Ireland Wind Energy Market

The Ireland wind 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% during 2023–2031.

The growth of the market is attributed to the subsidies introduced by the government in renewable energy sector and investments in grid infrastructure to increase the renewable capacity alongside the introduction of energy storage systems to enable a steady supply of power.

Get Free Sample Report

Ireland is one of the largest producers of wind in the world with an installed wind power nameplate capacity of 5510 megawatt. In 2019 Wind provided more than 80% of Irelands renewable electricity and 305 of total electricity demand. Ireland has one of the highest wind power penetration in the world.

Currently wind energy is the largest resource of renewable energy in Ireland. It is the second largest source of electricity generation in Ireland after natural gas. Wind energy provides a clean sustainable solution for energy needs, it can be used an alternative to fossil fuels in generating electricity without any direct emission of greenhouse gases.

Electricity market in Ireland is operated by Single Electricity Market Operator (SEMO). All electricity is centrally traded through a pool system where licensed generators sell their electricity to a licensed supplier who then sells it onto the pool and receives single market price (SMP).

Ireland adhered to climate action plan of 2019 in which it intends to generate 70% of electricity from renewables. Renewable Electricity Support Scheme (RSS) is a new policy started by government of Ireland, according to this scheme it will provide financial support to any renewable project in the country.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for clean energy solutions and growing wind installation capacity and upcoming projects in the country is anticipated to drive the market growth in the coming years.

• Growing investment in grid infrastructure to increase the renewable capacity is major factor boosting the market expansion during the forecast period.

• High cost of installation attributed to expensive construction of turbines and wind facilities are expected to restrict the market expansion during the forecast period.

• Remote location of the wind sites and stiff competition with other energy generation sources on cost basis act as major challenges that can hinder the market growth in the coming years.

• R&D investment and the country’s target to achieve more than 70% of its electricity from renewable sources by 2030 are projected to create significant opportunities for the market players.

Scope of Ireland Wind Energy Market Report

The report on the Ireland wind energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Ireland Wind Energy Market Segment Insights

Onshore segment is projected to account for constitute a large market share

Based on location of deployment, the Ireland wind energy market is bifurcated into onshore and offshore. The onshore segment is expected to account for constitute a key share of the market during the forecast period. The country has approximately 368 wind farms all over the regions, with 250 being situated onshore which refers to turbines that are located on land. They are typically located in regions where there is low conservation or habitat value.

Onshore wind farms are relatively cheaper which allows for mass fields of wind turbines, shorter distance between the windmill and the consumers allows for less voltage drop off, and ease of installation and maintenance are the factors expected to drive the market growth during the forecast period.

On the other hand, the offshore segment is anticipated to expand at a healthy CAGR in the coming years. Offshore wind energy facilities are installed in open water usually in the ocean and seas. Offshore wind energy facilities are constructed in the oceans where higher wind speeds are available.

Offshore wind farms have a relatively negative impact on the environment, they can be built larger and taller than their onshore counterparts which allows for more energy collection, and no barriers or physical restrictions which could block the wind flow making them more efficient.

Get Free Sample Report

Segments

The Ireland wind energy market has been segmented on the basis of

Location of Deployments

• Onshore
• Offshore

Key Players

• General Electric Company
• NTR Plc
• Electricity Supply Board (ESB Group)
• Statkraft AS
• Nordex SE
• Parkwind NV
• Siemens Gamesa Renewable Energy
• Vestas Wind Systems A/S

Competitive Landscape

Key players competing in the Ireland wind energy market include General Electric Company, NTR Plc, Electricity Supply Board (ESB Group), Statkraft AS, Nordex SE, Parkwind NV, Siemens Gamesa Renewable Energy, and Vestas Wind Systems A/S. Some of these players are adopting several business strategies including mergers, acquisitions, partnerships, collaborations, and capacity expansion to enhance their market shares. For instance,

• On 7^th December 2020 Ireland’s Electricity Supply Board (ESB) issued a tender for technical due diligence services and energy consultancy services for offshore as well as onshore wind projects. ESB took its first step in offshore wind in 2018 by acquiring a 12.5% stake in the 335 MW galloper offshore wind farm in the UK.

• On 31^st March 2021 it was announced that Vestas Wind Systems has secured a 30MW order on the Lenalea Wind Farm in Ireland Being developed by SSE Renewables and Coillte Renewable Energy.

• On 4^th May 2021 Siemens Energy announced the plan to collaborate with Irish energy company Electricity Supply board (ESB). In this collaboration Siemens Gamesa will supply and build the grid system and provide maintenance for ten years with remote diagnostics.