Iran Wind Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Iran Wind Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Iran wind energy market is expected to grow at a CAGR of more than 7% during the forecast period 2020-2025. The wind energy market is expected to witness significant growth due to rising energy demand coupled with the efforts to reduce the reliance on fossil fuel-based power generation. Factors like increasing demand for renewable energy, rising investments in wind farms, government policies, and declining cost of wind energy are driving the wind energy market in Iran. However, the increasing adoption of alternate clean power sources is likely to restrain the growth of the wind energy market in the coming years.

Key Highlights

• Onshore wind power is expected to drive the wind energy market in Iran during the forecast period, owing to the upcoming projects and supportive government policies.
• With the drive to reduce fossil-fuel consumption and increase the possibilities of sustainable development, the use of renewable energy is being explored in the country. Considering the potential for renewable energy in Iran, which makes it attractive for the governmental sector, the private sector and companies to shift towards clean energy, which in turn, is likely to provide an opportunity to a growth in the deployment of wind energy in coming future.

Key Market TrendsDeployment in the Onshore Wind Energy is Expected to Drive the Market

• As the demand for energy is rising, Iran is turning towards the adoption of renewable energy as it has the ability to provide clean energy. The adoption of onshore wind energy with advanced technology attracts companies for high investment.
• Wind energy in Iran has great potential. Iran’s 61.2 MW Sihapoush wind farm, located in the north-western province of Qazvin, is the country's largest project, which has been fully commissioned in 2018.
• Manjil Wind Farm Site, Binalood Wind Farm Site, Zabol – Sistan, Babakoohi – Shiraz, Oun ebn-e-Ali-Tabriz, Sar Ein (Ardebil), Seffeh – Isfahan, Mahshahr, Nir, Sarab, Khaaf – Khorasan Razavi, Takestan, Nishabour – Binalood are some of the wind power plants operating in Iran.
• The Aqkand Wind Farm opened in 2019, located in the northwestern city of Mianeh, East Azarbaijan Province, which consists of 20 wind turbines with a total capacity of 50 megawatts (MW) is expected to generate 175 GWh of electricity a year.
• By the end of 2019, Iran has 302.2 MW of installed wind capacity. By location of deployment, the onshore wing energy is expected to drive the market during the forecast period, owing to declining costs and improved technology.

Increasing Deployment of Solar PV to Hinder the Growth of the Market

• Iran has a very vast solar energy potential, with about 300 clear sunny days in a year and an average potential yield of 4.5 to 5.5 kilowatt-hours per square meter per day.
• Iran has shown interest in renewable energy technologies, including solar power, and is keen to exploit its abundant solar resource with newer technology. With the anticipated improvements in technology and decreasing cost, investors/developers are expected to focus on the commercial viability of solar projects.
• As of 2019, the installed capacity of solar energy in Iran is 367.1 MW. Moreover, the increasing deployment of solar PV systems across the nation is likely to hinder the growth and share of wind power in the country's renewable energy mix in the coming years.

Competitive Landscape

Iran wind energy market is consolidated due to very few companies operating in the industry. Some of the key players in this market include MAPNA Group and MahTaab Group.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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