Portugal Solar Energy Market Size (2024 - 2029)

The solar energy market in Portugal is poised for growth, driven by increasing energy demand, a shift away from fossil fuels, and decreasing costs of solar PV systems. The market's expansion is supported by rising investments in solar farms and favorable government policies. However, the growth may face challenges due to the adoption of other clean energy sources like wind. The closure of coal-fired power plants has opened up new investment opportunities, further enhancing the potential for solar energy development in the country.

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Market Size of Portugal Solar Energy Industry

Portugal Solar Energy Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.50 %
Market Concentration Medium

Major Players

Portugal Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Portugal Solar Energy Market Analysis

The Portuguese solar energy market is expected to register a CAGR of more than 6.5% during the forecast period.

  • Over the medium term, the primary drivers of the market include rising energy demand, efforts to reduce the reliance on fossil fuel-based power generation, and the declining cost of solar PV and associated systems. Other factors, such as rising investments in solar farms and supportive government policies, are also likely to drive the solar energy market in Portugal during the forecast period.
  • On the other hand, the increasing adoption of alternate clean energy sources like wind is likely to restrain the market's growth during the forecast period.
  • Nevertheless, the termination of two coal-fired power plants in Portugal in 2021 provided investment opportunities for solar energy operators. The shift toward adopting renewable energy, especially solar energy, is expected to create immense opportunities for the market.

Portugal Solar Energy Industry Segmentation

Solar energy refers to the energy that is generated by harnessing the power of the sun. This type of energy is renewable and clean, and it has the potential to be a significant source of power for homes, businesses, and entire communities. Solar energy can be captured using solar panels, which are made up of photovoltaic (PV) cells that convert sunlight into electricity.

The Portuguese solar energy market is segmented by end-user. By end-user, the market is segmented into residential, commercial, and industrial (C&I). For each segment, the market sizing and forecasts have been done based on megawatts (MW).

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Portugal Solar Energy Market Size Summary

The solar energy market in Portugal is poised for significant growth, driven by increasing energy demand and a strategic shift away from fossil fuels. The declining costs of solar photovoltaic systems and supportive government policies are key factors propelling the market forward. The termination of coal-fired power plants has opened up new investment opportunities in solar energy, aligning with the country's broader renewable energy goals. Despite the rapid expansion of wind energy, which poses a competitive challenge, solar energy is expected to play a crucial role in Portugal's energy transition. The government's ambitious plans to derive a substantial portion of the country's power from renewables by 2030 and 2050 further underscore the importance of solar energy in the national energy mix.

Solar power is becoming an increasingly vital component of Portugal's energy landscape, with substantial growth in installed capacity and electricity generation. The residential sector is witnessing a surge in solar energy adoption, driven by cost savings and environmental considerations. Government initiatives, such as auctions for floating solar photovoltaic capacity and incentives for residential solar PV, are expected to bolster the market. However, the wind energy sector's rapid growth presents a potential restraint on solar market expansion. Despite this, the solar energy market in Portugal remains moderately consolidated, with key players actively participating in the sector's development.

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Portugal Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Energy Installed Capacity and Forecast in MW, 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 - BY END USER

    1. 2.1 Residential

    2. 2.2 Commercial and Industrial (C&I)

Portugal Solar Energy Market Size FAQs

The Portugal Solar Energy Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)

SGS SA , Voltalia SA, Acciona SA, Gesto Energia SA and Iberdrola SA are the major companies operating in the Portugal Solar Energy Market.

Solar Energy in Portugal Market Report Snapshots

Solar Energy in Portugal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)