Latin America to reach 4.3 GW of annual wind installations by 2022
Nov 4, 2013 - Annual wind power capacity additions in Latin America will double to 4.3 GW by 2022 from 2.2 GW this year achieving double-digit compound annual growth rates for the 10-year period, Navigant Research projects.
In a new report, the market intelligence firm said that the local market is being driven by strong political backing and rapid economic growth that results in increased power demand.
Already, Latin America has turned into “the hottest growth market for the wind energy industry”, Navigant says. It calculates that the region will reach no less than a 5.5% share in global wind installations for 2013.
Looking into the future, Brazil is seen as a major driver for wind energy growth in Latin America. Navigant pointed to the latest wind contract competitive bidding round in Brazil this year that saw wind power prices stabilise at higher rates.