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Latin America Renewable Energy Market to Grow at a CAGR of 4.13% between 2021 and 2026.

According to a new report by EMR titled, ‘Latin America Renewable Energy Market Report and Forecast 2021-2026', the Latin America renewable energy market is supported by the global renewable energy, which attained a market size of about 2455 gigawatts in 2020. The market in Latin America is expected to grow at a CAGR of 4.13% in the forecast period of 2021-2026.

The Latin America renewable energy market is driven by the stable growth in hydro and biomass energy in the region. Latin America also receives excellent solar radiation, along with offering lower solar project costs as compared to the other areas due to the domestically available solar technologies, making it an extremely attractive investment. Many countries, including Brazil, Chile, Peru, and Uruguay, are investing in the wind capacity to extend their energy portfolio. The growing awareness among the masses about the environmental issues inflicted by the consumption of conventional energy, including coal, fossil fuel, and others, has increased the preference for renewable energy projects. Renewable energy is generated from naturally replenishing sources; that is, they do not deplete in a human's lifetime, for example, wind, biomass, solar, and hydropower, among others. The energy extracted from renewable energy is used to generate electricity and further used in air and water cooling, or heating, and other energy services.

In December 2018, Scatec Solar, along with Equinor (NYSE: EQNR) and Apodi Par, started commercial operations of their 162 MW Apodi Solar in Brazil. Scatec and Equinor also plan on expanding their operations to other parts of Latin America like Argentina. This development is expected to boost the renewable energy market in Latin America, especially in the solar power sector.

Market Analysis by Type and Region:

  • The Latin America renewable energy market, on the basis of type, is divided into hydropower, bio energy, and bagasse, among others.
  • Regionally, the market is divided into Brazil, Argentina, and Mexico, among others.

Key Findings of the Report:

  • The Latin America renewable energy market is driven by the strong investment in the small bioenergy capacities linked to the grid.
  • The ample amount of raw materials like woods and bio-wastes across the region is improving the bioenergy market in the region, further invigorating the Latin America renewable energy market growth.
  • Latin America showcases a great potential for hydropower, which is further expected to augment the market growth in the coming years.
  • Wind power is predicted to have the largest relative growth in the forecast period, enhancing the market growth further.
  • Electricity generation via biomass is majorly driven by the sugarcane and pulp processing industries, invigorating the market growth further.

Key Offerings of the Report:

  • The EMR report gives an overview of the Latin America renewable energy market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types and regional markets of renewable energy in Latin America.

Ingenostrum S.L., Enel Green Power S.p.A, Gauss energy, First Solar, Inc., and Atlas Renewable Energy, among others, are the key players in the Latin America renewable energy market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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