Republic of Ireland Renewable Energy Market Size (2024 - 2029)

The Republic of Ireland Renewable Energy Market is poised for growth, driven by the increasing integration of renewable energy sources, supportive government policies, and heightened environmental awareness. Despite challenges such as the market's reliance on fossil fuels and setbacks in meeting past renewable installation targets, the market's expansion is supported by the wind energy segment, which benefits from substantial capacity and natural resources. The government's commitment to decarbonizing the economy by 2050 further underscores the potential for significant market opportunities through upcoming renewable energy projects.

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Market Size of Republic of Ireland Renewable Energy Industry

Republic of Ireland Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 7.00 %

Major Players

Republic of Ireland Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Republic of Ireland Renewable Energy Market Analysis

The Republic of Ireland Renewable Energy Market is expected to witness a CAGR of more than 7% during the forecast period. The COVID-19 pandemic affected the market negatively by bringing down the demand for electricity and causing supply chain issues owing to the closure of manufacturing facilities and disruption of logistics networks, especially in the shipping industry. In terms of the growth of the market, factors such as increasing adoption of renewable energy sources in the energy generation mix, supportive government policies, and rising environmental concerns are expected to drive the market. However, significant reliance on fossil fuel-based power generation may restrain the market. Due to this and other factors, Ireland missed its renewable energy installation target of 2020.

  • The wind energy segment is likely to dominate during the forecast period due to significant installed capacity and abundant natural resources to exploit.
  • Ireland's Government has set out a target to fully decarbonize its economy by 2050. This will involve a major shift toward clean, renewable energy plants, which will present significant opportunities to the players involved in the market in the future.
  • Upcoming renewable energy projects are likely to drive the Republic of Ireland Renewable Energy Market during the forecast period.

Republic of Ireland Renewable Energy Industry Segmentation

The Republic of Ireland Renewable Energy Market report includes:

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Republic of Ireland Renewable Energy Market Size Summary

The Republic of Ireland Renewable Energy Market is poised for significant growth, driven by an increasing integration of renewable energy sources into the national energy mix, supportive governmental policies, and heightened environmental awareness. Despite challenges such as the COVID-19 pandemic, which disrupted supply chains and reduced electricity demand, the market is expected to expand steadily. The wind energy sector, in particular, is anticipated to lead this growth due to Ireland's substantial installed capacity and favorable natural conditions. The government's ambitious goal to decarbonize the economy by 2050 further underscores the potential for renewable energy projects, offering substantial opportunities for market participants.

Ireland's commitment to achieving a significant portion of its electricity from renewable sources by 2030 is evident in the numerous projects underway across the country. The wind energy segment dominates the market, with ongoing initiatives to enhance capacity, including large-scale offshore and onshore projects. Additionally, hybrid power complexes and solar facilities are being developed to diversify the energy portfolio. The market is moderately consolidated, with key players like Orsted AS, Mainstream Renewable Power Ltd, and Statkraft Ireland Ltd actively contributing to the sector's expansion. These developments indicate a robust trajectory for the Republic of Ireland Renewable Energy Market in the coming years.

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Republic of Ireland Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, 2021

    3. 1.3 Renewable Energy Installed Capacity and Forecasts, in MW, till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION-BY TYPE

    1. 2.1 Solar

    2. 2.2 Wind

    3. 2.3 Hydro

    4. 2.4 Other Types

Republic of Ireland Renewable Energy Market Size FAQs

The Republic of Ireland Renewable Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

Statkraft Ireland Ltd., RES UK & Ireland Ltd., Electricite de France S.A., Mainstream Renewable Power Ltd and Orsted A/S are the major companies operating in the Republic of Ireland Renewable Energy Market.

Republic of Ireland Renewable Energy Market Report Snapshots

Republic of Ireland Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)