Chile Wind Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Chile Wind Energy Market is Segmented by Location of Deployment (Onshore and Offshore).

Chile Wind Energy Industry Overview

Chile Wind Energy Market - Market Summary
Study Period: 2019 - 2028
CAGR: > 4 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Chile Wind Energy Market Analysis

The Chilean wind energy market is expected to register a CAGR of more than 4% during the forecast period of 2022-2027. The COVID-19 pandemic negatively impacted the Chilean wind energy market. The disruptions in the global trade restricted the supply of wind energy components to the Chilean region, which, in turn, delayed the construction of wind energy projects. Major factors expected to promote market growth include favorable government policies, increasing investments in wind power projects, and the reduced cost of tariffs for wind power generation. However, the increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder the market growth.

· The onshore segment is expected to dominate the Chilean wind energy market during the forecast period.

· Decrease in the production cost of offshore wind turbines is expected to create ample opportunities for players to invest in the Chilean wind energy market.

· Increasing number of wind power generation projects are expected to drive the Chilean wind energy market during the forecast period.

Chile Wind Energy Industry Segments

The Chilean wind energy market report includes:

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Chile Wind Energy Market Trends

This section covers the major market trends shaping the Chile Wind Energy Market according to our research experts:

Onshore Segment to Dominate the Market

· In Chile, onshore wind energy power generation technology has evolved over the past five years since the country is promoting the growth of wind power-based electricity generation to meet power needs.

· As of 2020, Chile had installed 2419 MW of onshore wind energy, which was comparatively higher than the 910 MW installed in 2015.

· The country has ambitious plans for renewable energy. By 2035, the government wants at least 60% of the electricity generated in the country to come from renewable sources, with the figure rising to 70% by 2050.​

· In April 2021, Norwegian power producer Statkraft announced that it is planning to build three onshore wind farms with a combined capacity of 102 megawatt (MW) in Chile. The project is expected to produce more than 300 gigawatt-hours (GWh) of renewable energy and be able to supply power to 100,000 average Chilean households.

· In November 2021, Colbún SA announced its Horizonte Onshore Wind Project with an installed capacity of 980 MW located in Antofagasta, Chile, which is scheduled to be commissioned by 2024. The project is expected to generate 2,000,000 MWh of electricity and be able to supply enough energy to power 700,000 households. The project has an investment cost of around USD 700 million.

· Hence, owing to the above factors, the onshore wind energy segment is expected to grow faster in the Chilean wind energy market during the forecast period.

Chile Wind Energy Market - Onshore Wind Energy Installed Capacity

Increasing Number of Wind Power Generation Projects Driving the Market Demand

· Due to the high population and the electricity demand increasing day by day, the country is promoting the growth of wind energy. Many multinational corporations and local firms are investing in the growing wind sector with the help of the government of federal provinces in Chile.

· As of 2020, total renewable energy installed in the country accounted for 12,794 MW, which was comparatively higher than 8452 MW installed in 2015. Wind power accounts for 27.7% of renewable energy consumed in Chile. The Chilean government has established various policies to improve wind power installations in the country.

· As part of this, the country announced a decarbonization plan which states that about 70% of the energy consumed in Chile would be generated from renewable sources by 2050, and the country is planning to completely phase out coal plants by 2040 to achieve carbon neutrality. This, in turn, is expected to boost the growth of wind energy projects in the country.

· In December 2021, German wind turbine maker Nordex SE announced that it is supplying 19 wind turbines for a 110-MW Torsa onshore wind project owned by Statkraft AS in central Chile. The N163/5.X turbines will be delivered for the Torsa project in the municipality of Litueche to the south of the capital Santiago de Chile.

· Moreover, the country is planning to commission its Los Cerrillos wind farm with an installed capacity of 51.75 MW by December 2022. The project is currently at a permitting stage and is being developed by Statkraft and Torsa Chile.

· Owing to the above factors, the increasing number of wind power generation projects is expected to drive the growth of the Chilean wind energy market during the forecast period.

Chile Wind Energy Market - Total Renewable Energy Installed Capacity

Chile Wind Energy Market Competitor Analysis

The Chilean wind energy market is moderately fragmented. Some of the key players in the market include Corporacion Acciona Energias Renovables SA, Ørsted AS, Duke Energy Corporation, General Electric Company, and Siemens Gamesa Renewable Energy SA.

Chile Wind Energy Market Top Players

  1. Ørsted A/S

  2. General Electric Company

  3. Siemens Gamesa Renewable Energy, S.A.,

  4. Duke Energy Corporation.

  5. Corporacion Acciona Energias Renovables SA,

*Disclaimer: Major Players sorted in no particular order

Market Concentration-Chile Wind Energy Market.png

Chile Wind Energy Market Recent Developments

· In October 2021, Norwegian renewables company Statkraft AS announced that it had been awarded to develop, build, and operate a wind-plus-storage project with a capacity of more than 400 MW in Chile. The company has won more than 6,449.5 acres for this plant, and the project has an investment cost of around USD 500 million.

· In February 2020, Chilean energy company Colbun applied for an environmental license to build the largest wind project in Chile. The project will consist of 140 wind turbines for a total potential capacity of up to 980 MW and is expected to generate around 2,000 GWh of electricity annually. The project will be built on 80 sq. km. of government land in northern Chile's Atacama Desert, especially set aside for renewable energy projects.​

Chile Wind Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Wind Energy Installed Capacity and Forecast in MW, till 2027

    3. 4.3 Government Policies and Regulations

    4. 4.4 Recent Trends and Developments

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT

    1. 5.1 Onshore

    2. 5.2 Offshore

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Corporacion Acciona Energias Renovables SA

      2. 6.3.2 Ørsted AS

      3. 6.3.3 Duke Energy Corporation.

      4. 6.3.4 NextEra Energy Inc.

      5. 6.3.5 Siemens Gamesa Renewable Energy SA

      6. 6.3.6 Trident Winds Inc.

      7. 6.3.7 E.ON SE

      8. 6.3.8 Électricité de France SA

      9. 6.3.9 EnBW Energie Baden-Wurttemberg AG

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Chile Wind Energy Market Research FAQs

The Chile Wind Energy Market is studied from 2019 - 2028.

The Chile Wind Energy Market is growing at a CAGR of >4% over the next 5 years.

Ørsted A/S , General Electric Company, Siemens Gamesa Renewable Energy, S.A., , Duke Energy Corporation., Corporacion Acciona Energias Renovables SA, are the major companies operating in Chile Wind Energy Market.

Chile Wind Energy Industry Reports

In-depth industry statistics and market share insights of the Chile Wind Energy sector for 2020, 2021, and 2022. The Chile Wind Energy research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Chile Wind Energy report PDF.

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