Analysis of Global PV Emerging Market Demand - Central and South America: Brazil

Basic data of Brazil
The total population of Brazil is about 200 million people. In recent years, the local economy has been sluggish, especially in 2015-2016, when corruption scandals were plagued by state-owned enterprises, the spread of Zika virus, the huge decline in the price of oil and bulk raw materials and other products hit the Brazilian economy hard, making the economic situation of the country depressed and cold during this period. The average annual growth rate of GDP in 2015 and 2016 maintained a negative growth rate of - 3.3 to - 3.5%.
Although the Brazilian government intends to restructure its economy in recent years, the appointment of personnel and the wrong policies have led to serious internal struggle. The economic recovery is like a bull's march. The average annual GDP growth rate in 2018 is only 1.118%, and the economy in 2019 is not as expected. The external assessment may be around 0.8%, lower than the government's preset target of 2%. The outside world also holds a conservative view of Brazil's future growth. Moody, a credit rating agency, gives Brazil a credit rating of Ba2.
In terms of climate, 80% of Brazil's land area is located in tropical areas, of which the Amazon Plain (tropical) rainforest climate is in the north, the annual average temperature is about 27-29 degrees Celsius, the central plateau is tropical grassland climate, the annual average temperature is about 18-28 degrees Celsius, and the southern region is about 16-19 degrees Celsius.
In terms of sunshine, the average annual sunshine is about 1700-1800 kilowatt hours per square meter.
Overview of renewable energy development in Brazil
Brazil has set in the 10-year energy development plan PDE 2027 (The Ten Year Energy Expansion Plan 2027) that the renewable energy power generation will meet 47% of the electricity demand in 2027. In addition to the most important hydropower, wind power, photovoltaic and biomass energy are also key projects that the government is eager to develop.
Brazil's energy supply is mostly contributed by renewable energy, among which the development of water power is the most mature, which dominates more than half of the country's electricity demand, and the number of installed capacity is the highest among all energy projects, accounting for 61%. PV still accounts for about 1% of the local installed capacity. However, considering the increasing cost reduction rate of PV in recent years and the government's development goal of shifting from water to wind and PV, it is estimated that the installed capacity of PV will continue to increase in the future, which will also help Brazil's renewable energy power generation to grow.