Brazil Agrivoltaics Market Research Report: Forecast (2022-2027)

Market Definition

As the crisis associated with energy is escalating, so is the growing food consumption of the exponentially rising population throughout Brazil, putting immense pressure on the agriculture sector to cultivate crops while addressing the energy crisis using tools like Agrivoltaics.

Agrivoltaics are a combination of solar panels & plants on farmland that involves combining crops with photovoltaic panels. Here, solar panels are installed at enough height to allow farm machinery to pass underneath, from where the crops can be cultivated. These systems are gaining swift momentum across the country and demonstrating an opportunistic future.

Market Insights

The Brazil Agrivoltaics Market is projected to grow at a CAGR of around 47% during the forecast period, i.e., 2022-27.  The market is driven by the growing population and their massive consumption requirements, propelling the demand for Agrivoltaics to cultivate crops while bringing energy efficiency and catering power crisis in the country.

Besides, rapid fluctuations in the temperature & decreasing precipitation are challenging the agriculture sector to foster higher yields. Hence, the governments are increasingly taking initiatives to address these issues alongside problems like water scarcity and investing substantially in the energy & agriculture sectors. As a result, the production, distribution, and installation of Agrivoltaics are escalating rapidly and positively influencing market growth.

The same aspect is also generating growth opportunities for the leading players to increase their production & distribution capacities and cater to the burgeoning needs across Brazil. Moreover, since Agrivoltaics enable effective use of sunlight for crop growth, it is also beneficial for farmers to earn extra money by selling the power generated using solar panels on the farmland. Hence, owing to a dual income stream for farmers, the adoption of Agrivoltaics is widening across Brazil & and positively influencing the overall market growth.

Furthermore, with the presence of technologies like solar photovoltaics meeting sustainability & addressing resilient concerns for the power industry, the overall cost for solar panels is decreasing continuously. As a result, the installation cost for these Agrivoltaics is also becoming minimal and exemplifies greater set-up throughout the country.

Impact of Covid-19 on Brazil Agrivoltaics Market

The advent of Covid-19 had significant effects on different industries across Brazil, and the Agrivoltaics Market was no exception. With the imposition of stringent movement restrictions & stringent norms imposed by the government to curb the spread of these dreadful diseases, trade businesses associated with the Agrivoltaics equipment were affected. It, in turn, introduced a temporary halt to the installation of these panels across Brazil.

Moreover, as a majority of people had to work from home amidst the crisis, the energy consumption rates escalated substantially, demonstrating a critical need for bringing energy efficiency. As a result, an inclination toward Agrivoltaics to generate energy while allowing agricultural practices simultaneously witnessed an upswing.

However, with the gradual upliftment of restrictions owing to a decreasing number of patient inflow, the leading players in the market are actively participating by increasing their production & distribution capacities for Agrivoltaics and stimulating the overall market growth in the coming years. These aspects shall further enable the industry to regain its usual pace and recover from the losses in the future.

Market Segmentation

Based on Cell Type:

• Monocrystalline
• Polycrystalline

Here, Monocrystalline cells are anticipated to witness substantial demand across Brazil and contribute substantially to the expansion of the Agrivoltaics Market across the country during the forecast period. This growth attributes to the higher efficiency of these cells, backed by their manufacturing with a single crystal growth method. Such type of production offers commercial efficiencies from 20% to 24%.

Besides, monocrystalline technology is also among the most efficient & dependable modes of electricity generation in Agrivoltaics, which further expands its application across industries and an upsurge for these cells in Agrivoltaics. Moreover, since these cells offer longevity & embedded energy per panel & sleeker aesthetics, the demand for these cells is growing rapidly across Brazil and catering to the market growth through 2027.

On the other hand, Polycrystalline cells shall also make significant contributions to the Agrivoltaics market across Brazil in the coming years. It owes principally to their cost-effective & eco-friendly nature, demonstrating higher popularity for these cells across small-scale & large-scale installations.

Besides, these panels have a higher temperature coefficient and can easily be used in cooler temperatures. With advancing technologies in the system, numerous varieties of polycrystalline solar panels with a lower temperature coefficient are gaining swift popularity across Brazil and driving the overall market. 

Based on the Type of Material

• Panels
• Paints

Panels are anticipated to dominate the Brazil Agrivoltaics Market with the largest share during the forecast period. It owes principally to these panels being the primary instruments used in conventional photovoltaic solar systems, backed by their proven technological success in offering higher cost-effectiveness & energy efficiency. 

On the other hand, Paints are anticipated to gain swift momentum in the Brazil Agrivoltaics Market and contribute to the market expansion through 2027. The growth attributes to these paints being a relatively new technology with benefits like easy installation & cheaper maintenance costs than panels.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Brazil Agrivoltaics Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Brazil Agrivoltaics Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Brazil Agrivoltaics Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Brazil Agrivoltaics Market study?