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

Portugal Wind Energy Market is segmented by Location of Deployment (Offshore and Onshore).

Portugal Wind Energy Market Size

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Portugal Wind Energy Market Summary
Study Period 2020-2029
Base Year For Estimation 2023
Market Volume (2024) 6.21 gigawatt
Market Volume (2029) 10.22 gigawatt
CAGR (2024 - 2029) 10.50 %
Market Concentration Medium

Major Players

Portugal Wind Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Portugal Wind Energy Market Analysis

The Portugal Wind Energy Market size is estimated at 6.21 gigawatt in 2024, and is expected to reach 10.22 gigawatt by 2029, growing at a CAGR of 10.5% during the forecast period (2024-2029).

  • Over the medium term factors such as the declining cost of wind power generation, increasing sensitivity toward environmental issues, and support from the government through financial incentives are likely to drive the market for wind energy during the forecast period.
  • On the other hand, the substitution of solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry achieved a significantly higher cost reduction than the wind energy sector.
  • Nevertheless, the integration of wind energy with energy storage systems to overcome the intermittent nature of wind energy is expected to create enormous opportunity for the market during the forecasted period,

Portugal Wind Energy Market Trends

Onshore Segment to Dominate the Market

  • The onshore segment is poised to dominate the wind energy market in Portugal due to several key factors. Firstly, onshore wind farms are generally more cost-effective to establish and maintain compared to offshore alternatives. The accessibility of onshore locations facilitates easier installation, maintenance, and grid connection, contributing to lower overall project costs. 
  • Additionally, Portugal's geographic characteristics, including ample onshore wind resources, make it highly conducive for the development of onshore wind projects. The favorable wind conditions on land, particularly in regions like the Alentejo and Centro, present lucrative opportunities for harnessing wind energy efficiently and sustainably.
  • Furthermore, the onshore wind segment aligns with Portugal's commitment to renewable energy and sustainability goals. The government's initiatives and policies prioritize the development of onshore wind projects as part of their broader strategy to transition towards cleaner and greener energy sources. This strategic alignment, coupled with the economic advantages and abundant onshore wind resources, positions the onshore segment as the predominant force driving the growth and dominance of wind energy in Portugal.
  • With onshore wind energy capacity reaching 5,430 MW in 2022 in the country, the segment is expected to grow and reach 10,400 MW by 2030 as per its goals set by the Portuguese government, a total investment of USD 32-44 billion euros, which will drive the market's growth.
  • With the commissioning and announcements of several wind power projects in Portugal, onshore wind energy will dominate the market during the forecast period. For instance, in May 2023, EDP Renewables announced that it had expanded the capacity at its largest wind farm in Portugal. The Alta da Coutada wind farm has a capacity of 187MW, following the installation of six turbines. They are expected to increase the annual production of the wind farm by 12%.
  • Hence, with such development works and targets by the government, the segment is likely to dominate during the forecast period.
Portugal Wind Energy Market: Portugal wind energy market: Onshore wind energy capacity, in megawatts (MW), Portugal, 2016-2022

Government Policies and Increasing Investments to Drive the Market

  • Supportive government policies are expected to be a pivotal driving force behind the growth of the wind energy market in Portugal. The Portuguese government has demonstrated a strong commitment to renewable energy as part of its sustainable development agenda. Through various incentives, subsidies, and favorable regulatory frameworks, authorities are actively promoting the establishment and expansion of wind energy projects. These policies not only encourage investment in the sector but also provide financial and operational support to wind energy developers. 
  • In July 2023, The government of Portugal announced plans to accelerate the incorporation of renewable energy sources in its electricity generation, aiming to achieve 80% of its energy from renewable sources by 2026.
  • The country’s recent plan suggested that renewables will account for 49% of all energy usage, compared to 47% in the previous version of the national plan and an EU target of 32.5%.
  • By fostering a conducive environment for the wind energy market, the government aims to diversify the energy mix, reduce dependency on traditional fossil fuels, and contribute to global efforts in combating climate change. The alignment of these supportive policies with Portugal's renewable energy targets creates a conducive landscape for investors and stakeholders, driving the momentum towards a more substantial and sustainable wind energy market in the country.
  • According to the Portuguese Renewable Energy Association (APREN), between January 1 and July 31, 2023, 25,139 GWh of electricity were generated in Continental Portugal, from which 69.2 % came from renewable sources, of which 29.03% came from wind, 24.42% from hydro, 8.81% from solar and rest from other sources.
  • In December 2022, five Portuguese organizations, namely CBA, COLAB+ATLANTIC, Fórum Oceano, INESC TEC, and WavEC Offshore Renewables, have collaboratively established the OceanACT-Atlantic Lab for Future Technologies. This entity is entrusted with overseeing the Aguçadoura test site and is actively exploring the potential to become the managing body for the Viana do Castelo pilot zone on the north coast. The focus of the lab is on the specialized development, testing, demonstration, and qualification of marine and offshore renewable technologies, signifying a concerted effort to advance innovation and research in this strategic sector.
  • Hence, government support and rising investments in renewable energy will drive the wind energy market growth during the forecast period.
Portugal Wind Energy Market: Portugal wind energy market: Renewable electricity generated by source, in TWh, Portugal, Jan 2023 - July 2023

Portugal Wind Energy Industry Overview

The Portugal wind energy market is semi-consolidated. Some of the major companies (in no particular order) are Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Oersted AS, Electricite de France SA, and Acciona SA.

Portugal Wind Energy Market Leaders

  1. Acciona SA

  2. Siemens Gamesa Renewable Energy SA

  3. Vestas Wind Systems A/S

  4. Oersted A/S

  5. Electricite de France SA

*Disclaimer: Major Players sorted in no particular order

Portugal Wind Energy Market Concentration
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Portugal Wind Energy Market News

  • In June 2023, Galp and TotalEnergies agreed to jointly explore potential offshore wind opportunities in Portugal as the country prepares to promote a plan for 10GW of offshore wind-power capacity in the coming years.
  • In May 2023, the Portuguese government announced that the first auction of licenses to build offshore wind farms, set to be launched by year-end, is aimed at projects with a total installed capacity of more than 1 gigawatt (GW).

Portugal Wind Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Wind Energy Installed Capacity and Forecast, till 2029

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. 4.5.1.1 Declining Cost Of Wind Power Generation

        2. 4.5.1.2 Supportive Government Policies

      2. 4.5.2 Restraints

        1. 4.5.2.1 Penetration Of Solar Energy And Gas-Fired Power Plants

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Location of Deployment

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

  6. 6. COMPETITIVE LANDSCAPE

    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 Vestas Wind Systems AS

      2. 6.3.2 Oersted AS

      3. 6.3.3 Acciona SA

      4. 6.3.4 Electricite de France SA

      5. 6.3.5 EDP Energias de Portugal

      6. 6.3.6 Siemens Gamesa Renewable Energy SA

      7. 6.3.7 ENERCON GmbH

      8. 6.3.8 Rulis Electrica Lda

    4. *List Not Exhaustive
    5. 6.4 Market Ranking/Share (%) Analysis

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Integration of Wind Power with Energy Storage Systems

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Portugal Wind Energy Industry Segmentation

Wind energy refers to the process of harnessing the power of wind to generate electricity. It is a form of renewable energy that uses kinetic energy present in moving air masses to produce electrical power. Wind energy is commonly harvested using wind turbines, which consist of large rotating blades mounted on a tall tower.

The Portugal Wind Energy market is segmented by location of deployment as Onshore and Offshore. The report offers the market size and forecast on the basis of installed capacity.

Location of Deployment
Onshore
Offshore
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Portugal Wind Energy Market Research FAQs

The Portugal Wind Energy Market size is expected to reach 6.21 gigawatt in 2024 and grow at a CAGR of 10.5% to reach 10.22 gigawatt by 2029.

In 2024, the Portugal Wind Energy Market size is expected to reach 6.21 gigawatt.

Acciona SA, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Oersted A/S and Electricite de France SA are the major companies operating in the Portugal Wind Energy Market.

In 2023, the Portugal Wind Energy Market size was estimated at 5.56 gigawatt. The report covers the Portugal Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Portugal Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Portugal Wind Power Industry Report

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

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