Spain Solar Power Market Outlook 2031
The Spain solar power market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 10.1% during the forecast period 2023 - 2031. The growth of the market is attributed to rising energy demand for and increasing implementation of regulations to ensure efficiency and utilization of energy.
Spain is one of the first countries to deploy large-scale solar photovoltaics. In 2018, Spain was the first country that installed concentrated solar power (CSP) in the world. By the end of the year, the cumulative total solar power installed was 7,011 MW, out of which, 4,707 MW were solar PV installations and 2,300 MW were concentrated solar power.
In 2016, nearly 8 TWh of electrical power was produced from photovoltaics, and 5 TWh from CSP plants. In the same year, photovoltaics accounted for 3% of total electricity generation, while solar-thermal an additional 1.9%.
Spain was the leader in concentrated solar power industry in 2017. The country’s concentrated solar power segment accounted for almost a third of solar power installed capacity. Many large concentrated solar power stations remain active in Spain and may have provided some of the impetus for large CSP developments in neighbouring countries such as Morocco. In 2017, Spain held large auctions for renewable energy capacity to be constructed by 2020.
Spain Solar Power Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for renewable energy is expected to drive the Spain solar power market growth.
- Growing environmental concerns owing to rising carbon emission and efforts to reduce air pollution is anticipated to boost the growth of market during the forecast period.
- Government policies with different incentives and strategies is speculated to positively influence the Spain solar power market growth.
- Increasing government investments on renewable energy projects and rising foreign investments are expected to foster the growth of the market.
- The COVID-19 pandemic halted the production of solar PVs owing to close down of the manufacturing facilities to mitigate the spread of the virus. However, the market is anticipated to reach the pre-COVID level by end of 2021.
- High cost of renewable energy generation can hinder the Spain Solar Power market.
- Lack of awareness regarding solar power systems among the population can impede the Spain solar power market growth.
- Integration of concentrated solar power systems in hybrid power plants creates the growth opportunities.
Scope of Spain Solar Power Market the Report
The report on the Spain Solar Power Market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Solar Power Market - Spain Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)), and Applications (Residential, Industrial , and Commercial)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Solaria Energia y Medio Ambiente SA, Acciona SA, Iberdrola SA, Cobra Instalaciones y Servicios SA, and Red Electrica Corporacion SA.
Spain Solar Power Market Segment Insights
Solar Photovoltaic (PV) to account a major market share
Based on types, Spain solar power market share is divided into solar photovoltaic (PV) and concentrated solar power (CSP). The solar photovoltaic (PV) segment is anticipated to account for a major market share during the forecast period.
According to the data published, more than 30 GW of photovoltaic solar panels are expected to be installed by 2030. Moreover, increasing investment in the solar PV production and declining cost of semiconductors is driving the segment growth.
Residential segment to account a major market share
Based on applications, the Spain solar power market share is segmented into residential, industrial, and commercial. The residential segment is expected to account for a major market share in the projected timeline.
The Government of Spain scrapped the ‘Sun Tax,’ which was charging the Spain-based homes fitted with solar panels with an additional tax of 7% to stay connected with the grid. With the abolishment of this tax, the domestic scale installation of solar panels is expected to propel the market growth during the forecast period.
The Spain Solar Power Market has been segmented on the basis of
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
Key players operating in the Spain solar power market includes Solaria Energia y Medio Ambiente SA, Acciona SA, Iberdrola SA, Cobra Instalaciones y Servicios SA, and Red Electrica Corporacion SA.
Companies are focusing on engaging in partnerships, expanding the production capacity, deployment of large-scale projects, and acquisitions to expand their market share.