|By Business Wire||
|February 19, 2014 03:34 PM EST||
Latin America has become one of the hottest growth markets for the wind energy industry. Wind power development in Brazil, in particular, is growing rapidly and will provide the bulk of Latin America’s wind market in the coming years. By 2016, Brazil could see yearly installations top 1.5 gigawatts (GW) as the pipeline of contracted projects comes online and transmission is constructed to connect the plants. Click to tweet: According to a recent report from Navigant Research, cumulative installed wind power capacity in Brazil will reach 20.1 GW by 2022, more than all the other nations of Latin American combined.
“Eight auction rounds since 2009 have awarded more than 8.5 GW of wind power contracts in Brazil, which secures a robust development cycle for at least the next 5 years,” says Feng Zhao, research director with Navigant Research. “Brazil’s Minister of Energy believes that the country can reach 10 GW of wind power installations by 2017 – 8 years ahead of the original plan.”
The next-largest market for wind power in Latin America will be Mexico, which is expected to have nearly 9 GW of installed capacity by 2022, according to the report. Wind capacity as of the beginning of 2013 represented only 2.5 percent of the country’s generation total, which is low for a country with a renewable energy target calling for 35 percent of the country’s electricity to come from renewables by 2024.
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 a 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, 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.