Portugal Power Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | High |
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*Disclaimer: Major Players sorted in no particular order |
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Portugal Power Market Analysis
The Portugal power market is expected to register a CAGR of more than 3% in the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and delays in ongoing and upcoming projects. Currently, the market has rebounded to pre-pandemic levels.
- Factors such as increasing investments in renewable energy are likely to drive the market. The degree of urbanization and electrification is also expected to drive power consumption.
- On the other hand, the dependency on renewable weather conditions such as the sun for solar energy and the wind for wind energy is expected to restrain Portugal's power energy market.
- Portugal's government has set a target of decreasing greenhouse gas emissions by 89% to 99% by 2050, compared to 2005. This is likely to create several opportunities for Portugal's power market in the future.
Portugal Power Market Trends
Hydropower Expected to Dominate the Market
- In 2021, out of the total electricity generation capacity, hydropower accounted for 37.6% at 7.24 GW. Hydropower generation capacity witnessed a growth of around 34% from 5.66 GW in 2013 to 7.59 GW in 2022.
- The country witnessed the launch of a number of hydropower projects in recent years, driving the hydropower market in the country.
- In July 2022, Iberdrola inaugurated its pumped-storage hydropower plant, Tâmega Gigabattery. The plant is designed to add over 2 GW in total to Europe's power storage capacity.
- On the other hand, high initial costs and significant environmental damage due to hydropower projects are expected to hamper the growth of the hydropower segment in the country.
- Therefore, owing to the above points, hydro energy is likely to dominate Portugal's renewable energy market during the forecast period.
Increasing Renewable Energy Installations to Drive the Market
- In 2021, more than 70% of the electricity generated in the country was from renewable energy sources, and the remaining was from fossil fuels. The government of Portugal has planned to reduce greenhouse gas emissions to zero by 2050 by installing more renewable energy generation capacity.
- In 2022, the total renewable energy generation plant installed capacity was 16.33 GW, which was higher than the installation capacity of 2021, 15.07 GW.
- The Ministry of Environment and the Energy Transition in Portugal has presented the country's new plan to achieve carbon neutrality by 2050, "Roteiro para a Neutralidade Carbónica 2050," that envisages Portugal covering 100% of its total power demand with renewable energies by 2050, thereby reducing CO2 emissions by between 85% and 99% when compared to 2005 levels.
- Additionally, the country has witnessed significant growth in the number of renewable energy projects in recent years. For instance, in May 2022, EDP launched the construction of Europe's largest solar floating power project in Portugal. The installed power generation capacity of the power plant is expected to be 5 MW.
- Hence, owing to the above points, increasing renewable energy installations are expected to drive the Portugal renewable energy market during the forecast period.
Portugal Power Industry Overview
The Portugal Power market is consolidated, due to a few companies holding a major share of the market. The key players in this market (in no particular order) include Acciona SA, Aquila Group, Finerge SA, Iberdrola SA, and Energias de Portugal.
Portugal Power Market Leaders
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Acciona SA
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Finerge SA
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Iberdrola SA
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Energias de Portugal
*Disclaimer: Major Players sorted in no particular order
Portugal Power Market News
- January 2023: Portugal's Prime Minister announced that the country's government is expected to launch its first offshore wind energy auction in the last quarter of 2023.
- February 2023: Iberdola secured an environmental license from the Portuguese Environment Agency (APA) to build a photovoltaic plant in Santiago do Cacém, Portugal. The capacity of the plant is 1,200 MW, and it is expected to commence operations in 2025.
Portugal Power 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 Installed Power Generation Capacity Forecast in GW, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGMENTATION
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5.1 Power Generation
- 5.1.1 Thermal
- 5.1.2 Hydro
- 5.1.3 Renewables
- 5.1.4 Other Power Generation Sources
- 5.2 Transmission and Distribution
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Acciona SA
- 6.3.2 Aquila Group
- 6.3.3 Finerge SA
- 6.3.4 Iberdrola SA
- 6.3.5 Energias de Portugal
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityPortugal Power Industry Segmentation
Power generation can be described as the production of electricity using different types of technology, like thermal, solar, wind, hydro, nuclear, etc. The Portugal power market is segmented by power generation, transmission, and distribution. By power generation, the market is segmented into thermal, hydro, renewable, and others. For each segment, the market sizing and forecasts have been done based on installed capacity (gigawatts), except transmission and distribution.
| Power Generation | Thermal |
| Hydro | |
| Renewables | |
| Other Power Generation Sources |
Portugal Power Market Research FAQs
What is the current Portugal Power Market size?
The Portugal Power Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Portugal Power Market?
Acciona SA, Finerge SA, Iberdrola SA and Energias de Portugal are the major companies operating in the Portugal Power Market.
What years does this Portugal Power Market cover?
The report covers the Portugal Power Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Portugal Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Portugal Power Industry Report
Statistics for the 2024 Portugal Power market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Portugal Power analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
