Although the prospects for political support for the photovoltaic segment are uncertain, the Brazil presents one of the largest increases in installations until 2027. This is what the Global Market Outlook, Solar Power Europe.
According to the report, the country is in sixth place, adding 44 GW between 2023 and 2027, which corresponds to a annual growth rate of 23%. In total, projections indicate that the Brazil will have 68 GW in the next five years.
“Although Brazil registered an increase in photovoltaic installations in 2022, which is expected to continue in 2023 until the projects are completed, a slower pace is expected from 2024 onwards”, they pointed out.
Solar Power Europe also indicated that Turkey, along with Brazil, are the only two countries with uncertain prospects. In the case of Turkey, although the government supports the deployment of solar energy through auctions and net metering policies, the financial situation may prove to be challenging.
“Turkey has been struggling with very high inflation rates, which can make financing projects difficult”, they highlighted. South Korea, for example, is the only country for which the study predicts truly adverse weather conditions for the solar sector.
The country's decision to prioritize the expansion of nuclear energy to the detriment of renewables has hampered the implementation of photovoltaic technology. The country reduced its global renewable energy target from 30,2% to 21,6% by 2030. As a result, it fell from 9th position to 14th position in the ranking.
Global Additions
In 2022, Solar Power Europe highlighted that the world installed 239 GW of solar energy power, finally surpassing the TW scale. This represents 45% more photovoltaic energy capacity than the previous year.
“Positive market developments in the first few months of 2023 promise another solar boom year, which is expected to result in 341 GW of newly added solar power power to the grid by the end of the year – equating to 43% growth” , they concluded.
An answer
Judging by the last 5 (five) years, there is no way Brazil will be overtaken by other countries, but it may still not reach the fifth position of the pioneers, Germany, and/or India in 2027.