) technology has been another essential aspect spurring solar energy advancement. Progress in technology, economies of scale, and the competitive landscape of the global solar market have led to lower prices for solar panels, resulting in heightened adoption in both commercial and residential sectors. For example, the expenditure on solar energy production in Chile has dramatically decreased, making it one of the most affordable electricity sources in the nation. This cost drop has allowed solar power to become available even to lower-income families and businesses in the area. Governments throughout South America have played a crucial role in the growth of solar energy through policy incentives, such as tax reductions, renewable energy auctions, and power purchase agreements (PPAs), which offer long-term price certainty for solar developers. Brazil, Argentina, and Chile have all implemented renewable energy auctions that focus on solar energy initiatives, further enhancing market growth. With these advantageous factors—abundant sunlight, falling costs, and government support—solar energy is thriving at an extraordinary pace in South America, assisting the region in shifting toward a cleaner, more sustainable energy future. The residential renewable energy sector in South America is expanding swiftly due to falling technology prices, government support, and the desire for energy self-sufficiency. The residential renewable energy sector in South America has experienced significant expansion in recent years, mainly fueled by the declining costs of solar photovoltaic (PV) systems, supportive government initiatives, and the increasing need for energy self-sufficiency. As prices for solar panels have plummeted, residential consumers are discovering that solar energy is becoming more and more affordable. This drop-in price, along with the adaptable nature of solar systems, enables homeowners in both urban and rural settings to install solar panels without encountering overwhelming upfront expenses. Governments throughout South America have rolled out financial benefits, such as tax incentives, grants, and net metering schemes that enable homeowners to sell surplus energy back to the grid, making residential solar setups more economically viable. For instance, Chile and Brazil have established robust net metering initiatives, permitting residential solar producers to offset energy expenses by earning credits for surplus energy produced. These benefits assist homeowners in recovering their initial expenditure on solar systems gradually, making it an attractive option for those wishing to lower energy costs over the long run. Furthermore, various South American nations face energy supply difficulties, especially in isolated or rural regions, where access to consistent and affordable electricity is often limited. Solar energy, as a decentralized resource, provides a remedy to these challenges by allowing homeowners to produce their own electricity and lessen their dependence on the grid. This has been particularly advantageous for rural populations in places like Argentina and Peru, where solar installations are facilitating energy access in off-grid locations. As the expense of solar technology continues to decrease and governmental policies remain favorable, the residential renewable energy sector in South America is set for ongoing growth, promoting both economic and ecological sustainability.
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Renewable Energy Market Regional Insights
Chile is the quickest expanding nation in South America’s renewable energy sector owing to its plentiful solar resources, robust government policies, and appealing investment environment. Chile has become the frontrunner in South America’s renewable energy sector, especially in solar energy, and is noted for its swift advancement in clean energy utilization. The country’s Atacama Desert, recognized as one of the sunniest regions on the planet, offers exceptional solar irradiance, rendering it a perfect site for extensive solar projects. This inherent benefit, together with technological improvements in solar photovoltaic (PV) systems, has allowed Chile to realize some of the lowest prices for solar energy globally. The Chilean government has been crucial in the nation’s renewable energy achievements through proactive measures, including the establishment of renewable energy auctions. These auctions have been vital in fostering competition and reducing renewable energy costs, while simultaneously drawing substantial foreign and local investment. Chile’s National Energy Policy, which targets 70% of its electricity to be sourced from renewable avenues by 2050, has further reinforced its standing as a regional pioneer in renewable energy. Besides solar, wind energy is also making headway in Chile, particularly in areas like La Región de Magallanes in the south, known for its strong and steady winds. The expansion of wind farms has positioned Chile as the largest producer of wind energy in South America. Chile’s focus on energy diversification, alongside its dedication to lowering greenhouse gas emissions, has resulted in an accelerating clean energy sector. The nation’s stable political and economic climate, coupled with its supportive regulatory framework for renewable energy, establishes it as an appealing spot for renewable energy investors. Consequently, Chile persists in leading South America in renewable energy expansion, with solar and wind energy at the forefront of its clean energy transition.
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Companies Mentioned
- Tata Power Company Limited
- First Solar Inc.
- Aetrex Inc.
- Doosan Corporation
- Calpine Corporation
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Renewable Energy Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Type
- 5.4. Market Size and Forecast, By End-User
- 6. South America Renewable Energy Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Type
- 6.4. Market Size and Forecast, By End-User
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.3.1. XXXX
- 7.3.2. XXXX
- 7.3.3. XXXX
- 7.3.4. XXXX
- 7.3.5. XXXX
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. Brazil Renewable Energy Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Type
- 7.8.3. Market Size and Forecast By End-User
- 7.9. Argentina Renewable Energy Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Type
- 7.9.3. Market Size and Forecast By End-User
- 7.10. Columbia Renewable Energy Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Type
- 7.10.3. Market Size and Forecast By End-User
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. Acciona, S.A.
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. Enel S.p.A.
- 8.5.3. Tata Power Company Limited
- 8.5.4. First Solar, Inc.
- 8.5.5. Neoen
- 8.5.6. Ormat Technologies, Inc.
- 8.5.7. Mitsubishi Heavy Industries
- 8.5.8. Centrais Eletricas Brasileiras S.A.
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Renewable Energy Market Size and Forecast, By Type (2019 to 2030F) (In USD Billion)
Table 6: Global Renewable Energy Market Size and Forecast, By End-User (2019 to 2030F) (In USD Billion)
Table 7: South America Renewable Energy Market Size and Forecast, By Type (2019 to 2030F) (In USD Billion)
Table 8: South America Renewable Energy Market Size and Forecast, By End-User (2019 to 2030F) (In USD Billion)
Table 9: Influencing Factors for Renewable Energy Market, 2023
Table 10: Brazil Renewable Energy Market Size and Forecast By Type (2019 to 2030F) (In USD Billion)
Table 11: Brazil Renewable Energy Market Size and Forecast By End-User (2019 to 2030F) (In USD Billion)
Table 12: Argentina Renewable Energy Market Size and Forecast By Type (2019 to 2030F) (In USD Billion)
Table 13: Argentina Renewable Energy Market Size and Forecast By End-User (2019 to 2030F) (In USD Billion)
Table 14: Colombia Renewable Energy Market Size and Forecast By Type (2019 to 2030F) (In USD Billion)
Table 15: Colombia Renewable Energy Market Size and Forecast By End-User (2019 to 2030F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2030
Figure 3: Market attractiveness Index, By Segment 2030
Figure 4: Global Renewable Energy Market Size By Value (2019, 2024 & 2030F) (in USD Billion)
Figure 5: Global Renewable Energy Market Share By Region (2024)
Figure 6: South America Renewable Energy Market Size By Value (2019, 2024 & 2030F) (in USD Billion)
Figure 7: South America Renewable Energy Market Share By Country (2024)
Figure 8: Brazil Renewable Energy Market Size By Value (2019, 2024 & 2030F) (in USD Billion)
Figure 9: Argentina Renewable Energy Market Size By Value (2019, 2024 & 2030F) (in USD Billion)
Figure 10: Columbia Renewable Energy Market Size By Value (2019, 2024 & 2030F) (in USD Billion)
Figure 11: Competitive Dashboard of top 5 players, 2024
Figure 12: Porter's Five Forces of Global Renewable Energy Market
Renewable Energy Market Research FAQs
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