LONDON--(BUSINESS WIRE)--An increasing number of countries are adopting renewable energy sources such as wind power, and not all of them are developed nations. While countries such as Denmark and other European nations are making significant progress in this area, Infiniti Research observes that renewables have become a global focus. For example, Latin American countries are expected to install over 47 gigawatts in new wind capacity over the next decade, with Chile, Mexico, and Argentina moving into the market as Brazil’s efforts slow.
Market developments
While Brazil has been dominating the Latin American wind power market in recent years, the country is expected to significantly slow down new capacity additions in 2019 due to political and economic instability. Mexico has a 35% renewable energy target and is conducting long-term power auctions to support this. Argentina has a target of 20% renewables by 2025, while Chile is aiming for 70% by 2050.
Chile has implemented new regulations around the use of state land for the development of renewable energy projects. They will make it easier to use public land for renewables building projects, with that land already home to 77% of solar energy plants and 23% of wind plants in the country. Chile has also become the first Latin American country to exceed 1 gigawatt of installed solar capacity, with its desert sun providing an excellent source of energy. While 70% renewables may be an ambitious goal, the country is already making great strides towards it.
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Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
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