Market Size of Portugal Power Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 |
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.
Portugal Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Power Generation Capacity Forecast in GW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Power Generation
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2.1.1 Thermal
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2.1.2 Hydro
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2.1.3 Renewables
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2.1.4 Other Power Generation Sources
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2.2 Transmission and Distribution
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Portugal Power Market Size 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.
