Market Size of Spain Wind Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spain Wind Energy Market Analysis
The Spanish wind energy market is expected to record a CAGR of more than 8% during the forecast period of 2022-2027. The COVID-19 outbreak in Q1 2020 resulted in weak electricity demand across the country. Renewable energy was not explicitly noticeable, as the country witnessed a growth in its renewable energy installed capacity in 2019-2020, particularly from wind energy installations. Factors such as supportive policies with different incentives, increasing offshore wind energy investments, and rising capacity installations are expected to drive the Spanish wind energy market during the forecast period. However, the substantial increase in initial investment for installation, limited grid infrastructure, and adoption of alternative renewable energy sources such as solar and hydropower are expected to hinder the market's growth during the forecast period.
The onshore wind energy segment is expected to dominate the Spanish wind energy market, owing to the year-on-year increase in annual capacity installations, which is expected to drive the wind energy market significantly.
Spain aims to generate 22 GW of new wind energy capacity installations by 2030. This is likely to create ample opportunities for the Spanish wind energy market over the coming years.
Supportive government policies and regulations are expected to drive the Spanish wind energy market during the forecast period.
