Portugal Power Market Size (2024 - 2029)

The Portugal power market is poised for growth, driven by increasing investments in renewable energy and rising urbanization and electrification, which are expected to boost power consumption. Despite challenges posed by dependency on weather conditions for solar and wind energy, the market has rebounded to pre-pandemic levels. The government's ambitious targets for reducing greenhouse gas emissions present further opportunities for market expansion.

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Market Size of Portugal Power Industry

Portugal Power Market Summary
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

Major Players

Portugal Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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Portugal Power Market Size Summary

The Portugal power market is experiencing a resurgence, having recovered from the setbacks caused by the COVID-19 pandemic, which had led to project delays and regional lockdowns. The market is poised for growth, driven by increasing investments in renewable energy and rising urbanization and electrification, which are expected to boost power consumption. However, the market faces challenges due to its reliance on weather conditions for renewable energy sources like solar and wind. The Portuguese government's ambitious targets to significantly reduce greenhouse gas emissions by 2050 are anticipated to create numerous opportunities within the power sector, encouraging further investment and development in renewable energy projects.

Renewable energy plays a pivotal role in Portugal's power market, with a substantial portion of electricity generation coming from renewable sources. Hydropower, in particular, dominates the renewable energy sector, supported by recent projects such as Iberdrola's T√¢mega Gigabattery, which enhances Europe's power storage capacity. Despite the high initial costs and environmental concerns associated with hydropower projects, they continue to be a significant component of Portugal's energy strategy. The country's commitment to achieving carbon neutrality by 2050, alongside the development of large-scale renewable projects like Europe's largest solar floating power project, underscores the ongoing expansion and importance of renewable energy installations in driving the market forward. The power market in Portugal is consolidated, with major players like Acciona SA, Aquila Group, Finerge SA, Iberdrola SA, and Energias de Portugal holding significant market shares, and upcoming initiatives such as offshore wind energy auctions and new photovoltaic plants are set to further shape the industry's landscape.

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Portugal Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Power Generation Capacity Forecast in GW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation

      1. 2.1.1 Thermal

      2. 2.1.2 Hydro

      3. 2.1.3 Renewables

      4. 2.1.4 Other Power Generation Sources

    2. 2.2 Transmission and Distribution

Portugal Power Market Size FAQs

The Portugal Power Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Acciona SA, Finerge SA, Iberdrola SA and Energias de Portugal are the major companies operating in the Portugal Power Market.

Portugal Power Market Report Snapshots

Portugal Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)