Market Size of South America Wind Power Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | < 7.90 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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South America Wind Power Market Analysis
The South America Wind Power Market is projected to register a CAGR of over 7.9% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently, the market is likely to reach pre-pandemic levels.
- Over the medium term, major factors attributing to the growth include favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy.
- On the other hand, the increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder the market growth.
- Nevertheless, the technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in South America.
- In South America, Brazil had the highest installed capacity in 2021 and is expected to be the largest market during the forecast period, bolstered by constant growth in onshore wind power additions and upcoming offshore wind power projects.