Brazil and Mexico, the wind leaders of the region
The first commercial-scale wind power plant in Latin America was built in Costa Rica in 1996. More than two decades later, however, the Central American nation has lagged behind, with new leaders rising in the region. In 2022, Brazil had by far the largest installed wind capacity in the region, with more than 24 gigawatts. The Brazilian wind industry is also among the most important worldwide, ranking among the top ten countries.The regional runner-up Mexico has also made considerable progress, although in the last two years new wind capacity additions have stagnated. Nevertheless, wind capacity is forecast to continue growing for at least another decade.
A wind of change is on its way
In the last wo years, new wind and solar power additions in Latin America increased greatly in comparison with previous years. The landscape looks promising for the region's future. From 2023 on, yearly additions surpassing 20 gigawatts are expected to be installed. By 2030, the market size of the wind sector is forecast to double, reaching over 25 billon U.S. dollars by that year.One of the areas with lots of room for future development is the installation of offshore wind farms, which currently have no presence in the region. According to estimates, Argentina and Brazil display the highest technical potential for offshore wind energy, both with more than one terawatt of feasible capacity. With its vast coastal areas, strong winds, and favorable climatic conditions, Latin America could become a major wind energy powerhouse in the decades to come.
