Market Size of Latin America Wind Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Wind Turbine Market Analysis
The Latin America wind turbine market is expected to grow at a CAGR of around 6% during the forecast period. The primary driver for the market is the government initiatives to stabilize the rising greenhouse gas emission and to have an affordable and sustainable form of energy from various renewable sources like wind. However, lack of proper grid connection, investment, policy framework in countries like Argentina, Columbia, and Peru is expected to hinder the market growth during the forecast period.
- With no offshore wind turbine installation, the onshore wind turbine covers the entire wind turbine market share in 2018 and is likely to dominate the market with upcoming onshore projects during the forecast period.
- Latin American countries have set a collective target of 70% renewable use by 2030. As of 2019, nine countries of the region have agreed to participate on the target, of which Columbia aims to contribute 4 gigawatts of renewable energy towards the 2030 goal of 312 gigawatts. Among the renewable sources, wind energy is expected to be on the top priorities, which is expected to create an opportunity for the wind turbine market in the near future.
- With a significance wind energy market share in 2018, Brazil is dominating the region and is expected to dominate the market during the forecast period, with its addition onshore and offshore wind projects.
Latin America Wind Turbine Industry Segmentation
The Latin America wind turbine market report includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| Brazil | |
| Mexico | |
| Chile | |
| Uruguay | |
| Rest of Latin America |
Latin America Wind Turbine Market Size Summary
The Latin America wind turbine market is poised for significant growth, driven primarily by government initiatives aimed at reducing greenhouse gas emissions and promoting sustainable energy sources like wind power. Despite challenges such as inadequate grid connections and investment issues in countries like Argentina, Colombia, and Peru, the market is expected to expand steadily. The absence of offshore wind installations means that onshore wind turbines currently dominate the market, and this trend is likely to continue with new projects underway. Latin American countries have collectively set ambitious renewable energy targets, with wind energy being a key focus, creating substantial opportunities for market expansion.
Brazil stands out as the dominant player in the region's wind energy sector, with a substantial installed capacity and ongoing projects that are set to further enhance its market position. The country has made significant strides in onshore wind energy, with numerous wind farms contributing to its energy matrix. Other countries like Chile, Argentina, and Peru are also exploring wind energy potential, although they face challenges related to infrastructure and policy frameworks. The market is characterized by a mix of established players and emerging projects, with companies like Iberdrola, Vestas, and Siemens Gamesa playing pivotal roles in shaping the industry's landscape.
Latin America Wind Turbine Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Latin America Wind Turbine Market in USD billion, till 2025
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1.3 Latin America Wind Energy Installed capacity till 2018, by Countries
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitute Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography
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2.2.1 Brazil
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2.2.2 Mexico
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2.2.3 Chile
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2.2.4 Uruguay
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2.2.5 Rest of Latin America
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Latin America Wind Turbine Market Size FAQs
What is the current Latin America Wind Turbine Market size?
The Latin America Wind Turbine Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Latin America Wind Turbine Market?
Iberdrola SA, Colbun SA, Enel SpA, Vestas Wind Systems A/S and Siemens Gamesa Renewable Energy SA are the major companies operating in the Latin America Wind Turbine Market.
