South America Wind Power Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The South America wind power market is expected to register a CAGR of less than 7.9% during the forecast period. Major factors attributing to the growth include the favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to an increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, as countries are becoming increasingly concerned about climate change and the role of renewable energy in curtailing it, wind power is expected to increase its share in the South American market. The increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder the market growth.
• The onshore segment is expected to be the largest market during the forecast period in South America, owing to increased onshore wind capacity additions, supported by reducing the cost of electricity generation from onshore wind projects.
• 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 2019 and is further 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.
Key Market TrendsOnshore Segment to Dominate the MarketSome of the key players involved in the wind power market include Acciona Energia SA, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind), EDF SA, and General Electric.
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