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Report Overview
The Latin America renewable energy market attained a capacity of more than 300.8 gigawatts in 2024. The market is further expected to grow at a CAGR of 4.1% during the forecast period of 2025-2034 to reach a capacity of more than 431.9 gigawatts by 2034.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Latin America Renewable Energy Market Size
The Latin America renewable energy market is supported by the global renewable energy market growth, which reached an installed capacity of more than 2,771.91 gigawatts in 2023. The market in Latin America is expected to grow at a CAGR of 4.1% in the forecast period of 2024-2032.
The Latin America renewable energy market is expected to be driven by the steady growth in hydro and biomass across the region. Hydropower is the leading sector in the region, accounting for nearly 81% of the market. The region receives high solar radiation and the project cost of solar is also lower as compared to the other areas owing to the locally available solar technologies, making it a highly attractive investment. Chile, especially, is expected to exhibit accelerated growth in solar capacity addition in the region. Countries such as Brazil, Argentina, Chile, Uruguay, and Peru are investing in the wind capacity to diversify their alternative power portfolio.
The rising awareness among consumers with respect to the environmental issues caused by the use of conventional power sources such as coal, fossil fuel, etc., has led to an increasing preference for alternative power projects by many countries. In 2017, the global renewable energy market witnessed an investment of about USD 280 billion. Hydro, solar, and wind power are the leading sources for alternative and sustainable power generation globally.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124