Which South American navy counted as a major power?

Which South American navy was considered a major navy during the regional naval race?

Brazil, at least at points in the competition.

Brazil could qualify as a major naval power at points in the South American race. Its strength mattered beyond national prestige because other ship programmes were built in response to Brazilian acquisitions. The later Texas and Maine discussion gives a concrete example of the United States reacting to that regional balance. Major-navy status is relative to time and theatre rather than a permanent global label.