Market Size of Spain Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 83.88 gigawatt |
| Market Volume (2029) | 178.78 gigawatt |
| CAGR (2024 - 2029) | 16.34 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spanish Renewable Energy Market Analysis
The Spain Renewable Energy Market size is estimated at 83.88 gigawatt in 2024, and is expected to reach 178.78 gigawatt by 2029, growing at a CAGR of 16.34% during the forecast period (2024-2029).
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and supply chain disruptions leading to delays in projects. Currently, the market reached pre-pandemic levels.
- The renewable energy market in Spain is expected to have robust growth in the coming years. The growth can be attributed to two main factors, favorable weather conditions and the availability of substantial funds raised by national and regional forums.
- However, the market can also face bottlenecks due to dispatch-flexibility issues, as renewables do not provide short-term flexibility as other traditional fuels; instead, they need long-term backup plans.
- The country has planned the complete phase-out of nuclear and coal-fired power by 2035. The targets to reduce carbon emissions in the national energy plans have prompted the country to eliminate nuclear power from the energy mix. Out of seven nuclear power plants, four are already scheduled to be closed by 2030, making the share of nuclear power from 22% in 2020 to around 7% in 2030. The initiative is likely to create ample opportunities for the renewables-based energy market.
