Market Size of Republic of Ireland Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Republic of Ireland Renewable Energy Market Analysis
The Republic of Ireland Renewable Energy Market is expected to witness a CAGR of more than 7% during the forecast period. The COVID-19 pandemic affected the market negatively by bringing down the demand for electricity and causing supply chain issues owing to the closure of manufacturing facilities and disruption of logistics networks, especially in the shipping industry. In terms of the growth of the market, factors such as increasing adoption of renewable energy sources in the energy generation mix, supportive government policies, and rising environmental concerns are expected to drive the market. However, significant reliance on fossil fuel-based power generation may restrain the market. Due to this and other factors, Ireland missed its renewable energy installation target of 2020.
- The wind energy segment is likely to dominate during the forecast period due to significant installed capacity and abundant natural resources to exploit.
- Ireland's Government has set out a target to fully decarbonize its economy by 2050. This will involve a major shift toward clean, renewable energy plants, which will present significant opportunities to the players involved in the market in the future.
- Upcoming renewable energy projects are likely to drive the Republic of Ireland Renewable Energy Market during the forecast period.
