Market Size of Portugal Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Portugal Renewable Energy Market Analysis
Portugal's renewable energy market is expected to grow at a CAGR of over 3% during the forecast period. Portugal's government's plan to phase out of coal energy is expected to drive the Portugal renewable energy market. However, the dependency of renewable on weather conditions such as sun for solar energy and wind for wind energy are expected to restrain the Portugal renewable energy market.
- The hydropower due to its highest energy generating capacity in the country held a significant market share, and it is likely to dominate the market.
- Portugal's government has set a target of decreasing greenhouse gas emissions by 89% to 99% by 2050, compared to 2005. This is likely to create several opportunities for Portugal's renewable energy market in the future.
- Increasing renewable energy installations and upcoming projects, such as offshore wind farm projects, are likely to drive the Portugal renewable energy market.
