At 3.5% CAGR, South & Central America Wind Turbine Generator Market is Projected to be Worth US$ 241.94 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the South & Central America wind turbine generator market was valued at US$ 183.93 million in 2022 and is expected to reach US$ 241.94 million by 2030, registering a CAGR of 3.5% from 2022 to 2030. Rising demand for floating wind technology and rising wind farms are among the critical factors attributed to the South & Central America wind turbine generator market expansion.

In deep water, the offshore wind turbine is mounted on a floating structure, which allows the turbine to generate electricity in the water depths. The floating wind technology is highly efficient in harsh conditions and, thus, capable of producing high power. Further, the demand for floating wind technology is growing in the market due to the increase in technological advancements, advantages associated with floating wind technology, and turnkey solutions provided by service providers. The growing awareness regarding clean energy in various countries is also propelling the demand for floating offshore wind power, thereby boosting the growth of the wind turbine generators and other components market.

Various investments are made in floating wind turbine projects by the governments of different countries. In 2023, Petrobras revealed plans to build offshore wind farms in Brazil with a potential capacity of up to 23 GW, in addition to a floating wind project in Rio de Janeiro. In addition, in June 2022, Equinor collaborated with Technip Energies to develop floating wind steel SEMI substructures that accelerate technology development for floating offshore wind.

On the contrary, dependence on Chinese wind turbine component manufacturers hamper the growth of South & Central America wind turbine generator market.

Based on type, the South & Central America wind turbine generator market is bifurcated into direct current and AC synchronous. The AC synchronous segment held 69.9% share of the South & Central America wind turbine generator market in 2022, amassing US$ 128.48 million. It is projected to garner US$ 169.79 million by 2030 to expand at 3.5% CAGR during 2022–2030.

In terms of deployment type, the South & Central America wind turbine generator market is bifurcated into onshore and offshore. The onshore segment held 100.0% share of the South & Central America wind turbine generator market in 2022, amassing US$ 183.93 million. It is projected to garner US$ 241.94 million by 2030 to expand at 3.5% CAGR during 2022–2030.

Based on country, the South & Central America wind turbine generator market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 80.4% share of South & Central America wind turbine generator market in 2022, amassing US$ 147.97 million. It is projected to garner US$ 151.66 million by 2030 to expand at 0.3% CAGR during 2022–2030.

Key players operating in the South & Central America wind turbine generator market are Envision Energy USA Ltd, Mingyang Smart Energy Group Co, Nordex SE, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co Ltd, Vestas Wind Systems AS, General Electric Co, Suzlon Energy Ltd, and ENERCON GmbH, among others.

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