Ecuador Wind Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ecuador Wind Energy Market Analysis
The Ecuador Wind Energy Market is expected to grow at a CAGR of greater than 3% during the forecast period 2020-2025. The market is expected to witness significant growth due to rising energy demand and efforts to reduce the reliance on fossil fuel-based power generation. Factors like increasing demand for renewable energy, rising investments in wind farms, government policies and declining cost of wind energy are driving the wind energy market. However, the increasing adoption of alternate clean power sources such as solar is likely to restrain the growth of the wind energy market in the coming years.
- Onshore wind is Ecuador's makes them dominant in the wind energy market in Ecuador.
- The Ecuadorian Ministry of energy and non-renewable natural resources in 2019 approved 7 companies for the construction and operation process of the Villonaco II and III wind farms of 110 MW in total. Furthermore, there is a tendency to use smart technologies to reduce losses, which is likely to provide the opportunity to a growth in the deployment of wind energy in the coming future.
Ecuador Wind Energy Market Trends
This section covers the major market trends shaping the Ecuador Wind Energy Market according to our research experts:
Onshore Wind Energy Market is Expected to Dominate the Market
- By location of deployment, the onshore industry is expected to remain the driver for the Ecuador wind energy market during the forecast period, owing to declining costs and improved technology.
- Cutting down emissions has become a matter of utmost importance, and this has motivated various governments to set emission reduction targets, which will help the growth of the wind power industry.
- After hydroelectricity, wind power is one of the cheapest sources and one of the most promising for the country. Wind speed between 3.5 and 8.0 m/s has been analyzed as optimum for wind power production in Ecuador.
- Two important projects for wind generation in Ecuador are Wind Energy Project Las Chinchas and Villonaco Wind Power. As of 2019, the installed capacity of onshore wind energy in Ecuador was 21.15 MW.
- The two Villonaco wind projects are located near the operational 16 MW Villonaco I wind farm in southern Ecuador near the Membrillo and Huayrapamba substations. Wind speeds averaging 8.4 m/s (V-II) and 10.9 m/s (V-III) are expected to generate a combined 385 GWh/year of energy.
Solar Potential to Hinder the market
- Ecuador is endowed with a very vast solar energy potential, due to its location and because it is a country with very varied topographic characteristics. The maximum value of radiation in Ecuador is 5,748 Wh/m²/day, the minimum value is 3,634 Wh/m²/day while the average value is 4,574 Wh/m²/day.
- The El Aromo PV project (200 MW) is located in western Manabi province and is the single largest renewable project in this batch is being developed. It'll sit on 290 hectares (1.1 sq. miles), with radiation of 1648 kWh/m2/year, and is estimated to generate 337 GWh/year.
- As of 2019, the installed capacity of solar energy in Ecuador is 27.63 MW, the solar PV installation is ought to increase during the forecast period. Therefore, the increasing deployment of other alternative renewable energy sources compared to wind energy is expected to hinder the growth of the market studied.
Ecuador Wind Energy Industry Overview
The Ecuador wind energy market is consolidated. Some of the key players in this market include CELEC EP, Goldwind International Holdings (HK) Ltd, EDP Renovaveis SA, Neoen SA, and Total Eren SA.
Ecuador Wind Energy Market Leaders
CELEC EP
Goldwind International Holdings (HK) Ltd
EDP Renovaveis SA
Neoen SA
Total Eren SA
*Disclaimer: Major Players sorted in no particular order
Ecuador Wind Energy Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Installed Capacity and Forecast in GW, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 PESTLE Analysis
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5. COMPETITIVE LANDSCAPE
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5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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5.2 Strategies Adopted by Leading Players
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5.3 Company Profiles
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5.3.1 CELEC EP
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5.3.2 Goldwind International Holdings (HK) Ltd
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5.3.3 Neoen SA
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5.3.4 Total Eren SA
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5.3.5 EDP Renovaveis SA
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- *List Not Exhaustive
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6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Ecuador Wind Energy Industry Segmentation
The Ecuador wind energy market report include:
Ecuador Wind Energy Market Research FAQs
What is the current Ecuador Wind Energy Market size?
The Ecuador Wind Energy Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Ecuador Wind Energy Market?
CELEC EP , Goldwind International Holdings (HK) Ltd, EDP Renovaveis SA , Neoen SA and Total Eren SA are the major companies operating in the Ecuador Wind Energy Market.
What years does this Ecuador Wind Energy Market cover?
The report covers the Ecuador Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Ecuador Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Energy in Ecuador Industry Report
Statistics for the 2024 Wind Energy in Ecuador market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Energy in Ecuador analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
