BOULDER, Colo.--(EON: Enhanced Online News)--Although wind plant construction across Latin America is modest compared to more established markets, such as South and East Asia, North America, and Europe, the region’s wind power industry is taking off at a rapid pace. Latin America has become the hottest growth market for the wind energy industry at a time when growth rates in other markets are flat due to a variety of policy and macroeconomic challenges. Click to tweet: According to a new report from Navigant Research, annual wind power installations in Latin America will roughly double, in terms of capacity, over the next 10 years, growing from nearly 2.2 gigawatts (GW) in 2013 to 4.3 GW by 2022.
“Latin America is expected to account for at least 5.5 percent of the world’s new wind power installations in 2013”
“Latin America is expected to account for at least 5.5 percent of the world’s new wind power installations in 2013,” says Feng Zhao, research director with Navigant Research. “With the strong political support of most governments and rapid economic growth fueling rising electricity demand, wind markets in the region are expected to exhibit double-digit compound annual growth rates through the next 10 years.”
The latest 2013 wind power contract auction round in Brazil resulted in prices stabilizing at higher rates, and the signing on of 1,505 megawatts (MW) of new wind capacity, according to the report. This suggests that the unsustainable downward trend in prices bottomed out last year, and the Brazilian market appears to be poised for strong growth moving forward. This will provide the foundation for wind energy growth across Latin America, the study concludes.
The report, “Latin America Wind Market Assessment”, provides a comprehensive view of the wind energy market dynamics at play in 15 wind power markets in Latin America. The country-by-country analysis outlines the key energy policies and development opportunities and barriers, identifies which companies own operational wind plants, and examines the competitive landscape for wind turbine vendors supplied those projects. Market forecasts for wind power installations, capacity, and market share in Latin America, segmented by country and company, extend through 2022. The report also offers an especially close analysis of Brazil and Mexico, the region’s largest wind markets, and examines the emerging wind supply chain and subcomponent manufacturers. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Latin America Wind Market Assessment,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.