Portugal Solar Energy Market Outlook 2031
The Portugal Solar Energy Market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 6.5% during 2023–2031. The growth of the market is attributed to the increasing energy consumption, attempts to minimize dependency on fossil fuel-based power generation, and falling costs of solar PV and related technologies.
Solar energy is a significant renewable energy source, and its technologies are classed as passive or active solar depending on how they absorb and distribute solar energy or convert it to solar power. Photovoltaic systems, concentrated solar power, and solar water heating are all active solar techniques for harvesting energy.
Passive solar approaches include orienting a building to the sun, using materials with good thermal mass or light-dispersing properties, and providing regions with natural air circulation. The international energy agency claimed in 2011 that "the development of affordable, unlimited, and clean solar energy technologies will have major long-term benefits." It would improve sustainability, reduce pollution, reduce the costs of combating global warming, and keep fossil fuel prices low.
Solar energy has the least detrimental environmental impact when compared to other energy sources. It produces no greenhouse emissions and has no negative impact on the environment. In comparison to nuclear power plants, which require 20 times the quantity of water, it also requires comparatively less water for maintenance.
As long as there is sunlight, solar energy may be used everywhere. This is especially useful in rural regions when there is no alternative energy source. Many people throughout the world do not have access to electricity. Self-contained solar systems might be installed in those locations, improving the lives of millions of people.
Portugal Solar Energy Market Trends, Drivers, Restraints, and Opportunities
- Increasing energy consumption is projected to fuel the market during the forecast period.
- Falling costs of solar PV and related technologies is key factors propelling the market in the coming years.
- Rising use of an alternative clean power source such as wind is estimated to hamper the market growth.
- Lack of awareness act as major challenges that can restrict the market in the coming years.
- R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.
Scope of Portugal Solar Energy Market Report
The report on the Portugal solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Solar Energy Market - Portugal Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
End-User (Residential, Commercial & Industrial)
|
|
Geographical Scope
|
Portugal
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Gesto Energia S.A.; SGS SA; Voltalia SA; Iberdrola S.A.; and Acciona SA
|
Portugal Solar Energy Market Segment Insights
The residential segment is projected to represent a major market share
On the basis of end-user, the Portugal solar energy market is divided into residential, commercial & industrial. The residential segment is expected to represent a key share of the market during the forecast period. Solar power is becoming an important source of renewable energy in Portugal's energy mix. Solar power has a total installed capacity of 827.6 MW by the end of 2019.
In 2019, it accounted for 2.2 % of total electricity generation. Solar is projected to play a key part in the Portuguese government's new energy strategy, which calls for renewables to provide 80 % of the country's power needs by 2030 and 100 % by 2050, as well as electrifying 65 % of the economy. Solar photovoltaic adoption is rising in the residential sector, owing to cost reductions, need for an alternative source of power, and desire to minimize climate change risk.
Due to low solar PV prices, supporting government policies for residential solar PV, FIT programs and incentives, and objectives established by various governments for solar energy, the percentage of rooftop solar PV is anticipated to grow during the forecast period. Continuous technical advancements, such as improved solar PV module efficiencies, are driving cost reductions from residential rooftop solar PV.
Segments
The Portugal solar energy market has been segmented on the basis of
End-user
- Residential
- Commercial & Industrial
Key Players
Competitive Landscape
Key players competing in the Portugal Solar Energy market include Gesto Energia S.A., SGS SA, Voltalia SA, Iberdrola S.A., and Acciona SA.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
Request For Customization
Enquiry Before Buying
Speak With Analyst
