Market Trends of Ireland Wind Energy Industry
This section covers the major market trends shaping the Ireland Wind Energy Market according to our research experts:
Onshore Wind Energy Expected to Dominate the Market
- Ireland is one of the leading wind energy producers in the world. Approximately 80% of the total renewable energy is generated from onshore wind energy, thus making the onshore wind energy source the dominating segment in Ireland's wind energy market.
- As of 2021, the island of Ireland and the Republic of Ireland had 5,585 MW and 4,309 MW of installed wind power nameplate capacity, respectively, the third highest per capita in the world.
- The country set a new target of 37 GW in offshore wind power by 2050. In November 2022, Wind Energy Ireland announced that wind farms delivered more than EUR 4.3 million in funding to local projects last year via community benefit funds, which marks an increase of over EUR 300,000 in 2020, reflecting renewable energy's continuing growth.
- In October 2022, EDF Renewables Ireland announced plans to develop a 50 MW wind farm in County Louth. The proposed Kellystown Wind Farm, which could power more than 35,000 homes, will be located approximately 8 km north of Drogheda town.
- Therefore, due to such factors, the onshore wind energy segment is likely to dominate the Irish wind energy market during the forecast period.
Increasing Wind Energy Installations Expected to Drive the Market
- Ireland is rich in wind power generation. The country is likely to witness growing wind energy installations during the forecast period.
- In 2021, more than 30% of the energy generated in the country was from renewable energy sources. The government of Ireland plans to generate 70% of its electricity from renewable sources by 2030.
- The government of Ireland also started a new policy called the Renewable Electricity Support Scheme (RESS). According to this scheme, the government will support all renewable projects in Ireland. It is an important component of the country's national energy and climate plan.
- In 2019, the wind energy plant's installed capacity was 4,172 megawatts (MW), which was higher than the installation capacity of 2018, i.e., 3,518 megawatts (MW).
- In March 2022, SSE Renewables announced its plan to commission the Arklow Bank Wind Park Phase 2 in 2028 instead of in 2025 as initially planned. The developer confirmed its plans to apply for a Maritime Area Consent (MAC) for the project under Ireland's new consenting regime.
- As of August 2022, Ireland had more than 300 wind farms, the majority of which are onshore, as well as one of the highest wind power penetrations in the world. In July 2022, the Irish government announced an increase in its offshore wind target for 2030 from 5 GW to 7 GW. This development may boost the growth of wind-based power generation during the forecast period.
- Hence, such factors are likely to boost the installation capacity of wind energy in the Republic of Ireland, thus driving the Irish wind energy market during the forecast period.