The Spain Renewable Energy Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 16.34% during the forecast period, 2023 – 2031. The growth of the market is attributed to government efforts and support to meet the rising power demand and policies to use renewable energy sources.
Renewable energy is a clean form of energy, which comes from natural sources. A renewable energy is exhaustive in nature such as energy from sun and wind energy. Renewable energy is utilized for lighting, transportation, heating, and also for running heavy machineries.
Increasing innovation and cost-effective ways to retain and capture solar and wind energy has garnered huge investment in renewable energy, and has become important power source of energy. The expansion of renewable energy can be observed at many levers. From small scale farm to industrial manufacturing facilities are using renewable energy systems. From grid to giant offshore wind farms, various government state bodies are installing them to reduce dependence on fossil fuels.
Some rural areas are completely depending on renewable energy for lighting and heating. Sunlight is most abundant and freely available energy source. The amount of sunlight varies to the geographic location, season of year, and time of days.
Solar photovoltaic panels are made up of silicon and other materials which convert sunlight into electricity. Solar system generates electricity for businesses and homes to warm water, or power devices. Solar energy do not produce air pollutants or greenhouse gases, thereby they have very small environmental impact during the manufacturing process, which means its generation emits almost no CO2 or low levels. On the other hand, the wind energy systems have been heavily deployed across the globe owing to latest technological innovations that has increased the efficiency of these systems.
Market Trends, Drivers, Restraints, and Opportunities
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Declining costs of renewable technologies and government subsidies are anticipated to drive the market growth.
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Renewable energy produces no greenhouse gas emissions and reduce air pollution. Thus, growing awareness about these benefits is expected to spur the growth of the market.
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Reducing dependency on imported fuels and divided energy supply is likely to propel the growth of market in the projected timeline.
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Expensive storage Costs and low-efficiency can hamper the market growth in the coming years.
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Capacity of electricity generation is low compared as compared to conventional power plants, which can create challenges for the market expansion.
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Economy development and rising effort of government to go carbon neutral are estimated to create lucrative opportunities for the market during the forecast period.
Scope of the Report
The report on the Spain renewable energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Spain Renewable Energy Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Wind, Solar, Hydro, and Others)
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Country
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Spain
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cobra Instalaciones y Servicios, S.A.; Iberdrola, S.A.; Red Eléctrica de España; Siemens Gamesa Renewable Energy SA; and Acciona SA
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Spain Renewable Energy Market Segment Insights
Solar segment is anticipated to constitute a key market share
In terms of types, the market is categorized as wind, solar, hydro, and others. The solar segment is expected to constitute a key share of the market during the projected period due to significant unexplored potential of this type of energy. On the other hand, the organizations in countries such as India, Germany, and China are hugely deploying solar energy systems to reduce carbon emissions.
The government of Spain is looking forward to launch large number of solar projects to increase the renewable energy market share. With successful installation of Nunez de Balboa project in 2019, Spain added a 500 MW housing project. 1.4 million solar photo voltaic panels used in the project can supply power to 2,50,000 people.
Conversely, Iberdrola is planning to build a project called Francisco Pizarro of about 590 MW capacity. On the completion of the project, Europe can get its largest solar power plant. With ambitious projects lined up to achieve the aim solar energy sector, this segment is expected to expand at a high CAGR during the forecast period.
Segments
The Spain renewable energy segmented on the basis of:
Types
Country
Key Players
Competitive Landscape
The key players competing in the Spain renewable energy market are Cobra Instalaciones y Servicios, S.A.; Iberdrola, S.A.; Red Eléctrica de España; Siemens Gamesa Renewable Energy SA; and Acciona SA.
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