Market Overview

The Latin America wind energy market reached USD 6.80 Billion in 2024 and is expected to grow to USD 10.30 Billion by 2033. Forecasted to expand at a CAGR of 4.20% during 2025-2033, the market growth is driven by strong investments in renewable energy and supportive government policies in countries like Brazil and Mexico. Rising demand for clean energy and technological advancements further propel market expansion.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Latin America Wind Energy Market Key Takeaways

• The Latin America wind energy market size reached USD 6.80 Billion in 2024.
• The market is expected to grow at a CAGR of 4.20% during 2025-2033.
• The forecast period for the market extends from 2025 to 2033.
• Brazil, Mexico, Argentina, and Colombia are leading countries implementing government incentives like tax credits, PPAs, and auctions.
• Colombia initiated Latin America's first offshore wind auction with a 7 GW target by 2040 and 13 GW by 2050.
• Grid integration and expansion, including offshore wind infrastructure investments, are boosting demand.
• Technological advancements and cross-border energy agreements enhance renewable energy transmission and market growth.

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Market Growth Factors

Increase in Government Incentives and Policies

Online grocery retailing in Europe focuses on convenience. With consumers leading increasingly busy lives there is a demand for shopping to be made as easy as possible. Online supermarkets fulfill this need by allowing customers to shop for groceries from home anytime and have their groceries delivered to their door. In addition to the role of secure digital payment methods and user-friendly websites, delivery options in both cities and rural areas, especially for same-day and next-business-day deliveries, have also enabled and eased the growth of online grocery shopping to a wider customer base.

Grid Integration and Expansion

Another major factor that drives the growth of the market is demand from consumers for healthy and nutritious food products, such as organic, plant-based, gluten-free and vegan products, which are more sustainable. Online grocery shopping also helps with this by making healthy foods more accessible, as well as providing more information about nutrition facts, origins of products and the sustainability of practices.

Technological Advancements and Regional Cooperation

The market is driven by logistics and supply chain technologies such as last-mile delivery automation, improving last-mile delivery efficiency, and providing real-time information about the delivery process. Due to the emergence of dark stores, or urban fulfillment centers focused on online orders, and a trend towards hyper-localization in quick on-demand delivery, where orders are fulfilled in less than 5-10 minutes, consumer expectations regarding speed and convenience in grocery delivery are increasing further, which benefits the investing companies.

Market Segmentation

Location of Deployment Insights:

• Onshore
• Offshore

The market is segmented based on deployment location including onshore and offshore wind energy, providing detailed analysis and forecasts for each category.

Regional Insights:

• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Others

The report covers major regional markets such as Brazil, Mexico, Argentina, Colombia, Chile, Peru, and other Latin American countries, highlighting their role in market dynamics.

Regional Insights

Brazil and Mexico are leading the wind energy market growth in Latin America, driven by strong capacity additions and government initiatives. Colombia targets 7 GW offshore wind capacity by 2040 and 13 GW by 2050. Brazil holds 232 GW worth of offshore wind projects, while Colombia's Offshore Wind Roadmap estimates 50 GW reference capacity potential. These countries' significant investments and policies shape the vibrant regional market, fostering sustainable energy integration and continuous growth.

Recent Developments & News

In August 2024, Scala Data Centers and Serena announced a renewable energy supply agreement starting in 2025 to provide wind power from Brazilian farms totaling 393 MW capacity in Bahia for hyperscale data centers, including AI workloads. In March 2024, Brazil and Colombia disclosed key plans to advance offshore wind farms as part of their net-zero strategies. Brazil has 232 GW of offshore wind projects listed at IBAMA, and Colombia’s Offshore Wind Roadmap assumes a 50 GW capacity, with supportive legislation fostering definitive offshore wind development.

Key Players

• Scala Data Centers
• Serena
• GE Vernova
• Casa dos Ventos

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