Mexico Wind Energy Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 7.30 gigawatt |
| Market Volume (2029) | 7.80 gigawatt |
| CAGR (2024 - 2029) | > 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Wind Energy Market Analysis
The Mexico Wind Energy Market size in terms of installed base is expected to grow from 7.30 gigawatt in 2024 to 7.80 gigawatt by 2029, at a CAGR of greater than 1% during the forecast period (2024-2029).
- Factors such as the declining costs of wind technologies and additional subsidies on wind energy systems, demand for cleaner energy, and supportive government policies are expected to drive the wind energy market.
- On the other hand, in the absence of any new initiatives, an underdeveloped power grid in Mexico is expected to hinder the growth of the wind energy market in the coming years.
- Mexico is focusing on onshore wind power, which may dominate the market due to high investment and better wind current, providing economic viability for large projects. This, in turn, is expected to provide better opportunities to the Mexico wind energy market in the future.
Mexico Wind Energy Market Trends
Onshore Wind Power is Expected to Dominate the Mexican Wind Energy Market
- During 2022, Mexico registered an increase of about 2.2% in its installed wind power capacity. The country installed 154 MW of new wind power capacity, which increased the total installed wind power capacity to 7312 MW in 2022.
- Moreover, the country has a policy in place under its energy transition law to generate half of its electricity using clean energy sources by 2034. This is supported by clean energy certificate (CEC) requirements and long-term electricity auctions. The Mexican government was primarily focusing on liberalizing the electricity market.
- In addition, the opening of the industry to private and foreign investments may drive the onshore wind energy market during the forecast period.
- Furthermore, the production of wind power in the country was initially driven by environmental concerns. However, these concerns have been superseded by commercial interests. Moreover, the increased reliability convinced large companies to invest in renewable energies, such as wind, to fulfill the increasing demand for electricity.
- In January 2023, the government of Mexico announced the Sonora plan, which aims at investments of USD 48 billion in solar parks in Sonora state and wind farms in Oaxaca by 2030.
- Hence, with several onshore wind energy projects under operation and others in the planning and construction phase, owing to investment and government policies, the Mexican wind energy market is expected to grow further during the forecast period.
Increasing Investment in Wind Energy Likely to Drive the Market
- In 2022, Mexico installed 154 MW of new wind power capacity, which increased the total installed wind power capacity to 7,312 MW. Though the country-initiated wind power production, due to increasing environmental concerns, the market is currently largely driven by commercial interests.
- Moreover, factors like escalating demand for renewable energy, favorable government policies, and decreasing cost of equipment are attracting foreign investors for higher investment in the Mexican wind energy market.
- Additionally, increasing electricity demand is expected to drive the demand for more green power-generating courses like wind energy. Electricity generation in the country grew from 310 TWH in 2015 to 340 TWh in 2022.
- In Tamaulipas, there are only 2.3 MW in operation with a wind potential of 22,558 MW. The State Energy Commission also suspended at least 30 wind projects for lack of transmission lines from the CFE3. Thus, in order to boost generation, SENER announced an investment of approximately MXN 8 billion aimed at developing the necessary infrastructure.
- Additionally, in February 2023, the Mexican government announced the possible installation of 4 wind farms that would be managed by CFE and financed by US banks.
- Hence, the aforementioned factors, such as investment and policies, are likely to drive the market studied during the forecast period.
Mexico Wind Energy Industry Overview
The Mexican wind energy market is fragmented. The major companies include (in no particular order) Siemens Gamesa Renewable Energy SA, General Electric Company, Vestas Wind Systems, Acciona SA, EDF Renewables Inc., and Enel SpA.
Mexico Wind Energy Market Leaders
Siemens Gamesa Renewable Energy SA
General Electric Company
Vestas Wind Systems
Acciona SA
EDF Renewables Inc.
*Disclaimer: Major Players sorted in no particular order
Mexico Wind Energy Market News
- Feb 2023: The Mexican president announced that he expects the US government and US banks to provide interest-free loans to build four wind-powered farms in the narrow waist of Southern Mexico.
- Jan 2024: The Mexican government announced that it was considering the expansion of the 30MW San Pedro wind farm. The wind farm had the capacity to expand its power generating capacity to 100MW.
Mexico Wind Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Mexico Wind Power Installed Capacity and Forecast, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Demand for cleaner energy
4.5.1.2 Supportive government policies
4.5.2 Restraints
4.5.2.1 Underdeveloped power grid
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 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 Siemens Gamesa Renewable Energy SA
6.3.2 General Electric Company
6.3.3 Xinjiang Goldwind Science & Technology Co. Ltd
6.3.4 Vestas Wind Systems
6.3.5 Acciona SA
6.3.6 EDF Renewables Inc.
6.3.7 DNV GL AS
6.3.8 Suzlon Energy Ltd
6.3.9 Enel SpA
6.3.10 Senvion SA
- *List Not Exhaustive
6.4 Market Share
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technological Advancement in Onshore Wind Power
Mexico Wind Energy Industry Segmentation
Wind power or wind energy describes the process through which the wind is used to generate mechanical power or electricity. Wind turbines convert the kinetic energy in the wind into mechanical power.
The Mexican Wind energy market is segmented by location of deployment as Onshore and Offshore. The report offers the market size and forecast on the basis of installed capacity.
| Location of Deployment | |
| Onshore | |
| Offshore |
Mexico Wind Energy Market Research FAQs
How big is the Mexico Wind Energy Market?
The Mexico Wind Energy Market size is expected to reach 7.30 gigawatt in 2024 and grow at a CAGR of greater than 1% to reach 7.80 gigawatt by 2029.
What is the current Mexico Wind Energy Market size?
In 2024, the Mexico Wind Energy Market size is expected to reach 7.30 gigawatt.
Who are the key players in Mexico Wind Energy Market?
Siemens Gamesa Renewable Energy SA, General Electric Company, Vestas Wind Systems, Acciona SA and EDF Renewables Inc. are the major companies operating in the Mexico Wind Energy Market.
What years does this Mexico Wind Energy Market cover, and what was the market size in 2023?
In 2023, the Mexico Wind Energy Market size was estimated at 7.23 gigawatt. The report covers the Mexico Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Wind Energy Industry Report
Statistics for the 2024 Mexico Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Wind Energy analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
