The Brazilian wind energy market is expected to record a CAGR of more than 5% during the forecast period. In Brazil, the wind energy market is majorly driven by the growing power need in the country. The annual growth of the wind energy market has made the government focus on carbon emission reductions. Factors, such as increasing demand for renewable energy, rising investments in the wind power sector, supportive government policies coupled with the reduction in the cost of wind energy, are driving the wind energy market in the country. However, the increasing adoption of alternate clean power sources, such as solar photovoltaic (PV) is likely to restrain the growth of the wind energy market in the coming years.
– Onshore wind is Brazil’s second-largest power source which makes them dominant in the wind energy market in Brazil.
– The offshore wind energy market is in the development stage and has a great potential for offshore deployments, as wind is stronger and more uniform in the Brazilian offshore area. Brazil has six offshore wind farms in the licensing phase with a combined capacity of 9,715 MW, which is likely to provide the opportunity for the wind power companies in the near future.
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Key Market Trends
Onshore Wind Energy Market is Expected to Dominate the Market
– As the demand for energy is rising, major countries and companies are turning toward the adoption of renewable energy as it has the ability to provide large amounts of clean energy. The technological improvements, such as increased-capacity wind turbines, have attracted the companies for high investment.
– Brazil’s onshore capacity is expected to grow from 2019 to 2030 to reach 29.6 GW from 16.3 GW. The significant rise in these technologies will result in renewable energy being the second largest contributor to the country’s energy mix by 2030.
– The companies have been able to install taller wind turbines due to improvements in the wind turbine materials used, which allows the turbines to exploit higher altitude winds. Also, these new turbines have larger blades and, hence, are able to sweep more area than the smaller turbines. The growing size of the wind turbines has helped lower the cost of wind energy, indicating that it is economically competitive with fossil fuel alternatives.
Reducing Cost of Wind Energy to Drive the Market
– The increasing use of large-sized wind turbines, spurred by technological advancements, is leading to a decline in the cost of wind energy.
– For fixed-bottom offshore wind, reduced upfront costs are seen as the single most important driver for LCOE improvements, till 2030. Larger average turbine generator capacities are expected to reduce the high (per-MW) cost of substructures, foundations, and installations.
– The reduced cost has led to an increased adoption of wind energy, thereby, positively contributing to the demand for wind energy in Brazil.
Brazil Wind Energy Market Size Expected to Rise at A Higher CAGR Value, Driving Factors, Sales and Revenue 2022-2031
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