Market Size of Spain Wind Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spain Wind Energy Market Analysis
The Spanish wind energy market is expected to record a CAGR of more than 8% during the forecast period of 2022-2027. The COVID-19 outbreak in Q1 2020 resulted in weak electricity demand across the country. Renewable energy was not explicitly noticeable, as the country witnessed a growth in its renewable energy installed capacity in 2019-2020, particularly from wind energy installations. Factors such as supportive policies with different incentives, increasing offshore wind energy investments, and rising capacity installations are expected to drive the Spanish wind energy market during the forecast period. However, the substantial increase in initial investment for installation, limited grid infrastructure, and adoption of alternative renewable energy sources such as solar and hydropower are expected to hinder the market's growth during the forecast period.
The onshore wind energy segment is expected to dominate the Spanish wind energy market, owing to the year-on-year increase in annual capacity installations, which is expected to drive the wind energy market significantly.
Spain aims to generate 22 GW of new wind energy capacity installations by 2030. This is likely to create ample opportunities for the Spanish wind energy market over the coming years.
Supportive government policies and regulations are expected to drive the Spanish wind energy market during the forecast period.
Spain Wind Energy Industry Segmentation
The Spanish wind energy market report includes:
Spain Wind Energy Market Size Summary
The wind power market in Spain is poised for significant growth, driven by supportive government policies and increasing investments in renewable energy. The market is characterized by a robust expansion in onshore wind energy installations, which are expected to dominate the sector. Spain's commitment to generating substantial new wind energy capacity by 2030 is set to create numerous opportunities for market expansion. Despite challenges such as high initial investment costs and limited grid infrastructure, the market benefits from a strong policy framework and incentives that encourage the development of wind energy projects. The Spanish government has implemented various plans to promote renewable energy, contributing to a notable increase in wind energy's share within the national electricity generation mix.
Spain's wind energy sector has seen substantial investments from both domestic and international players, enhancing its market share and positioning the country as a leading player in global wind power installations. The sector's growth is further supported by strategic partnerships and contracts, such as those between Iberdrola and Siemens Gamesa, which aim to bolster wind energy capacity. The market's fragmentation is evident with key players like Acciona SA, Vestas Wind Systems, and General Electric Company actively participating in project developments. Additionally, government initiatives, including public-private funding measures and a new remuneration framework, are designed to attract private investments and facilitate the transition to green energy. These efforts align with Spain's broader environmental goals, including carbon neutrality and greenhouse gas emission reduction targets, underscoring the critical role of wind energy in the country's renewable energy strategy.
Spain Wind Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Wind Energy Installed Capacity and Forecast in MW, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT
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2.1 Onshore
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2.2 Offshore
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Spain Wind Energy Market Size FAQs
What is the current Spain Wind Energy Market size?
The Spain Wind Energy Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Spain Wind Energy Market?
Siemens Gamesa Renewable Energy, S.A., Vestas Wind Systems A/S, General Electric Company, Acciona SA and Iberdrola SA are the major companies operating in the Spain Wind Energy Market.
