Portugal Renewable Energy Market | Size, Share, Trends and Forecast to 2028

Portugal Renewable Energy Market | Size, Share, Trends and Forecast to 2028

Market Research Reports | Q1 2024 | Report ID: BR04995

About the Report

The global energy landscape is going through a major shift towards renewable-based energy production. This energy transition was possible after a decade of rapid technological advancement and a favorable regulatory environment. Additionally, factors such as decreasing costs of renewable energy sources and increasing competitiveness of battery energy storage technologies are expected to contribute to accelerated renewables deployment in the coming years. Furthermore, as the concern for climate change and support for environmental, sustainability and governance (ESG) considerations grow, the demand for clean and green power is expected to increase from almost all end-users.

 

Renewable energy in Portugal consists of the establishments primarily engaged in operating renewable electric power generation facilities. The power generation can be from a variety of sources, including solar energy, wind energy, small hydro, bioenergy, geothermal and marine. The electric energy produced in these establishments is provided to electric power transmission systems or to electric power distribution systems.

 

Portugal has been forced to rely on imports to meet its local need for oil and gas because it has no fossil fuel resources or reserves of its own. Over the past ten years, interest in and investment in renewable forms of energy have significantly expanded as a result of this scenario, increasing electricity consumption, and the European Union's goals to reduce greenhouse gas emissions.

 

Portugal Renewable Energy Market Scenario

Renewables accounted for 33.44% of the generated electricity in Portugal. Among the renewable sources, solar accounted for 9.37%, and wind accounted for 68.34%.

 

The installed capacity of Solar Photovoltaic in Portugal was 1801 MW, while for wind, it was 5248 MW. The capacity increased by 251.1% and 24.2% for solar and wind, respectively, since 2016. In the past decade, each time the amount of solar photovoltaic installed capacity doubled globally, the price of installing solar panels and modules declined by 34%.

 

Portugal's Geothermal Energy installed capacity grew from 25 MW in 2015 to 29 MW in 2021 at a 3.01% CAGR.

 

Hydropower in Portugal

Hydropower forms a major renewable energy source for Portugal. Portugal has over 60 hydropower reservoirs of various sizes, and they collectively generate 30% of the nation's yearly electrical needs. As of 2022, the country has installed a capacity of 7241 MW. 

 

Portugal Wind Energy

The installed capacity of wind power in Portugal by the end of 2021 was 5248 MW. The installed capacity registered an increase of 2.4% relative to 2020. The country's wind energy sector comprises both onshore and offshore wind farm installations, with onshore wind forming the major portion of total installations.

(For more insights and analysis, consider our report on Portugal Wind Energy Market)

 

Solar Energy in Portugal

The capacity of solar PV installations in Portugal was 1801 MW by the end of 2021. The capacity increased by 63.7% relative to 2020. In the past decade, each time that the amount of solar photovoltaic installed capacity doubled globally, the price of installing solar panels and modules declined by 34%.

 

In the last decade (2010-2020), globally, the electricity generation from all the sources has increased by 2.2%, from 21,570 terawatt-hours to 26,823 terawatt-hours. During the same period, the power generation from renewables increased by 15.25%. The regulatory support by various countries has played an essential role in the growth of the global green energy market. Renewable energy tax credits and subsidies, feed-in tariffs, and competitive auctions helped reduce costs and spur deployment.

 

Since 2010, the cost of solar photovoltaic electricity has fallen by 85%, and the costs of both onshore and offshore wind electricity have fallen by about 50%. Both these clean energy sources have reached to a stage where they are now cost-competitive with fossil fuel electricity.

 

In fact, Renewables were the only energy source for which demand increased in 2020 despite the pandemic, while consumption of all other fuels declined. The share of renewables in the total energy mix grew from 3.53% in 2010 to 11.73% in 2020 and is expected to grow to about 30% by 2030.

 

In 2020, Wind was the largest renewable electricity source worldwide, while solar photovoltaics was the fastest growing renewable electricity source. Electricity generated from Wind was 1591.2 terawatt-hours and from Solar photovoltaics was 855.7 terawatt-hours. The electricity generated from solar photovoltaics grew by 20.5%, while wind grew by 11.9%.

(For more insights and analysis, consider our report on Portugal Solar Energy Market)

 

National Hydrogen Strategy

Portugal views hydrogen produced with renewable energy as playing a critical role in assisting sustainable energy transitions in difficult-to-decarbonize sectors and end uses, as well as achieving carbon neutrality by 2050. According to the National strategy for Hydrogen Strategy (EN-H2), by 2030, green hydrogen should cover 1.5-2 percent of Portugal's energy demand, 2-5 percent of industrial energy demand, 3-5 percent of domestic maritime shipping energy demand, 1-5 percent of road transport energy demand, and 10-15 percent of natural gas network volume.

 

This would necessitate the installation of an estimated 2-2.5 gigatonnes (GW) of electrolysis capacity fueled by renewable energy by 2030, as well as necessary legislation, regulations, and standards. The EN-H2 also suggests that renewable hydrogen could be used directly for power generation and energy storage in the long run.

 

Portugal Renewable Energy Policy

Portugal's energy policy prioritizes the rapid expansion of renewable electricity generation while maintaining reasonable electricity prices in order to achieve economy-wide decarbonization through widespread electrification. In order to put Portugal on a path to reaching cost-effective carbon neutrality by 2050, the country's National Energy and Climate Plan set 2030 targets for emission reductions, energy efficiency, and renewable energy.

 

Portugal is promoting decarbonization by taking a variety of actions. A carbon price enacted in 2016 encourages the decrease of emissions. Portugal is continuing to expand its sizable hydropower fleet, adding more pumped hydro storage capacity. Portugal is a global pioneer in the integration of wind energy, and auctions implemented in 2019 are accelerating the deployment of solar panels and batteries. Portugal has big aspirations for clean hydrogen and is working to improve electrical links with the rest of Europe.

 

Portugal has 2030 targets for greenhouse gas (GHG) emissions, renewable energy, energy efficiency, electricity interconnection, and energy dependency under EU regulations and national laws. These targets were established under Portugal's National Energy and Climate Plan (NECP).

 

The NECP's objectives are meant to put Portugal on the right track to reaching the country's overall carbon-neutrality goals, which are outlined in the Roadmap for Carbon Neutrality 2050. (RNC2050). With an emphasis on boosting the use of local renewable energy while lowering and electrifying final energy demand, the RNC2050 outlined suggested trajectories spanning all economic sectors.

 

The RNC2050 sets goals for renewable energy to account for 71-72 percent of final energy consumption by 2040 and 86-88 percent by 2050. It asks for the total decarbonization of transportation and electrical generation by 2050. At the same time, the NECP established a goal of reducing energy import dependency to 65 percent by 2030, and the RNC2050 sets targets for electricity to cover 32-33% of total energy demand in 2030 and 66-68% in 2050, as well as to reduce energy import dependency to below 19% by 2050.

 

Recent Developments

  • The Portuguese Renewable Energy Association (APREN) is creating a handbook for onshore energy project licensing. It intends to streamline and explain all stages of the licensing procedure in order to accelerate the development of solar and wind projects.
  • In April 2022, Portugal's new Socialist Party-led government has pushed the goal of obtaining 80 percent clean energy in electricity production from 2030 to 2026, four years earlier than previously anticipated.
  • In April 2022, the Portuguese government authorized exceptional measures to facilitate the production of renewable energy. The new laws exempt renewable energy plants, battery storage, and self-consumption projects from the need for operational permits and certifications.

 

What do we cover in the Report?

Blackridge Research's Portugal Renewable Energy Market report contains the installed capacity of renewable power generation sources (year-on-year) until 2028, the list of ongoing and upcoming renewable power generation projects such as solar photovoltaic farms, concentrated solar power plants, onshore wind, and offshore wind energy projects and the regulatory scenario within the renewable energy market of Portugal.

 

Furthermore, the report will contain the drivers and restraints within Portugal's Renewable Energy Market along with a meticulous evaluation of their impact in the near-, medium-, or longer term. Factors affecting renewable energy deployment include market conditions (e.g., cost, diversity, proximity to demand or transmission, and resource availability), policy decisions (e.g., tax credits, feed-in tariffs, and renewable portfolio standards), as well as country-specific regulations. Finally, the presentation would enable us to identify market opportunities and plan for long-term growth.

 

The impact of the COVID-19 pandemic is an integral part of the report.

 

Get a free sample copy of the Portugal Renewable Energy Market report by clicking the "Download a Free Sample Now!" button at the top of the page.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Portugal Renewable Energy Market Analysis
  • 3.3 Market Dynamics
    • 3.3.1. Drivers
    • 3.3.2 Restraints
  • 3.4 Market Trends & Developments
  • 3.5 Analysis of Covid-19 Impact
  • 3.6 Market Opportunities
  • 3.7 Renewables Installed Capacity to 2028
  • 3.8 List of Projects
  • 3.9 Government Policies and Regulations

4. PESTLE Analysis

5. Market Segmentation & Analysis

  • 5.1 Renewable Power Generation
    • 5.1.1 Solar
    • 5.1.2 Wind
    • 5.1.3 Other Renewables

6. Competitive Landscape

  • 6.1 List of Notable Players in the Market
  • 6.2 M&A, JVs, Partnerships and Agreements
  • 6.3 Strategies of Key Players

7. Key Company Profiles

8. Conclusions and Recommendations

Abbreviations

Additional Notes

Disclaimer

  What's included

Report - Portugal Renewable Energy Market Outlook to 2028.pdf
Market Data Sheet - Portugal Renewable Energy Market Outlook to 2028.xls

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