In Europe, onshore wind power plays a central role in decarbonization efforts with streamlined permitting processes which have accelerated since early 2023, reducing delays and potentially leading to a spike in European onshore wind power capacity by the end of 2023 or mid-2024.
In North America, especially the US, growth is driven by incentives under the Inflation Reduction Act, which provides tax credits for investments and production from clean energy assets. However, the industry’s revival depends on factors such as supply chain efficiency, transmission connectivity, and regulatory support for renewable energy.
Latin America is emerging as a promising region for onshore wind energy, with a 74% increase in installed capacity between 2018-2022 (IRENA, 2023). Free markets, especially in countries like Argentina, Brazil, Chile, and Peru, are driving growth, favouring PPAs over fixed-price contracts. Wood Mackenzie’s estimates predict around 40GW of new onshore wind power projects in Latin America over the next decade (Wood Mackenzie, 2023), with Brazil and Chile standing out due to their untapped power generation potential, although competition from solar PV remains a challenge.