Market Trends of Ecuador Wind Energy Industry
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.
Understand The Key Trends Shaping This Market
Download Sample
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.
