Mexico Wind Energy Market Size (2024 - 2029)

Mexico Wind Energy Market Size Summary

The wind power market in Mexico is poised for growth, driven by factors such as declining costs of wind technologies, government subsidies, and a strong demand for cleaner energy. The country's focus on onshore wind power is expected to dominate the market due to favorable wind conditions and significant investments, which enhance the economic viability of large-scale projects. Despite challenges like an underdeveloped power grid and regulatory hurdles, Mexico's commitment to renewable energy is evident through its Energy Transition Law, aiming to generate a substantial portion of its electricity from clean sources by 2034. The liberalization of the electricity market and the opening up to private and foreign investments are anticipated to further bolster the wind energy sector.

The Mexican wind energy market is experiencing a shift from environmental motivations to commercial interests, attracting foreign investors due to favorable policies and decreasing equipment costs. With wind energy infrastructure installed across 14 states, Oaxaca leads in capacity, followed by Tamaulipas and Nuevo León. However, regulatory challenges have stalled significant investments and projects, with many permits held up and several projects suspended due to inadequate transmission infrastructure. Despite these challenges, the government's investment in infrastructure development and the presence of major companies like Siemens Gamesa, General Electric, and Vestas Wind Systems indicate a promising outlook for the market during the forecast period.