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5th November 2013

Annual installations of wind power in Latin America will double by 2022

Although wind plant construction across Latin America is modest compared to more established markets like 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. According to a report from Navigant Research, annual wind power installations across 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," 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 stabilising 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 a foundation for wind energy growth across Latin America, the study concludes. An Executive Summary is available for free download.

 

wind power latin america 2020 2022

 

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