Portugal Solar Energy Market – Growth, Trends, and Forecasts (2020 – 2025)
The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Portugal Solar Energy Market on the basis of stating current situation of the industry in 2020. This is a latest report, covering the Post COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.
Portugal solar energy market is expected to grow at a CAGR of more than 8 % during the forecast period 2020-2025.
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The primary drivers of the market include rising energy demand, efforts to reduce the reliance on fossil fuel-based power generation, and declining cost of solar PV and associated systems. Other factors such as increasing demand for renewable energy, rising investments in solar farms, government policies are driving the solar energy market. However, the increasing adoption of an alternate clean power source like the wind is likely to restrain the growth of the wind energy market in the coming years.
– The residential segment is expected to witness significant growth in the market during the forecast period.
– The auction launched by the Government in June 2019 was the largest energy licensing auction in Portugal, which is expected to boost up the domestic primary energy production in Portugal almost only based on Renewable Energy Sources (RES). This production leads to a decrease in the need to import fossil fuels and, consequently, to reduce Portugal’s energy dependence on other foreign markets, as well as decreasing the emission of greenhouse gases, in turn, creates opportunities in the wind energy market in the coming years.
The Portugal solar energy market is moderately consolidated. Some of the key players in the market include Voltalia SA, Iberdrola S.A., SGS SA, Acciona SA, and Gesto Energia S.A.
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Key Market Trends:
Residential Segment is Expected to Witness Significant Growth the Market
– Solar power is a growing source of clean energy in the Portuguese energy mix. At the end of 2019, solar power had a total installed capacity of 827.6 MW. It represented 2.2% of total power generation in 2019.
– Solar is expected to play a leading role in the Portuguese governments new energy plan, which includes goals of providing 80% of the countrys power demand from renewables by 2030 and 100% by 2050, and electrifying 65% of the economy by 2050.
– The increasing adoption of solar photovoltaic in the residential sector is primarily driven by expected savings in electricity costs, the need for an alternative source of electricity, and the desire to mitigate climate change risk.
– During the forecast period, the share of the rooftop solar PV is expected to increase, on account of decreasing solar PV costs, supportive government policies for residential solar PV, FIT programs and incentives, and targets set by various governments for solar energy.
– The cost reductions from residential rooftop solar PV are driven by continuous technological improvements, including higher solar PV module efficiencies which is expected to boost the usage of solar energy in the residential sector for power utilization.
– All the above mentioned factors have been driving the demand for residential solar energy over the study period.
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