Market Trends of South Europe Renewable Energy Industry
This section covers the major market trends shaping the South Europe Renewable Energy Market according to our research experts:
Wind Energy to Dominate the Market
- The wind power segment includes the different onshore wind farms and offshore wind farms that can be used to provide renewable energy. Wind energy is the most used renewable energy in South Europe.
- South Europe has a combined target of installing 18.5 GW offshore wind by 2030. France, Greece, Italy, Portugal, and Spain have a vast potential for offshore wind, with 200 GW fixed-bottom and 1,500 GW floating offshore wind.
- As per Wind Energy Yearbook 2022, the wind installed capacity in Spain was 28,139 MW. More than 21,500 wind turbines installed in Spain generated 60,485 GWh of wind power, 10.2% more than in 2020. The yearly wind power addition in 2021 was 842.61 MW.
- In Portugal, the wind energy installed capacity in 2021 was 5,223 MW. Considering the Energy Transition, the government of Portugal is planning to install 10 GW of wind capacity through an offshore wind auction in 2023.
- Therefore, wind energy is expected to dominate the market due to its large size relative to other renewable energy and continuation of maintenance and investment increase.
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Italy to Dominate the Market
- Most of the European countries in the south are already developed and grown in the areas of renewable energy. Therefore, it is expected to be less than the developing nations because electricity demand has already been met.
- In 2021, Italy had a wind power installed capacity of 11,276 MW, while in 2020, it was 10,871 GW. Similarly, the solar power installed capacity was 22,698 MW in 2021, while in 2020, it was 21,656 MW. Renewable energy generation in Italy also increased by 4% in 2021 (71.4 TWh), which was 68.8 TWh in 2020.
- By 2030, Italy will occupy 55% of renewables in its electricity mix. It is rapidly deploying renewable energy technologies, demand response, and other measures for its Net-Zero roadmap, which will expand the development of the renewable energy market in Italy.
- In 2022, the government of Italy announced its plans to install 314 MW of new renewable energy projects. This decision came in line with streamlining the development of large-scale renewable energy installations and reducing reliance on gas imports in the years to come. Similarly, according to the Minister of Economic Development, Italy, the country plans to deploy around 5.1 GW of new renewables by 2022.
- Hence, considering the installation of new projects in the renewable energy sector and the increase in clean energy generation, Italy is expected to dominate the renewable energy market in the forecast period.
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