Chile Wind Energy Market Report and Forecast 2024-2032

Chile Wind Energy Market Outlook

The Chile wind energy market size reached approximately 4.58 giga watt in 2023. The market is projected to grow at a CAGR of 3.84% between 2024 and 2032, reaching a volume of around 6.26 giga watt by 2032.

Key Takeaways

• Wind and solar power surpassed coal in generating Chile's electricity for the first time during a complete 12-month span, spanning from August 2021 to September 2022.

• Chile has established ambitious targets in its National Energy Policy 2050, aiming to achieve 60% of the country’s electricity production from clean energy sources by the end of 2035 and 70% by 2050, respectively.

• A prominent player in the renewable energy sector, Chile has become one of largest markets for wind power in Latin America.

As per the Chile wind energy market analysis, the increasing necessity to decrease greenhouse gas emissions is propelling the market forward. The rising energy consumption due to rapid urbanisation and increasing population is playing a crucial role in driving this demand. Ongoing technological advancements, including the utilisation of advanced materials, digital technologies, and enhanced manufacturing techniques that enhance the competitiveness and reliability of wind energy, are further stimulating the market growth. Additionally, wind energy contributes to national security by reducing reliance on imported fossil fuels and enhancing energy independence.

Chile has established an ambitious objective of achieving a 70% conversion of its overall energy consumption to renewable sources by 2030. Additionally, the nation has committed to attaining carbon neutrality by 2050.  The country's energy transition plan has undergone significant development in recent times, propelled by a combination of widespread political backing and the implementation of cutting-edge green technologies. This progress has also played a pivotal role in fostering the demand for wind energy within the region, thereby leading to the Chile wind energy market expansion.

Moreover, to expand their market base, market players are increasingly engaging in mergers and acquisitions and strategic collaborations. In October 2022, Sonnedix, an international renewable energy producer (REP), successfully finalised the acquisition of ARCO, which is one of the largest independent renewable power producers in Chile. Through this acquisition, Sonnedix ventured into the wind generation sector in Chile, with the addition of 290MW of renewable energy projects into its portfolio, further increasing its total capacity in Chile to over 1GW and its global capacity to 7.4GW.

Market Segmentation

Chile Wind Energy Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Location

• Onshore

• Offshore

Market Breakup by Application

• Utility

• Non-utility

Competitive Landscape

The market players are utilising advanced technologies, including 3D-printed turbines, floating turbines, vertical-axis turbines, and hybrid systems integrating wind and solar power, to enhance the efficiency and cost-effectiveness of wind energy.

• Siemens Energy

• Acciona, SA

• EDF Group

• Statkraft AS

• Mainstream Renewable Power Limited

• Enel S.p.A.

• Grupo Ibereólica Renovables

• Others

Key Highlights of the Report