Market Size of Latin America Wind Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Wind Turbine Market Analysis
The Latin America wind turbine market is expected to grow at a CAGR of around 6% during the forecast period. The primary driver for the market is the government initiatives to stabilize the rising greenhouse gas emission and to have an affordable and sustainable form of energy from various renewable sources like wind. However, lack of proper grid connection, investment, policy framework in countries like Argentina, Columbia, and Peru is expected to hinder the market growth during the forecast period.
- With no offshore wind turbine installation, the onshore wind turbine covers the entire wind turbine market share in 2018 and is likely to dominate the market with upcoming onshore projects during the forecast period.
- Latin American countries have set a collective target of 70% renewable use by 2030. As of 2019, nine countries of the region have agreed to participate on the target, of which Columbia aims to contribute 4 gigawatts of renewable energy towards the 2030 goal of 312 gigawatts. Among the renewable sources, wind energy is expected to be on the top priorities, which is expected to create an opportunity for the wind turbine market in the near future.
- With a significance wind energy market share in 2018, Brazil is dominating the region and is expected to dominate the market during the forecast period, with its addition onshore and offshore wind projects.
