South America Wind Turbine Components Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)   

South America Wind Turbine Components Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)   

The South America wind turbine components market is expected to grow from US$ 9,580.40 million in 2022 to US$ 11,386.29 million by 2028. It is estimated to grow at a CAGR of 2.9% from 2022 to 2028.

Rising Number of Wind Farms is fueling the growth of South America

There is an increase in demand for a clean energy source as it eliminates greenhouse gases, reduces dependence on imported fuels, and diversifies the energy supply. This is fueling government investments in the construction of wind farms across the region. To achieve the target of Net Zero Emissions by 2050, significant investments are made for the new construction and expansion of wind farms. As the investment in wind farms is rising, the demand for various wind turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch system is also increasing, catalyzing the growth of South America wind turbine components market .

South America Wind Turbine Components Market Overview

The South America region is segmented into Brazil, Argentina, and the Rest of South America. Economies in South America have progressed at a faster rate on average than the economies of developed countries in the last 15 years. However, they still lag in terms of technological advancements. The lack of skilled labor, decreasing productivity, and high dependency on exports are some of the major constraints faced by economies in South America. However, factors such as supportive government policies and increased efforts to meet the growing power demand using clean energy sources are expected to drive the market over the projected period. For instance, in April 2022, Bunge signed a seven-year agreement with Pampa Energía to use wind-generated renewable electricity at its plants in Campana, Ramallo, San Jerónimo Sud, and at TFA in Puerto General San Martin, in Argentina. The agreement considers a future expansion of Parque de la Bahia, which will start to generate wind power in March 2023.

South America Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)

South America Wind Turbine Components Market Segmentation

The South America wind turbine components market is segmented into component and country.

Based on component, the South America wind turbine components market is segmented into rotor blade, nacelle, gearbox, generator, tower, and pitch system. The tower segment registered the largest market share in 2022.

Based on country, the South America wind turbine components market is segmented into Brazil, Argentina, and the Rest of South America. Brazil dominated the market share in 2022.

Flender International GmbH, GRI Renewable Industries SL, LM Wind Power AS, Siemens Gamesa Renewable Energy SA, The Timken Company, TPI Composites Inc, Valmont Industries Inc, Vestas Wind Systems AS, and ZF Friedrichshafen AG are the leading companies operating in the South America wind turbine components market.

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