Solar Energy in Portugal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Portugal Solar Energy Market Size and it is Segmented by End-User (residential, commercial, and industrial (C&I)). The report offers the market size and forecasts for solar energy in capacity (MW) for all the above segments.

Portugal Solar Energy Market Size

Single User License


Team License


Corporate License


Book before:
View Global Report
Portugal Solar Energy Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 6.50 %
Market Concentration Medium

Major Players

Portugal Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License


Team License


Corporate License


Book before:

Portugal Solar Energy Market Analysis

The Portuguese solar energy market is expected to register a CAGR of more than 6.5% during the forecast period.

  • Over the medium term, the primary drivers of the market include rising energy demand, efforts to reduce the reliance on fossil fuel-based power generation, and the declining cost of solar PV and associated systems. Other factors, such as rising investments in solar farms and supportive government policies, are also likely to drive the solar energy market in Portugal during the forecast period.
  • On the other hand, the increasing adoption of alternate clean energy sources like wind is likely to restrain the market's growth during the forecast period.
  • Nevertheless, the termination of two coal-fired power plants in Portugal in 2021 provided investment opportunities for solar energy operators. The shift toward adopting renewable energy, especially solar energy, is expected to create immense opportunities for the market.

Portugal Solar Energy Market Trends

Residential Segment to Witness Significant Growth

  • Solar power is a growing source of clean energy in Portugal's energy mix. At the end of 2022, solar power had a total installed capacity of 2591 MW. It represented an increase of more than 45 percent from the previous year in 2021. Further electricity generation from solar sources reached 2.54 TWh in 2022.
  • Solar is expected to play a leading role in the Portuguese government's new energy plan, which includes providing 80% of the country's power demand from renewables by 2030 and 100% by 2050 and electrifying 65% of the economy by 2050.
  • The need for an alternative energy source, anticipated cost savings from solar photovoltaics, and a desire to lessen the risk of climate change are the main drivers of their growing adoption in the residential sector.
  • In December 2021, the Minister of Environmental and Climate Action of Portugal announced the launch of an auction for 262 MW of floating solar photovoltaic (PV) capacity to be installed at seven dams across the country. The project is expected to be fully operational by 2023.
  • During the forecast period, the share of rooftop solar PV is expected to increase due to decreasing solar PV costs, supportive government policies for residential solar PV, FIT programs and incentives, and targets set by various governments for solar energy.
  • Higher solar PV module efficiencies, which may increase the use of solar energy in the residential sector for power utilization, are driving the cost reductions from residential rooftop solar PV.
  • Therefore, such factors may drive the demand for residential solar energy in Portugal during the forecast period.
Portugal Solar Energy Market: Renewable Electricity Generation: In TWh, Solar PV, Portugal, 2011- 2022

Increasing Demand for Wind Energy Restraining the Market’s Growth

  • Portugal's renewable energy mix is dominated by solar and hydropower. However, this scenario has changed with the wind energy sector's rapid growth.
  • According to the Portuguese Renewable Energy Association (APREN), in 2022, approximately 2.54 TWh of electricity was generated from solar PV, witnessing an increase of approximately 46% compared to the previous year. According to the Portuguese Renewable Energy Association (APREN), in 2022, the total cumulative PV capacity accounted for approximately 2,591 MW, witnessing an increase of 45% compared to 2021.
  • Renewables accounted for approximately 70% of the country's total electricity demand, and wind energy accounted for 25% at the beginning of 2021.
  • At the end of 2022, Portugal's wind power installed capacity was 5,671 MW. In 2021, wind power represented 26.8% of total electricity generation. Thus, Portugal's wind energy sector is likely to hinder the market.
  • In January 2021, the European Investment Bank (EIB) provided EUR 65 million and an additional EUR 47 million from BPI to finance EDP Renovaveis SA (EDPR) for the construction and operation of two onshore wind farms with a total nominal capacity of 125 MW in the districts of Coimbra and Guarda, Portugal.
  • Therefore, the wind energy sector in the country grew faster than the solar energy sector during the last decade. However, it is expected to restrain the market during the forecast period.
Portugal Solar Energy Market: Wind Power Installed Capacity in MW, Portugal, 2015-2022

Portugal Solar Energy Industry Overview

Portugal's solar energy market is moderately consolidated. The key players in the market market (in no particular order) include Voltalia SA, Iberdrola SA, SGS SA, Acciona SA, and Gesto Energia SA., among others.

Portugal Solar Energy Market Leaders

  1. SGS SA

  2. Voltalia SA

  3. Acciona SA

  4. Gesto Energia SA

  5. Iberdrola SA

*Disclaimer: Major Players sorted in no particular order

Portugal Solar Energy Market Concentration
Need More Details on Market Players and Competitors?
Download Sample

Portugal Solar Energy Market News

  • February 2023: Copenhagen Infrastructure Partners (CIP) intends to invest EUR 8 billion in a giant offshore wind project in Portugal. It is anticipated that the wind project will have a capacity of 2 GW and will be located off the coast of the Atlantic Ocean.
  • January 2023: The Portugal government announced the launch of its first offshore wind power auction by the last quarter of 2023, aiming to reach 10 GW of installed capacity by 2023.

Portugal Solar Energy Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Solar Energy Installed Capacity and Forecast in MW, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis


    1. 5.1 Residential

    2. 5.2 Commercial and Industrial (C&I)


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Voltalia SA

      2. 6.3.2 Iberdrola SA

      3. 6.3.3 SGS SA

      4. 6.3.4 Acciona SA

      5. 6.3.5 Gesto Energia SA

      6. 6.3.6 Eurowind Energy AS

      7. 6.3.7 R.Power S.A

    4. *List Not Exhaustive

**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Portugal Solar Energy Industry Segmentation

Solar energy refers to the energy that is generated by harnessing the power of the sun. This type of energy is renewable and clean, and it has the potential to be a significant source of power for homes, businesses, and entire communities. Solar energy can be captured using solar panels, which are made up of photovoltaic (PV) cells that convert sunlight into electricity.

The Portuguese solar energy market is segmented by end-user. By end-user, the market is segmented into residential, commercial, and industrial (C&I). For each segment, the market sizing and forecasts have been done based on megawatts (MW).

Need A Different Region Or Segment?
Customize Now

Portugal Solar Energy Market Research FAQs

The Portugal Solar Energy Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)

SGS SA , Voltalia SA, Acciona SA, Gesto Energia SA and Iberdrola SA are the major companies operating in the Portugal Solar Energy Market.

The report covers the Portugal Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Portugal Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Solar Energy in Portugal Industry Report

Statistics for the 2024 Solar Energy in Portugal market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Energy in Portugal analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Solar Energy in Portugal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)