Report : South & Central America Wind Turbine Nacelle Market Forecast to 2031 - Regional Analysis - by Plant Capacity (Less than 10 MW and Above 10 MW) and Deployment Type (Onshore and Offshore)
At 3.2% CAGR, South & Central America Wind Turbine Nacelle Market is Projected to be Worth US$ 2,198.47 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the South & Central America wind turbine nacelle market was valued at US$ 1,708.63 million in 2023 and is projected to reach US$ 2,198.47 million by 2031, registering a CAGR of 3.2% from 2023 to 2031. Rising demand for sustainable energy sources and energy transition are among the critical factors attributed to drive the South & Central America wind turbine nacelle market growth.
Reducing carbon emissions is notably significant as the world is concentrating on decreasing its dependency on fossil fuel-driven power generation and focusing more on shifting to sustainable energy sources such as wind. Wind power is expected to play an essential role in the future energy transition and overall energy mix. It augments energy security by lowering dependency on imports of fossil fuel in times of geopolitical crisis.
Wind power also offers emission-free electricity and helps in reducing carbon emissions, which makes it a viable alternative to combat climate change. Moreover, wind energy has the potential to meet the growing energy demands globally. Thus, supportive government policies and regulatory assistance, growing adoption of sustainable alternatives, and technological innovations are anticipated to propel the growth of wind energy, thereby driving the wind turbine nacelle market.
On the contrary, high investment and maintenance cost hamper the growth of the South & Central America wind turbine nacelle market.
Based on plant capacity, the South & Central America wind turbine nacelle market is segmented into less than 10 MW and above 10 MW. The above 10 MW segment held 99.1% market share in 2023, amassing US$ 1,692.67 million. It is projected to garner US$ 2,166.09 million by 2031 to register 3.1% CAGR during 2023-2031.
Based on deployment type, the South & Central America wind turbine nacelle market is segmented into onshore and offshore. The onshore segment held 100.0% market share in 2031, amassing US$ 1,708.63 million. It is projected to garner US$ 2,198.47 million by 2031 to register 3.2% CAGR during 2023-2031.
Based on country, the South & Central America wind turbine nacelle market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 67.0% share of South & Central America wind turbine nacelle market in 2031. It was assessed at US$ 1,145.45 million in 2023 and is likely to hit US$ 1,388.84 million by 2031, registering a CAGR of 2.4% during 2031-2031.
Key players operating in the South & Central America wind turbine nacelle market are BFG International Group, ENERCON GmbH, General Electric Co, Hitachi Energy Ltd, Nordex SE, Siemens Gamesa Renewable Energy SA, Suzlon Energy Ltd, Vestas Wind Systems AS, and Xinjiang Goldwind Science & Technology Co Ltd, among others.
In January 2022, the Nordex Group received orders from South America for 245 MW. The Norwegian company Statkraft - Europe's largest producer of renewable energies - placed an order for the supply and installation of 14 N163/5.X turbines for the 80 MW Morro do Cruzeiro wind farm in Brazil. The order also includes a three-year Premium Service contract with an extension option. The Nordex Group will manufacture the nacelles, hubs, rotor blades and the 120-metre-high concrete towers in the country.
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