This site uses cookies, including third-party cookies, that help us to provide and improve our services.

Privacy Policy
- Global Locations -
Headquarters
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, United States
T: +1-845-579-5705
MEA
Market Access DMCC
1602-6 Jumeirah Bay X2 Tower, Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Americas
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
Europe
Future Market Insights
3rd Floor, 207 Regent Street,
London W1B 3HH
United Kingdom
T: + 44 (0) 20 8123 9659
D: +44 (0) 20 3287 4268
APAC
Future Market Insights
Office No. 401-A, 4th Floor,
VANTAGE 9, S.No. 36/1/1,
Baner, Pune 411045 India

Latin America Wind Turbine Market

Market Insights on Latin America Wind Turbine covering sales outlook, demand forecast & up-to-date key trends

Latin America Wind Turbine Market:Industry Analysis and Opportunity Assessment 2014 - 2020

Latin America Wind Turbine Market Outlook

The Latin America wind turbine market is expected to grow at a CAGR of nearly 7% during the period 2022-2032. The market is valued at US$ 5.2 billion as of 2022, and by 2032 the market is expected to be valued at US$ 10.23 billion.

One of the major drivers of the wind turbine market is the fact that fossil fuels are getting depleted at a rather rapid pace. This gives the manufacturers in Latin America to adopt wind farms as these are a renewable source of energy.

Apart from that, wind energy is one of the cleanest sources of energy, and these do not emit any harmful gases, which gives manufacturers in Latin America a strong reason to adopt wind turbines, and this is just one of the applications of wind energy. Furthermore, wind turbines are an affordable investment as compared to many other sources of energy.

A major advantage that wind turbines have as compared to other renewable energy sources is that they do not experience any barriers on the land. Thus, the energy is generated more consistently and uniformly as compared to other renewable sources of energy. 

The key players in the Latin America wind turbine market are shifting towards onshore wind power generation, and these have displayed proven results as alternate energy sources. 

If we talk about a few nations which have been taking proactive steps to widen the scope of the wind turbine market in Latin America, they are Brazil and Argentina. As per the statistics provided by Abeeolica, Brazil might produce close to 19 GW of energy that runs on wind turbines by 2024 and install close to 186 new wind farms.

Moreover, based on the statistics provided by Dialogo Chino, Brazil holds a fixed offshore wind potential capacity of 480 GW and a floating offshore wind potential capacity of 748 GW, which ultimately reflects what Brazil is capable of delivering to the Latin American market.

Apart from Brazil, Chile is another nation which is showing massive developments. With a plethora of players working to increase the onshore wind energy capacity, it has been estimated that the region holds a capacity close to 1000 MW. 

Based on the market research conducted by FMI, the onshore wind turbine is expected to dominate the Latin American market. The region is witnessing a lot of new onshore wind turbine projects as well.

However, one of the major challenges that are obstructing the growth of the Latin America wind turbine market is the lack of robust grid connection. Moreover, the region is also facing an investment crisis in other countries like Argentina, Colombia, etc.

The key players operating in the Latin America wind turbine market are developing solutions to protect their power lines. They are in the process of developing solutions that help them foresee, plan, and quantify climate-related risks. For this, they are collaborating with start-ups.

Attributes

Value

Latin America Wind Turbine Market Valuation (2022)

US$ 5.2 bn

Latin America Wind Turbine Market Projected Size (2032)

US$ 10.23 bn

Latin America Wind Turbine Market Expected CAGR (2022-2032)

7%

Customize this Report

Let us know your requirement to get
100% FREE customization

Sustainability To Drive The Latin America Wind Turbine Market

Wind energy is the power extracted from wind using wind turbines. A wind turbine is a device that transforms the kinetic energy of the wind into electrical energy. Wind energy is a renewable form of energy that is available in ample quantity and extensively.

It is an alternative to fossil fuels which are depleting in quantity. Wind energy is the cleanest resource; it has neither toxic gas emissions nor greenhouse gas emissions. Wind turbines are connected to the network of electricity transmission. The onshore and offshore wind that is trapped is an inexpensive, competitive and significant source of energy.  Wind energy contributed to 4% of the total global electricity usage in 2013. 

The application of wind turbines is primarily in wind mills that are used to generate electricity. These wind turbines in wind mills can be used to avail off-grid electricity in the remote regions. It has been known to empower rural electrification initiatives. Three fourths of the small wind turbines are present in the remote regions of the world and are the only sources of energy.

For instance, wind power systems are fuelling the telecommunication towers in the secluded places between Argentina and Chile. Another application of wind turbines is associated with the hybrids of wind and solar power generation devices. Wind and solar sources complement each other in changing climatic conditions. Wind turbines have vital applications in off-grid, low-power systems in which the storage of batteries is avoided.

Wind turbines also have application in cathodic protection pipes in which its electric charge neutralizes the galvanic corrosion of pipes laid in reactive soils. Wind turbines are used to charge electric fences, yacht and boat batteries efficiently.

Wind turbines have been used to pump water for decades, and they remain a significant application in both developed and developing economies. The end use industries of wind turbines can be broadly classified into industrial, commercial and residential.

The industrial use can be further divided into power generation, agriculture, industrial automation, engineering and telecommunication. Despite being commercially niche market at present, wind turbines are expected to expand due to increasing government subsidies and incentive programmes on the use of wind energy. 

The global wind industry produced about 37,000 MW in 2013. Latin America, in particular, has provided the industry with an essential substitute growth market for wind power. In 2013, Latin America alone representedapproximately 45% of the installed capacity of North and South America combined.

It was largely driven by the wind markets of Brazil and Mexico which can be regarded as the dual pillars of the Latin American market. The average price of wind energy contracts in Brazil is US$ 50/MWh and gives wind energy an edge over conventional fossil fuels there. This is a major driver for the wind turbine market in Brazil.

The wind power in Mexico provides power to over 65,000 households and exports it to US. Food and beverage company, Nestle, had invested US$ 60.7 million in wind energy in Mexico, and employed wind energy for its 85% electricity requirement.

The cumulative wind capacity in Mexico reached 1988 MW by the end of 2013 indicating a 31.4% growth rate. The installed capacity in 2013 was 76 MW in Argentina, 200 MW in Chile, 30 MW in Peru, 11 MW in Uruguay, and149 MW in Venezuela. 

Strong wind resources, and rising electricity prices and energy demand are driving the demand for renewable energy higher. The Latin American industrial policies are effective as they have tailored depreciation tax policies which enable industries to actively partner with wind energy generators for their energy usage. Also, wind plants do not need to be in the vicinity of the end user and just need a connection to the Latin American power grids.

Feed-in electricity tariffs have been introduced to motivate the use of renewable energy such as wind energy, solar energy, hydropower, thermal energy and biomass energy. This encourages investment in renewable energy as the government makes provisions for higher retail rates for electricity for the producers of new energy technologies.  

Consistently declining monopoly in the Latin American electricity sector had paved way for wind turbine manufacturers. The current wind turbine market is competitive. Gamesa is the leading turbine supplier in Mexico and holds 73.5% of the market. It is followed by Vestas with 22% of the market contribution.

GE is also a major turbine manufacturer with 4.5% market share in Mexico. Besides, the collapse of the Spain-based OEMs (Other Equipment Manufacturers) wind market has compelled companies to expand their business in Latin America. 

By 2015, Latin America is expected to have 3 GW of installed wind capacity annually, surging up to 4.3 GW by 2022. The manufacturers have to meet certain mandates on wind turbine components and their materials. It is a challenge for most OEMs to deliver high quality wind turbines while still ensuring an economical Latin American wind market. 

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.

The report covers exhaustive analysis on

  • Market Segments
  • Market Dynamics
  • Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Technology
  • Value Chain
Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

Regional analysis includes

  • Argentina
  • Brazil
  • Mexico
  • Others

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain.

The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies. 

Become a MarketNgage Insider

An unified Market Research Subscription Platform, built for today’s disparate research needs.

Table of Content

NA

Customize this Report

Let us know your requirement to get
100% FREE customization

List of Tables

NA

Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

List of Charts

NA

Need specific information?

Request Customization

Explore Oil and Gas Insights

View Reports
Google translate

Latin America Wind Turbine Market