Market Size of Spain Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | 16.34 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spanish Renewable Energy Market Analysis
The Spain Renewable Energy Market size is estimated at 83.88 gigawatt in 2024, and is expected to reach 178.78 gigawatt by 2029, growing at a CAGR of 16.34% during the forecast period (2024-2029).
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and supply chain disruptions leading to delays in projects. Currently, the market reached pre-pandemic levels.
- The renewable energy market in Spain is expected to have robust growth in the coming years. The growth can be attributed to two main factors, favorable weather conditions and the availability of substantial funds raised by national and regional forums.
- However, the market can also face bottlenecks due to dispatch-flexibility issues, as renewables do not provide short-term flexibility as other traditional fuels; instead, they need long-term backup plans.
- The country has planned the complete phase-out of nuclear and coal-fired power by 2035. The targets to reduce carbon emissions in the national energy plans have prompted the country to eliminate nuclear power from the energy mix. Out of seven nuclear power plants, four are already scheduled to be closed by 2030, making the share of nuclear power from 22% in 2020 to around 7% in 2030. The initiative is likely to create ample opportunities for the renewables-based energy market.
Spanish Renewable Energy Industry Segmentation
Renewable energy is derived from natural sources that are replenished at a higher rate than that are consumed. For instance, sun, wind, or hydro are such sources that are constantly being replenished. Spain's renewable energy is segmented by technology. By technology, the market is segmented into hydro, wind, solar, and other technologies. For each segment, the market sizing and forecasts have been done based on installed capacity (gigawatts).
Spain Renewable Energy Market Size Summary
The Spanish renewable energy market is poised for significant expansion over the next few years, driven by favorable weather conditions and substantial financial backing from national and regional sources. The market has rebounded to pre-pandemic levels after experiencing setbacks due to COVID-19-related disruptions. A key aspect of this growth is Spain's commitment to phasing out nuclear and coal-fired power by 2035, which is expected to create substantial opportunities for renewable energy. The country's energy strategy is focused on reducing carbon emissions, with wind energy playing a pivotal role. Investments in wind technology have surged, leading to a notable increase in wind power's share within the renewable energy mix. The Spanish government's National Integrated Energy and Climate Plan anticipates a significant increase in wind turbine capacity, both offshore and onshore, to meet growing energy demands.
Government initiatives and policies have been instrumental in promoting renewable energy growth in Spain, with around 42% of power production coming from renewable sources as of 2021. The Spanish government has implemented the National Energy and Climate Plan to align with EU regulations and achieve carbon neutrality by 2030. This plan includes substantial public-private funding to support innovative green energy projects. Auctions for renewable energy projects have been a key strategy to meet ambitious targets, aiming to generate a majority of Spain's electricity from renewable sources. The market is moderately fragmented, with major players like Siemens Gamesa Renewable Energy SA, Acciona SA, and Iberdrola SA driving advancements. Recent developments, such as the operation of Europe's largest solar plant and significant biomass and solar PV capacity awards, underscore the dynamic growth and investment in Spain's renewable energy sector.
Spain Renewable Energy Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Renewable Energy Mix, 2022
-
1.3 Renewable Energy Installed Capacity and Forecast, in GW, till 2028
-
1.4 Recent Trends and Developments
-
1.5 Government Policies and Regulations
-
1.6 Market Dynamics
-
1.6.1 Drivers
-
1.6.1.1 Increasing Adoption Of Solar And Wind Energy
-
1.6.1.2 Supportive Government Policies And Ambitious Targets
-
-
1.6.2 Restraints
-
1.6.2.1 Integrating Renewables into the Main Electricity Grid
-
-
-
1.7 Supply Chain Analysis
-
1.8 PESTLE Analysis
-
-
2. MARKET SEGMENTATION BY TECHNOLOGY
-
2.1 Hydro
-
2.2 Wind
-
2.3 Solar
-
2.4 Other Technologies
-
Spain Renewable Energy Market Size FAQs
How big is the Spain Renewable Energy Market?
The Spain Renewable Energy Market size is expected to reach 83.88 gigawatt in 2024 and grow at a CAGR of 16.34% to reach 178.78 gigawatt by 2029.
What is the current Spain Renewable Energy Market size?
In 2024, the Spain Renewable Energy Market size is expected to reach 83.88 gigawatt.
