Latin America Wind Turbine Market Growth and Segments,2014-2020 FMI | Page 5

Report
Description
Report Description
Strong wind resources, and rising electricity prices and energy demand are driving the
demand for renewable energy higher. The Latin American industrial policies are effective as
they have tailored depreciation tax policies which enable industries to actively partner with
wind energy generators for their energy usage. Also, wind plants do not need to be in the
vicinity of the end user and just need a connection to the Latin American power grids. Feedin electricity tariffs have been introduced to motivate the use of renewable energy such as
wind energy, solar energy, hydropower, thermal energy and biomass energy. This
encourages investment in renewable energy as the government makes provisions for higher
retail rates for electricity for the producers of new energy technologies.
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Consistently declining monopoly in the Latin American electricity sector had paved way for
wind turbine manufacturers. The current wind turbine market is competitive. Gamesa is the
leading turbine supplier in Mexico and holds 73.5% of the market. It is followed by Vestas
with 22% of the market contribution. GE is also a major turbine manufacturer with 4.5%
market share in Mexico. Besides, the collapse of the Spain-based OEMs (Other Equipment
Manufacturers) wind market has compelled companies to expand their business in Latin
America.
By 2015, Latin America is expected to have 3 GW of installed wind capacity annually, surging
up to 4.3 GW by 2022. The manufacturers have to meet certain mandates on wind turbine
components and their materials. It is a challenge for most OEMs to deliver high quality wind
turbines while still ensuring an economical Latin American wind market.