Portugal Wind Energy Market Size
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2020 |
| CAGR | > 8.50 % |
| Market Concentration | Medium |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Portugal Wind Energy Market Analysis
The Portugal wind energy market is expected to record a CAGR of more than 8.5% during the forecast period. The impact of the COVID-19 pandemic was negative on the country's wind energy industry, as many large-scale and small-scale wind energy projects were halted in 2020. For example, in 2020, as per the International Energy Agency, Portugal completed wind and solar PV auctions from January to June, but the overall capacity awarded in the region was significantly lower than the previous year. The Portugal wind energy market is expected to grow in the coming years. Factors such as the declining cost of wind power generation, increasing sensitivity toward environmental issues, and support from the government through financial incentives are likely to drive the market for wind energy during the forecast period. On the flip side, the substitution of solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry achieved cost reduction significantly higher than the wind energy sector.
- With a significant onshore wind energy capacity of around 4.37 GW in 2020, the onshore sub-sector is expected to dominate the wind energy market in Portugal during the forecast period.
- Increased demand for electricity in the country is expected to provide market opportunities for wind power development. The massive wind power potential and a decline in the cost of wind energy are likely to provide widespread business opportunities to the market in the coming years.
- Favorable government policies and increasing investments in the wind energy sector are likely to drive the market during the forecast period.
Portugal Wind Energy Market Trends
This section covers the major market trends shaping the Portugal Wind Energy Market according to our research experts:
Onshore Segment to Dominate the Market
- Onshore wind energy is expected to dominate the market during the forecast period and is likely to become a significant source of electricity for Portugal to achieve carbon neutrality by 2050.
- With onshore wind energy capacity reaching 5,214 MW in 2020 in the country, the segment is expected to grow and reach 9,000 MW by 2030 as per its goals, which will drive the market's growth.
- With the commissioning and announcements of several wind power projects in Portugal, onshore wind energy will dominate the market during the forecast period. For instance, in January 2021, EDP Renováveis SA (EDPR) entered into a contract to design, construct, and operate two medium-scale wind farms, namely Tocha II, with a capacity of 33 MW, and Sincelo, with a total capacity of 92 MW in the districts of Coimbra and Guarda, Portugal.
- In April 2021, Exus Management Partners announced an 85 MW wind and solar hybrid project in northern Portugal. The project is expected to commission by 2023.
- Hence, with such development works and targets by the government, the segment is likely to dominate during the forecast period.
Government Policies and Increasing Investments to Drive the Market
- Favorable government policies will drive the wind energy market in Portugal. The government has launched various government policies and initiatives to support the growth of renewable energy and wind energy deployment in the country. For instance: In 2020, The Portuguese government pledged its ambitious 2030 targets in the European Union. It wants renewable energy to cover 80% of the country's electricity needs by 2030, of which 31% would come from wind.
- In January 2022, wind energy generated a majority share of 31.6% of renewable electricity, followed by hydropower.
- The Portuguese government's Energy and Climate Plan targets, which aim to have 47% of renewable sources in gross final energy consumption by 2030, will drive the growth of wind energy installations.
- According to BP's statistical review of world energy 2021, wind energy's contribution to the total renewable energy generation in 2020 was 18.1%.
- According to the Portuguese Renewable Energy Association (APREN), in 2021, wind energy generated 12.92 terawatt-hours (TWh) of electricity. The other renewable sources, hydro and solar, generated 11.61 TWh and 1.74 TWh, respectively.
- In 2020, European Investment Bank (EIB) signed an agreement with alternative investment management firm Ben Oldman to provide EUR 100m ( USD 114m) to co-finance solar photovoltaic (PV) and wind energy projects in Spain and Portugal. Thus, driving the growth of the market.
- In 2020, Portugal also saw the commissioning of two new floating offshore wind turbines, totaling 16.8 MW, which will have a positive impact on the market.
- Hence, government support and rising investments in renewable energy will drive the wind energy market growth during the forecast period.
Portugal Wind Energy Industry Overview
The Portugal wind energy market is moderately consolidated. Some of the major players in the market include Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Oersted AS, Electricite de France SA, and Acciona SA.
Portugal Wind Energy Market Leaders
Acciona SA
Siemens Gamesa Renewable Energy SA
Vestas Wind Systems A/S
Oersted A/S
Electricite de France SA
*Disclaimer: Major Players sorted in no particular order
Portugal Wind Energy Market News
- In January 2022, EDP Renovaveis completed the sale to Onex Renewables of a 221MW onshore wind portfolio in Portugal for an enterprise value of EUR 534m. The transaction scope includes five wind farms, out of which 96MW have been in operation since 2018-19 and 125MW entered operation in December 2021.
- In June 2021, Vestas announced it had received a 25 MW order to extend a wind park in the north of Portugal. The order has been placed by Finerge, one of Portugal’s largest renewable energy producers. Under the contract, the company will provide the supply and installation of six V150-4.2 MW wind turbines. Vestas will also provide service on the wind park for the next 20 years through an Active Output Management 4000 (AOM 4000) service agreement.
Portugal Wind Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Wind Energy Installed Capacity and Forecast, in GW, Portugal, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Vestas Wind Systems AS
6.3.2 Oersted AS
6.3.3 Acciona SA
6.3.4 Electricite de France SA
6.3.5 EDP Energias de Portugal
6.3.6 Siemens Gamesa Renewable Energy SA
6.3.7 ENERCON GmbH
6.3.8 Rulis Electrica Lda
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Portugal Wind Energy Industry Segmentation
The Portugal wind energy market report includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
Portugal Wind Energy Market Research FAQs
What is the current Portugal Wind Energy Market size?
The Portugal Wind Energy Market is projected to register a CAGR of greater than 8.5% during the forecast period (2023-2028).
Who are the key players in Portugal Wind Energy Market?
Acciona SA, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Oersted A/S and Electricite de France SA are the major companies operating in the Portugal Wind Energy Market.
Portugal Wind Energy Industry Report
Statistics for the 2023 Portugal Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Portugal Wind Energy analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
