Latin America Renewable Energy Market Report and Forecast 2023-2028

Latin America Renewable Energy Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the Latin America renewable energy market size is supported by the growth of the global renewable energy market, which reached an installation capacity of more than 2661.97 gigawatts in 2022. Aided by evolving technologies and surging renewable energy policy reforms, the market in the region is expected to further witness a steady growth between 2023 and 2028.

Renewable energy in Latin America, covering solar, wind, hydroelectric, and biomass, has witnessed a rapid surge, positioning the region as an emerging leader in green energy adoption. As these resources are in abundant supply and offer reduced greenhouse gas emissions, they are pivotal in promoting both environmental sustainability and energy security.

A significant factor influencing the Latin America renewable energy market growth is the continent's growing adoption of renewable resources. Countries like Brazil, Costa Rica, and Argentina possess vast hydroelectric potential, while the Atacama Desert in Chile provides optimum conditions for solar energy generation. Moreover, vast plains in several nations have facilitated extensive wind farm installations. With governments offering incentives and progressive policies, private investments in renewable energy projects have seen a substantial rise.

One of the growing Latin America renewable energy market trends is the rise of hybrid renewable energy projects. These combine multiple renewable energy sources, ensuring consistent energy supply and optimising the use of available resources. For instance, the blending of solar and wind power installations is gaining popularity as it provides a balanced energy output.

The Latin America renewable energy market analysis reveals the shift of industrial sector towards renewable energy sources. As industries strive to lower their carbon footprints and operational costs, renewable energies such as solar, wind, and hydroelectricity have become an essential component. Additionally, public utilities are incorporating higher proportions of renewable sources to cater to the cleaner energy preferences of consumers.

Simultaneously, technological innovations in renewable energy storage solutions are fuelling the Latin America renewable energy market demand. The introduction of more efficient battery storage systems, pumped hydro storage, and other advanced mechanisms are ensuring that energy generated from renewable sources can be effectively stored and utilised as needed. With an amalgamation of resource availability, technological advancements, governmental support, and heightened public awareness, renewable energy is expected to observe a rising demand in the coming years.

Market Segmentation

The market can be divided based on type and country.

Market Breakup by Type

• Hydropower
• Onshore Wind
• Solar
• Bio Energy
• Others

Market Breakup by Country

• Brazil
• Argentina
• Mexico
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Latin America renewable energy market. Some of the major players explored in the report by Expert Market Research are as follows:

• Ingenostrum S.L.
• Enel Green Power S.p.A
• Gauss Energy
• First Solar, Inc.
• Atlas Renewable Energy
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.