Latin America and Caribbean Energy Transition Market Analysis by Sectors and Trends

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Latin America and Caribbean Energy Transition Market Report Overview

Latin America and the Caribbean (LAC) finds itself at a relatively early stage of the energy transition. Although the region consistently achieves high rates of renewable generation, the potential of its energy transition technologies is currently untapped. However, this is about to change with large amounts of renewable energy and green hydrogen production capacity in the pipeline.

Key Power Types ·       Coal

·       Wind

·       Oil

·       Solar PV

·       Gas

·       Biopower

Key Sectors ·       Electric Vehicles

·       Renewable Fuels

·       CCS/ CCUS

·       Hydrogen

Key Players ·       M. A. Mortenson Co

·       Swinerton Renewable Energy Inc

·       Canadian Solar Inc

·       Trina Solar Co Ltd

·       Vestas Wind Systems AS

·       TotalEnergies SE

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Latin America and Caribbean Energy Transition Market by Power Types

The major power types in the Latin America and Caribbean energy transition market are coal, oil, gas, nuclear, hydro, onshore wind, offshore wind, solar PV, solar thermal, and geothermal. Hydropower was the largest source of electricity generation in LAC in 2021 and will remain the largest source of renewable generation in the region.

The increasing cost effectiveness of renewables will decrease reliance on thermal power sources, but capacity will likely be maintained as a backup in the event of renewable intermittency challenges.

Latin America and Caribbean Energy Transition Market Analysis by Power Sectors (%)

Latin America and Caribbean Energy Transition Market Analysis by Power Sectors (%)

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Latin America and Caribbean Energy Transition Market, Country-wise Outlook

The key countries in the Latin America and Caribbean energy transition market are Brazil, Guatemala, Chile, Colombia, Ecuador, Peru, Argentina, Dominican Republic, Puerto Rico, and Cuba. The largest hydropower-producing countries in 2021 were Brazil, Colombia, Paraguay, Venezuela, and Peru. At 86% in 2035, Brazil will have the highest renewable share in the region.

Latin America and Caribbean Energy Transition Market Analysis by Country (%)

Latin America and Caribbean Energy Transition Market Analysis by Country (%)

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Latin America and Caribbean Energy Transition Market, Major Sectors

Major sectors in the Latin America and Caribbean energy transition market are electric vehicles, renewable energy, CCS/ CCUS, and hydrogen.

Electric Vehicles: Adoption of electric vehicles within the LAC region has been slow so far, with electric vehicles holding just a 3.5% share of total light vehicles across Mercosur countries. Adoption rates fall well below the global average, with electric vehicles accounting for almost 30% of light vehicles globally. As a result, the LAC region has a small presence within the global EV market, with EVs within the region accounting for a mere 0.1% of global electric vehicles. 

Renewable Fuels: The LAC region’s supply of renewable fuels is expected to increase strongly within the next decade, increasing at a CAGR of 59% between 2020 and 2030. This increase will be facilitated by a growing number of renewable refineries, with five addition facilities coming online before the end of the decade. 54% of the projects being based in Brazil will further consolidate the country’s position as a leader in the renewable fuels space.

Latin America and Caribbean Energy Transition Market, Major Players

Some of the major players in the Latin America and Caribbean energy transition market are Enel SpA, Shell plc, Eneva SA, Canadian Solar Inc, Engie SA, Eolica Brasil Ltda, Equinor ASA, TCI Geocomp SL, and TotalEnergies SE among others.

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The report covers:

  • Current LAC leaders in energy transition technology
  • Renewable energy policies and economics
  • Power capacity share outlook
  • Power generation outlook
  • Largest economies- renewable share
  • Thermal power decommissioning emissions
  • Major players in solar and wind: owners, manufacturers, and EPCs
  • Passenger EV outlook
  • EV policies
  • Renewable refinery active and upcoming projects
  • Renewable fuels market outlook
  • CCS/ CCU projects
  • National hydrogen strategies
  • Upcoming hydrogen projects
  • Hydrogen capacity forecasts
  • Intended use sectors for hydrogen
  • Case Studies

Key Highlights

Between 2018-2035 renewable power capacity is expected to strongly increase. Offshore wind will experience the strongest growth, experiencing a CAGR of 46% between 2023-2035, although this is largely a reflection of the current capacity being extremely low.

Other strong growth segments in terms of capacity include solar PV, which will experience a CAGR of 11.2% between 2023 and 2035 and geothermal, which will experience a growth of 7.88% across the same time frame

By 2035, the LAC region is expected to achieve 75% renewable generation, exceeding the RELAC initiative regional target.

Adoption of electric vehicles within the LAC region has been slow so far, with electric vehicles holding just a 3.5% share of total light vehicles across Mercosur countries.

Brazil is expected to remain one of the world’s largest ethanol markets by 2040, taking one-third of the global market. Brazil will also account for 92% of the LAC region’s ethanol production in 2040.

Reasons to Buy

  • Obtain the most up to date information on recent developments and policies for LAC’s energy transition.
  • Identify opportunities in upcoming projects involving electric vehicles, solar and wind power generation, EVs, CCS and hydrogen production in the LAC region.
  • Assess competitors based on their active and pipeline capacities for renewable energy generation, CCS/CCU projects, and hydrogen projects
  • Develop business strategies by identifying the most promising sectors for future growth

Energia Eolica SA
Enel S.p.A
Groupe Renault
Nissan Motor Co
General Motors Company
Shell plc
SGP Bioenergy
ECB Group
Enegix Renewable Energies Ltd
China National Machinery Industry Corp
Power Construction Corporation of China
Elecnor SA
Prodiel Proyectos de Instalaciones Electricas SL
China Energy Engineering Group Co Ltd
Andrade Gutierrez SA
Shapoorji Pallonji & Co Pvt Ltd
Ellaktor SA
TSK Group
Scatec ASA
Canadian Solar Inc
JinkoSolar Holding Co Ltd
Trina Solar Co Ltd
JA Solar Technology Co Ltd
LONGi Green Energy Technology Co Ltd
First Solar Inc
TotalEnergies SE
BYD Co Ltd
Golden Concord Group Limited
Siemens AG
Vestas Wind Systems AS
General Electric Co
CJR Renewables SGPS SA
SDV energia e infraestructura SL
Nordex SE
Xinjiang Goldwind Science & Technology Co Ltd
Suzlon Energy Ltd
Senvion SA
Pretoleo Brasileiro SA
Total Amyris BioSolutions BV
TotalEnergies SE
Brazil Bio Fuels SA
Steamboat Fuels LLC
ECB Group
Galp Energia.

Table of Contents

  • Executive Summary
  • Sector Readiness and Leaders
  • Power Outlook & Generation
  • • Renewable Energy Policies & Economics
  • • Power Capacity Share Outlook
  • • Power Generation Outlook
  • • Largest Economies – Renewable Share
  • • Thermal Power Decommissioning & Emissions
  • • Major players: Solar and Wind Owners, Manufacturers, and EPCs
  • Electric Vehicles
  • • Passenger EV Outlook
  • • Policies
  • Renewable Fuels
  • • Renewable Refineries
  • • Renewable Fuels
  • • CCS/CCU Projects
  • Hydrogen
  • • National Hydrogen Strategies
  • • Upcoming Hydrogen Projects
  • • Hydrogen Capacity Forecasts
  • • Intended Use Sectors for Hydrogen
  • • Case Studies


Energy transition technology leaders

Renewable energy policies and strategies

Electric vehicles policies and support

Active and upcoming renewable refineries in LAC

Renewable fuels policies and support

Current CCS projects

National hydrogen strategies

Largest upcoming hydrogen plants in LAC

Examples of hydrogen developments in LAC across sectors


Average LCOE, Argentina, Brazil, and Chile

LAC power capacity share, 2018 – 2035

LAC power generation share, 2018 – 2035

LAC renewable generation by type, 2018 – 2035

Largest LAC economies by renewable generation share

LAC decommissioning and upcoming thermal capacity, 2023 – 2035

LAC Emissions from thermal power

LAC top 10 solar owners by capacity

LAC top 10 wind owners by capacity

Mercosur region electric vehicle production, 2018 – 2035

LAC renewable fuel production by type, 2018 – 2040

LAC renewable fuel consumption by type, 2018 – 2040

Top 10 companies by mentions of CCUS in company filings between Jan 2018 – May 2023

LAC low carbon hydrogen capacity scenarios, 2020 – 2030

Target sectors for low carbon hydrogen plants

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