Chile Wind Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 5.15 gigawatt |
| Market Volume (2029) | 10.14 gigawatt |
| CAGR (2024 - 2029) | 14.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chile Wind Energy Market Analysis
The Chile Wind Energy Market size is estimated at 5.15 gigawatt in 2024, and is expected to reach 10.14 gigawatt by 2029, growing at a CAGR of 14.5% during the forecast period (2024-2029).
- Over the medium term, the major driving factors of the market are the favorable government policies, increasing investments in wind power projects, and the reduced cost of tariffs for wind power generation are expected to drive the Chilean wind energy market during the forecast period.
- On the flip side, the increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder the market growth.
- Nevertheless, Chilean ambitious wind energy targets are likely to provide huge opportunities for the market studied.
Chile Wind Energy Market Trends
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.
- According to the International Renewable Energy Agency, As of 2022, Chile had installed 3830 MW of onshore wind energy, which was comparatively higher than the 3,137 MW established in 2021.
- 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 2022, Atlas Renewable Energy intended to construct three wind farms in Chile after reaching a power supply agreement with Enel Generacion Chile. The business plans to invest USD 500 million in the Alpaca portfolio in central and southern Chile, totaling 417 MW of installed capacity.
- In May 2023, Santiago, Chile-based power provider AES Andes received environmental certification to develop an 862.5-MW wind and solar hybrid production project in the Chilean area of Antofagasta. The Parque Terra Energia Renovable project will see the business construct a 350-MW wind farm and a 512.5-MW solar PV plant in Taltal, Chile. The project has an investment cost of around USD 750 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.
Increasing Number of Wind Power Generation Projects Driving the Market Demand
- Due to the high population and the electricity demand increasing daily, 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 2022, total renewable energy installed in the country accounted for 17,910 MW, comparatively higher than the 14,890 MW installed in 2021. Wind power accounts for 21.38% 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 government is planning to completely phase out coal plants by 2040 to achieve carbon neutrality. This factor, 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 would supply 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.
- The country plans 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 such 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 Industry Overview
The Chilean wind energy market is moderately fragmented. Some of the key players in the market (in no particular order) include Corporacion Acciona Energias Renovables SA, Ørsted AS, Duke Energy Corporation, General Electric Company, and Siemens Gamesa Renewable Energy SA.
Chile Wind Energy Market Leaders
Ørsted A/S
General Electric Company
Siemens Gamesa Renewable Energy, S.A.,
Duke Energy Corporation.
Corporacion Acciona Energias Renovables SA,
*Disclaimer: Major Players sorted in no particular order
Chile Wind Energy Market News
- In February 2023, Ibereolica Repsol Renovables Chile began producing electricity at the 165-MW Atacama wind farm. It plans to generate around 450 GWh per year, equivalent to the annual consumption of more than 150,000 Chilean families and avert 320,000 metric tons of CO2 emissions.
- In December 2022, FairWind was chosen as the installation partner for Horizonte Wind Park in Chile, the largest onshore wind farm in Latin America under development. 140 Enercon E-160 EP5 wind turbines will be installed beginning in February 2023 and will be completely operational in May 2024.
- In November 2022, Enel's renewables division started work in Chile on a project combining wind turbines and a 34-MW battery energy storage system (BESS). Enel Green Power Chile is investing USD 190 million in the project, which includes 224.8 MW wind turbines and a 34.3 MW lithium-ion BESS.
Chile Wind Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Wind Energy Installed Capacity and Forecast, till 2028
4.3 Government Policies and Regulations
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Investments in Wind Power Projects
4.5.1.2 Supportive Government Policies
4.5.2 Restraints
4.5.2.1 Increasing Adoption of Alternate Energy Sources
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 BY LOCATION OF DEPLOYMENT
5.1.1 Onshore
5.1.2 Offshore
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Corporacion Acciona Energias Renovables SA
6.3.2 Ørsted AS
6.3.3 Duke Energy Corporation.
6.3.4 NextEra Energy Inc.
6.3.5 Siemens Gamesa Renewable Energy SA
6.3.6 Trident Winds Inc.
6.3.7 E.ON SE
6.3.8 Électricité de France SA
6.3.9 EnBW Energie Baden-Wurttemberg AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Chile's Ambitious Wind Energy Targets
Chile Wind Energy Industry Segmentation
Wind energy refers to the process of using the movement of air to convert it into mechanical power or electricity.
The Chilean wind energy market is segmented by location of deploymen into onshore and offshore. The market size and forecasts for each segment have been done regarding installed capacity.
| BY LOCATION OF DEPLOYMENT | |
| Onshore | |
| Offshore |
Chile Wind Energy Market Research FAQs
How big is the Chile Wind Energy Market?
The Chile Wind Energy Market size is expected to reach 5.15 gigawatt in 2024 and grow at a CAGR of 14.5% to reach 10.14 gigawatt by 2029.
What is the current Chile Wind Energy Market size?
In 2024, the Chile Wind Energy Market size is expected to reach 5.15 gigawatt.
Who are the key players in Chile Wind Energy Market?
Ørsted A/S, General Electric Company, Siemens Gamesa Renewable Energy, S.A.,, Duke Energy Corporation. and Corporacion Acciona Energias Renovables SA, are the major companies operating in the Chile Wind Energy Market.
Chile Wind Energy Industry Report
Statistics for the 2024 Chile Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Chile Wind Energy analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
