Market Size of Portugal Solar Energy Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
