Ireland Renewable Energy Market | Size, Share, Trends and Forecast to 2028

Ireland Renewable Energy Market | Size, Share, Trends and Forecast to 2028

The global energy landscape is going through a major shift towards a renewable based energy generation. This energy transition was possible after a decade of rapid technological advancement and a favorable regulatory environment. Additionally, factors such as decreasing costs of renewable energy sources and increasing competitiveness of battery energy storage technologies, are expected to contribute to accelerated renewables deployment in the coming years. Furthermore, as the concern for climate change and support for environmental, sustainability, and governance (ESG) considerations grow, the demand for clean and green power is expected to increase from almost all end-users.

The renewable energy market consists of establishments primarily engaged in operating renewable electric power generation facilities. Power generation can be from a variety of sources including solar energy, wind energy, small hydro, bioenergy, geothermal and marine. The electric energy produced in these establishments is provided to electric power transmission systems or to electric power distribution systems.

Ireland is an energy importer, relying heavily on gas and oil imports to meet its energy requirements. By 2030, the government aims to meet the following targets:

Up to 80% renewable electricity

30% reduction in CO2 emissions

32.5% Improvement in energy efficiency

Ireland Renewable Energy Market Scenario

Renewables accounted for 42.5% of the generated electricity. The installed capacity of Solar Photovoltaic in Ireland was 136 MW while for wind it was 4332 MW. The capacity increased by 98.5% and 76.7% for solar and wind respectively, since 2015. In the past decade, each time that the amount of solar photovoltaic installed capacity doubled globally, the price of installing solar panels and modules declined by 34%.

Solar Energy in Ireland

Solar technology deployment in Ireland is aimed at diversifying the country's renewable generation portfolio over a 10-year period between 2020 and 2030, with a particular emphasis on cost efficiency and effectiveness. The government has emphasized the convenience of solar PV, which can be deployed in roof-mounted or ground-mounted installations, as a means of empowering Irish citizens to take control and ownership of energy production and consumption.

The benefits of solar PV to Ireland's energy mix have been recognized by the Department of Communications, Climate Action, and Environment (DCCAE), which has included the technology in the Renewable Electricity Support Scheme (RESS).

The Sustainable Energy Authority of Ireland is currently providing financial assistance for solar thermal heating technology (SEAI). These grants can benefit both SMEs and large industries. Similarly, under the Better Energy Homes Scheme, households can receive grant assistance for solar thermal.

Wind Energy in Ireland

Ireland has set a target of 5GW of offshore wind energy generation by 2030, which would more than double the country's current onshore and offshore wind power capacity. Wind Energy Ireland added comes on the heels of a strong first quarter of 2022 when wind provided approximately 39 percent of Ireland's electricity.

Since 2010, the cost of solar photovoltaic electricity has fallen by 85%, and the costs of both onshore and offshore wind electricity have fallen by about 50%. Both these clean energy sources have reached a stage where they are now cost-competitive with fossil fuel electricity.

In fact, Renewables were the only energy source for which demand increased in 2020 despite the pandemic, while consumption of all other fuels declined. The share of renewables in the total energy mix grew from 3.53% in 2010 to 11.73% in 2020 and is expected to grow to about 30% by 2030.

Renewable Energy Policy of Ireland

Ireland has a legally binding renewable energy deployment target as well as a national energy efficiency target. The Department of Communications, Climate Action, and the Environment (DCCAE) are in charge of enacting a variety of energy policies and measures in order to promote the delivery of a more sustainable energy system in Ireland.

In the coming years, Ireland's Climate Action Plan aims to generate significant renewable energy production from wind resources. The plan will prioritize decarbonizing the electricity system to 80% by 2030.

The National Renewable Energy Action Plan (NREAP) and National Energy Efficiency Action Plan (NEEAP) outline the strategies for meeting these targets. Ireland also has a legally binding target for reducing greenhouse gas emissions from sectors not covered by the EU Emissions Trading Scheme (known as non-ETS emissions).

Ireland aligns its climate goals with the EU climate and energy framework. In December 2015, the European Commission committed to reducing greenhouse gas emissions through the Paris Climate Agreement. They have since presented a number of legislative proposals to assist the EU in meeting its 2030 climate and energy goals.

Following the adoption of the 2030 climate and energy framework, the European Commission published the Clean Energy Package, a set of measures (opens in a new tab). It aims to keep the EU competitive as the global energy markets change due to the transition to clean energy. The proposals have three main objectives:

Putting energy efficiency first

To become a global leader in renewable energy

Providing a fair deal for customers

What is Covered in the Report?

Blackridge Research's Ireland Renewable Energy Market report contains the installed capacity of renewable power generation sources (year-on-year) until 2027, the list of ongoing and upcoming renewable power generation projects such as solar photovoltaic farms, concentrated solar power projects, onshore wind, and offshore wind energy projects and the regulatory scenario within the renewable energy market of Ireland.

Furthermore, the report will contain the drivers and restraints within Ireland Renewable Energy Market along with a meticulous evaluation of their impact in the near-, medium-, or longer term. Factors affecting renewable energy deployment include market conditions (e.g., cost, diversity, proximity to demand or transmission, and resource availability), policy decisions, (e.g., tax credits, feed-in tariffs, and renewable portfolio standards) as well as country-specific regulations.

Finally, the presentation would enable one to identify market opportunities and plan for long-term growth. The impact of the COVID - 19 pandemic is an integral part of the report.

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