The South America Wind Power Market is growing at a CAGR of less than 7.9% over the next 5 years. Acciona Energia SA, EDF SA, General Electric Company, Siemens Gamesa Renewable Energy and Vestas Wind Systems AS are the major companies operating in this market.
Wind power in Brazil has proved to be the most competitive technology, with an average price of BRL 98.62/MWh (around USD 30/MWh), well below the prices of large hydropower plants.
As of 2021, South America wind power consists of 100% onshore wind installations. The region had 29,754 MW of cumulative wind energy installations. The new Energy Transition Law of Colombia, enacted in July 2021, represents the government''s commitment to achieving its climate change objectives and becoming a net-zero energy country.
Furthermore, decreasing the cost of power generation and growing investments, particularly in Brazil, Chile, Colombia, and Argentina, are expected to drive the onshore wind turbine installation, which, in turn, is expected to drive the wind power market in the region during the forecast period. Image © Mordor Intelligence.
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Wondering how much do commercial wind turbines cost? A utility-scale wind turbine costs between $1.3 million to $2.2 million per MW.
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