Report Overview

The Latin America renewable energy market attained a capacity of more than 300.8 gigawatts in 2023. The market is further expected to grow at a CAGR of 4.1% during the forecast period of 2024-2032 to reach a capacity of more than 431.9 gigawatts by 2032.

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Technological Advancement to Boost the Market Growth of Renewable Energy in Latin America

The recent cost reduction along with evolving technologies and surging renewable energy policy reforms provides an opportunity to enhance renewable energy potential in Latin America. Going further, the progress and developments in the renewable energy market in Latin American region is bolstering economic development along with addressing climate change. Favourable government initiatives in the region are also adding to the Latin America renewable energy market growth. For instance, in April 2023, National Renewable Energy Laboratory (NREL) underscored that Mexico has great potential to become a clean energy powerhouse, with the boost of beneficial policies and private investment. NREL aims to install an additional 2,336 MW to surpass 4 GW mark in distributed generation segment. This will also promote economic activities in the country. Further, the adoption of bifacial solar technology that generates energy from both sides of the panel is expected to fuel the market demand for renewable energy in the region over the forecast period.

 

Latin America Renewable Energy Market Report Snapshots

Latin America Renewable Energy Market Size

Latin America Renewable Energy Market Growth

Latin America Renewable Energy Market Analysis

Latin America Renewable Energy Companies

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the market attained capacity of nearly 300.8 gigawatts in 2023.

The Latin America renewable energy market is projected to grow at a CAGR of 4.1% between 2024 and 2032.

The major drivers of the market include the increasing deployment of hydro energy, rising environmental consciousness, and increasing demand for electricity across the globe.

The rising investment in the small bioenergy capacities connected to the grid and the abundant availability of raw materials such as woods and bio-wastes are the key trends propelling the market growth.

The major countries in the Latin America market include Brazil, Argentina, and Mexico, among others.

The various types of renewable energy include hydropower, onshore wind, solar, and bio energy, among others.

The major players in the market are Ingenostrum S.L., Enel Green Power S.p.A, Gauss Energy, First Solar, Inc., and Atlas Renewable Energy, among others.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a capacity of around 431.9 gigawatts by 2032.

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