Portugal Wind Energy Market Size (2024 - 2029)

Portugal Wind Energy Market Analysis

The Portugal Wind Energy Market size is estimated at 6.21 gigawatt in 2024, and is expected to reach 10.22 gigawatt by 2029, growing at a CAGR of 10.5% during the forecast period (2024-2029).

• Over the medium term 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 other hand, the substitution of solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry achieved a significantly higher cost reduction than the wind energy sector.
• Nevertheless, the integration of wind energy with energy storage systems to overcome the intermittent nature of wind energy is expected to create enormous opportunity for the market during the forecasted period,

Portugal Wind Energy Industry Segmentation

Wind energy refers to the process of harnessing the power of wind to generate electricity. It is a form of renewable energy that uses kinetic energy present in moving air masses to produce electrical power. Wind energy is commonly harvested using wind turbines, which consist of large rotating blades mounted on a tall tower.

The Portugal Wind Energy market is segmented by location of deployment as Onshore and Offshore. The report offers the market size and forecast on the basis of installed capacity.