Portugal Wind Energy Market -Growth, Trends, Covid -19 Impact, and Forecasts (2023 - 2028)
The Portugal wind energy market is expected to record a CAGR of more than 8.5% during the forecast period. The impact of the COVID-19 pandemic was negative on the country's wind energy industry, as many large-scale and small-scale wind energy projects were halted in 2020. For example, in 2020, as per the International Energy Agency, Portugal completed wind and solar PV auctions from January to June, but the overall capacity awarded in the region was significantly lower than the previous year. The Portugal wind energy market is expected to grow in the coming years. Factors such as the declining cost of wind power generation, increasing sensitivity toward environmental issues, and support from the government through financial incentives are likely to drive the market for wind energy during the forecast period. On the flip side, the substitution of solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry achieved cost reduction significantly higher than the wind energy sector.
Key HighlightsThe Portugal wind energy market is moderately consolidated. Some of the major players in the market include Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Oersted AS, Electricite de France SA, and Acciona SA.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook