Market Size of Peru Wind Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 11.60 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Peru Wind Energy Market Analysis
The Peru Wind Energy Market is expected to grow at a CAGR of more than 11.6% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, factors such as increasing demand for renewable energy, rising investments in wind farms, and declining cost of wind power generation and associated equipment are driving the wind energy market.
- On the other note, the increasing adoption of alternate clean power sources such as solar, hydropower, and bio-energy are likely to hinder the growth of the wind energy market in the coming years.
- Nevertheless, the Peruvian government's mission is to shift from an energy mix based essentially on hydrocarbons. Peru has plans to have 15% of renewables in its energy mix by 2030, which diversifies the energy mix to ensure a reliable and timely supply of energy demand to guarantee the country's sustainable growth and also to promote investments in the energy sector, which in turn, is likely to provide an opportunity to a growth in the deployment of wind energy in coming future.
Peru Wind Energy Industry Segmentation
Wind power is usually generated using a wind turbine. Wind turbines are mechanical systems that convert kinetic energy into electrical energy.
The Peru Wind Energy Market size and forecasts have been done based on installed capacity (MW).
Peru Wind Energy Market Size Summary
The wind energy market in Peru is poised for significant growth, driven by increasing demand for renewable energy and substantial investments in wind farm projects. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key factors propelling this growth include the declining costs of wind power generation and associated equipment, as well as the Peruvian government's commitment to diversifying its energy mix away from hydrocarbons. The government aims to incorporate a substantial percentage of renewables into the energy mix by 2030, which is expected to bolster the deployment of wind energy. Peru's geographical advantages, particularly in regions like Ica and Ancash, offer abundant wind energy potential, attracting foreign direct investments and encouraging the development of onshore wind power generation.
Despite the promising outlook for wind energy, the market faces challenges from the increasing adoption of alternative clean energy sources such as solar, hydropower, and bio-energy. The solar energy sector, in particular, is witnessing rapid growth, with several solar projects set to come online, potentially hindering the expansion of wind energy. The market is characterized by a few major players, including Enel Green Power S.p.A. and Acciona S.A., who are actively involved in expanding wind energy capacity through significant investments and projects. These developments underscore the competitive landscape of the wind energy market in Peru, where strategic investments and government policies are crucial for sustaining growth amidst the rising prominence of other renewable energy sources.
Peru Wind Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecasts in MW, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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Peru Wind Energy Market Size FAQs
What is the current Peru Wind Energy Market size?
The Peru Wind Energy Market is projected to register a CAGR of greater than 11.60% during the forecast period (2024-2029)
Who are the key players in Peru Wind Energy Market?
Enel Green Power S.p.A. , CONTOURGLOBAL PLC , Cobra Group PLC , Grenergy Renovables SL and Acciona, S.A. are the major companies operating in the Peru Wind Energy Market.
