Spain Solar Energy Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 8.00 %|
*Disclaimer: Major Players sorted in no particular order
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Spain Solar Energy Market Analysis
The Spanish solar energy market is expected to register a CAGR of more than 8% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has reached pre-pandemic levels.
- Over the medium period, supportive government policies to promote renewable power generation and incentives and large-scale acceptance of solar photovoltaics in the end-use industries are expected to be some of the driving factors for the solar energy market in Spain during the forecast period.
- On the other hand, the increasing adoption of alternate renewable sources such as wind and limited grid infrastructure and storage systems are expected to hinder the market growth during the forecast period.
- Nevertheless, with the introduction of the National Energy and Climate Plan for 2021-2030, the government aims to increase the renewable energy share to 42% by 2030. This is expected to create opportunities for solar power companies over the coming years.
Spain Solar Energy Market Trends
This section covers the major market trends shaping the Spain Solar Energy Market according to our research experts:
Solar Photovoltaic (PV) Type to Dominate the Market
- Solar photovoltaic (PV) technology is expected to account for renewables' largest annual capacity additions, well above wind and hydro. The solar PV market has cut costs dramatically in the past six years as the market was flooded with equipment, and the cost of solar panels dropped exponentially, leading to increased solar PV system installations.
- In recent years, utility-scale PV systems have dominated the PV market. However, distributed PV systems, mostly in commercial and industrial sectors, have become essential in many countries due to their favorable economics when combined with increased self-consumption. The ongoing cost reduction of PV systems favors the increasing off-grid markets and is, in turn, expected to drive the solar PV market in Spain during the forecast period.
- According to the International Renewable Energy Agency (IRENA), in 2021, renewables accounted for 61,517 MW, of which solar PV energy accounted for 25.9%. The market in Spain showed a historical CAGR of 14.69% in terms of solar energy installed capacity from 2015 to 2021, with a net capacity of 15.9 GW in 2021.
- The renewable auctions planned by the Spanish government are likely to award at least 1.8 GW of solar photovoltaic energy per year to interested parties until 2025.
- In January 2023, Compañía Española de Petróleos, S.A.U. announced three solar PV projects with a capacity of 400 MW in Spain. A total of more than USD 302 million will be invested in the installation of these solar plants and construction will begin in 2025.
- With large solar power projects lined up to achieve the aim of 31 GW by the end of 2030, the growth of the solar photovoltaic market in Spain is expected to witness significant growth during the forecast period.
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Supportive Government Policies and Targets Driving the Market Demand
- To meet Europe's energy and climate targets by 2030, European Union State Members, including Spain, established the National Energy and Climate Plans for the period 2021-2030, aiming for a 21% reduction in greenhouse gases in comparison to 1990, 42% energy end-use from renewables, and 70% electricity from renewables.
- In 2018, the government of Spain scrapped the 'Sun Tax,' which was charging Spanish homes fitted with solar panels with an additional tax of 7% to stay connected to the grid. With the abolishment of this tax, the domestic-scale installation of solar panels is expected to increase over the coming period.
- The Spanish government has taken bold steps, like the formation of the Strategic Energy Technology Plan and the Low Emission Strategy 2050, which have made the nation a global leader in the renewable market and reduced its carbon footprint at an astonishing rate.
- In October 2022, as the energy crisis caused by Russia's Ukraine war continued, the Spanish government enacted a series of measures aimed at encouraging the public to install solar panels to create their own electricity.
- As per IEA's Spain Energy Policy Review 2021, Spain is targeting a sizeable buildout of new renewables capacity to reach 74% of electricity generation by 2030, notably wind and solar energy. According to IRENA, in 2021, total renewable energy capacity accounted for 61.5 GW with an annual growth rate of 7%.
Spain Solar Energy Industry Overview
The Spanish solar energy market is moderately fragmented. The key players in the market (not in a particular order) include Acciona SA, Iberdrola SA, The Red Eléctrica Group, COBRA Group, and Solaria Energia y Medio Ambiente SA., among others.
Spain Solar Energy Market Leaders
The Red Eléctrica Group
Solaria Energia y Medio Ambiente SA
*Disclaimer: Major Players sorted in no particular order
Spain Solar Energy Market News
- In January 2023, Abora Solar, a Spanish PVT specialist, created the aH72SK modules, which combine solar panels with power conversion efficiencies of 17.8% with thermal efficiency ratings of over 70%. It has an area of 1.96 square meters.
- In August 2022, Iberdrola SA turned to Europe's largest solar project in western Spain as the government increased renewable energy generation to reduce dependency on fossil fuels. The Extremadura plant, consisting of over 1.5 million solar panels, can generate enough electricity to power more than 334,000 houses.
Spain Solar Energy Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Solar Energy Installed Capacity and Forecast in MW, till 2028
4.3 Renewable Energy Mix, 2022
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION
5.1.1 Solar Photovoltaic (PV)
5.1.2 Concentrated Solar Power (CSP)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Acciona SA
6.3.2 COBRA Group
6.3.3 Iberdrola SA
6.3.4 Solaria Energia y Medio Ambiente SA
6.3.5 JinkoSolar Holding Co. Ltd
6.3.6 The Red Electrica Group
6.3.7 Repsol SA
6.3.8 Engie SA
6.3.9 Soltec Energias Renovables SL
6.3.10 Gransolar Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spain Solar Energy Market Research FAQs
What is the current Spain Solar Energy Market size?
The Spain Solar Energy Market is projected to register a CAGR of greater than 8% during the forecast period (2023-2028).
Who are the key players in Spain Solar Energy Market?
The Red Eléctrica Group, COBRA Group, Solaria Energia y Medio Ambiente SA, Acciona S.A. and Iberdrola S.A. are the major companies operating in the Spain Solar Energy Market.
Solar Energy in Spain Industry Report
Statistics for the 2023 Solar Energy in Spain market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Energy in Spain analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.