The wind power market in Latin America expanded by 326% in 2014 compared to the previous year. More than 4.1 gigawatts (GW) of wind power capacity was commissioned in the region, surpassing the previous year’s total of 1.3 GW. Brazil led the region with the connection of 2.5 GW in 2014. Elsewhere, record years in Mexico, Chile, and Uruguay supported overall regional growth.
MAKE’s is forecasting record wind power capacity connections in Latin America in 2015 and 2016, approaching 4.8 GW and 5.4 GW, respectively. MAKE expects Mexico, Uruguay, Panama, and the Dominican Republic to set new capacity installation records in 2015. However, new installations in Latin America will likely drop between 2017 and 2020, primarily due to economic risk in Brazil, before recovering to previous levels in 2021.
Key points from the report include:
- Power market reform in Mexico pushes the wind power market beyond 1 GW annually
- Solar power is increasingly a direct competitor to wind power development in several key markets
- Political interference continues to thwart wind power development in several promising markets
- Strength in core markets and regional development diversification will result in new records in 2015 and 2016
MAKE’s Latin America Wind Power Outlook 2015 is a 81-page report providing in-depth analysis of wind markets in Brazil, Mexico, Chile, Uruguay, Peru, Argentina, Panama, Colombia, Venezuela, Central America, and the Caribbean. It includes 10-year market outlooks for each of these markets and three forecast scenarios (bull, base, and bear) for both Brazil and Mexico. Market models are illustrated, demonstrating the critical forces that are shaping demand for new wind power assets.
For those who are not subscribing to our research, a Free Product Overview for this publication is available here.
Filed Under: News, Projects