Ireland Wind Energy Market - Growth, Trends, and Forecasts (2020 - 2025)
The market is segmented by Location of Deployment (Onshore and Offshore)
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Scope of the report
Key Market Trends
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The Ireland wind energy market is expected to grow at a CAGR of over 6% during the forecast period of 2020-2025. Factor such as subsidies provided by the govrnment in renewable enrgy sector is likely to drive the Ireland wind energy market in the forecast period. However, increasing adaptation of other renewable sources such as solar is expected to restrain the Ireland wind energy market in the forecast period.
The onshore wind energy accounted for a significant market share in 2019, and it is likely to dominate the market during the forecast period.
Republic of Ireland targets to achieve 70% of its electricity from renewable energy sources by 2030, this is likely to create several opportunities for wind energy in the future.
Increasing wind energy installation capacity and upcoming projects in the country are likely to drive the Ireland wind energy market in the forecast period.
Scope of the report
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Key Market Trends
Onshore Wind Energy Expected to Dominate the Market
Ireland is one of the leading wind energy producer in the world. Approximately 80% of the total renewable energy generation is from onshore wind energy. This makes onshore wind energy source the dominating segment in Ireland wind energy market.
In 2018, Nordex Group was awarded by Statkraft to supply seven wind turbines for its Kilathmoy wind farm project in Ireland. The wind farm has a total installed capacity of 23.3 megawatts (MW).
In 2018, Meenwaun Wind Farm project was commissioned in Ireland. The project has a total installed capacity of 11 megawatts (MW). General Electric Company supplied turbines in the project while the operator of the project was Statkraft.
In 2019, Parkwind and ESB reached an agreement to develop two wind farm projects at Oriel and Clogherhead in Ireland. The installed capacity for Oriel wind farm will be 330 megawatts (MW), while the Clogherhead wind farm is expected to have a total installed capacity of 500 megawatts (MW).
Therefore, from the above projects, the onshore wind energy segment is likely to dominate the Ireland wind energy market in the forecast period.
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Increasing Wind Energy Installations Expected to Drive the Market
In 2018 more than 30% of the energy generated in the country was from renewable energy sources. The government of Ireland has planned to create 70% of the electricity from renewables by 2030.
Government of Ireland started a new policily named Renewable Electricity Support Scheme (RESS). According to this scheme the government will provide financial support to any renewale project in Ireland. It is the very important componenet for the national energy and climate plan in the country.
In 2019 the wind energy plant installed capacity was 4172 megawatt (MW), which was higher than the installation capacity of 2018, 3518 megawatts (MW).
In 2020, EDF Group acquired 50% share from Hazel Shore in the Codling offshore wind farm project and will now partner with Fred Olsen Renewables Ltd, which already owns 50% to develop and build the project. It is expected that the total installed capacity of the project will be 1000 megawatts (MW).
Hence, the above points indicate that increasing wind energy installed capacity is expected to drive the Republic of Ireland wind energy market in the forecast period.
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The Ireland wind energy market is moderately Fragmented. Some of the key players in this market include Nordex SE, Parkwind NV, ELECTRICITE DE/ADR (EDF Group), Statkraft AS, and General Electric Company.