Greece Wind Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Greece Wind Energy Market Analysis
The Greek wind energy market is expected to register a CAGR of more than 3% during the forecast period, 2022-2027. The COVID-19 outbreak led to delayed licensing procedures for new wind projects and inadequate manpower for ongoing wind projects. These are the major issues that affected the wind energy sector's growth due to the COVID-19 pandemic. Factors such as increasing demand for wind energy installations and rising investments in ongoing and upcoming wind energy projects are expected to drive the market during the forecast period. However, the rising emphasis on solar energy to provide renewable electricity in the country is expected to restrain Greece's wind energy market.
- The onshore segment is expected to dominate the market, owing to the increasing onshore wind installed capacity during the forecast period.
- Greece's National Energy and Climate Plan aims to install 7 GW of wind energy by 2030. This is expected to create several opportunities for the Greek wind energy market soon.
- The rising emphasis on solar energy is expected to restrain the growth of the Greek wind energy during the forecast period.
Greece Wind Energy Market Trends
This section covers the major market trends shaping the Greece Wind Energy Market according to our research experts:
Onshore Segment to Dominate the Market
- Greece's renewable energy mix is dominated by wind energy. Wind energy is the fastest-growing renewable energy source. The total wind energy installed capacity accounts for a share of about 37.9% of the total country's renewable energy mix.
- As per the Hellenic Scientific Association of Wind Energy statistics 2022, onshore wind energy reached 4,451 MW of installed capacity in 2021. The onshore wind registered 8.2% Y-o-Y growth.
- Greece pledged to install 7GW of wind energy in the country by 2030. Currently, Greece has 4 GW of wind energy installed, all onshore, covering 12% of its electricity demand in 2020. The potential for wind energy in Greece is much bigger, especially for onshore wind.
- In December 2020, Terna Energy secured EUR 585 million to develop 18 wind projects with a total capacity of 360 MW in the Karystos municipality. These projects were connected with the National Electricity Transmission System through a 69 km long submarine cable.
- Furthermore, five other wind projects with a total capacity of 120.3 MW, worth EUR 121.3 million, have been approved. These projects are expected to come up in the regions of Xanthi and Rodopi, Greece.
- In March 2021, Iberdrola signed a 102 MW turbine supply contract for its Askio II, Askio III, and Rokani wind farms. The Rokani project in the Viotia region installed three EnVentus V162-6.0 MW turbines, the most powerful onshore wind turbines in the market to be used for the first time in Greece.
- In December 2021, EDP Renewables constructed and inaugurated a 45MW wind energy plant. The plant is situated near the town of Malesina in central Greece and is expected to produce enough electricity to power over 28,000 households.
- Hence, the above points indicate that increasing onshore wind energy is expected to dominate the Greek wind energy market during the forecast period.
Rising Emphasis on Solar Energy Restraining the Market Growth
- Greece is a Southern European country that has abundant solar radiation compared to Northern European countries. As a result, the investment yield is higher. The cost of land in Greece is lower than its Northern European counterparts for solar energy development. As a result, solar energy development is expected to attract major investments in the coming years.
- As per the Hellenic Association of Photovoltaics statistics 2021, Greece's solar PV capacity grew over 400% in 2020, with 913 MW installed, compared to 161 MW in 2019. This is the major factor hindering the wind energy market.
- Greece's new national energy plan mandates 7.7 GW of cumulative solar PV capacity by 2030. Specifically, the plan calls for the nation's total installed PV capacity to increase from 3.74 GW in 2020 to 3.9 GW in 2022, 5.3 GW in 2025, and 6.3 GW in 2027. The mandates are expected to attract new investments for ground-mounted solar projects.
- As per European Union Market Outlook for Solar Power 2021, Greece has over 85 GW of solar project pipeline comprising ground-mounted and rooftop solar projects, and major energy stakeholders in the country are looking to invest in the domestic solar sector.
- Furthermore, legislation has been passed by the Greek Parliament in 2020, which gave the right to solar PV developers, especially for ground-mounted solar projects, to secure a higher tariff for the energy fed into the grid, based on a declaration of "readiness for connection". As a result, there was a boom in installations in 2020 compared to the previous year.
- In July 2021, National Energy (NE) announced the commencement of its first greenfield solar energy project construction with an installed capacity of 24.08 MWp. The project installation is being done in the regions of Viotia and Fthiotida, Greece.
- The solar energy sector in the country has been growing significantly more than the wind energy sector over the last decade, and it is expected to maintain its dominance in terms of growth during the forecast period, supported by favorable government policies. This is expected to hinder the growth of the Greek wind energy market.
Greece Wind Energy Industry Overview
The Greek wind energy market is moderately fragmented. The key players in the market include Iberdrola SA, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, General Electric Company, and Nordex SE.
Greece Wind Energy Market Leaders
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Vestas Wind Systems A/S
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Iberdrola SA
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Siemens Gamesa Renewable Energy, S.A.
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General Electric Company
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Nordex SE
*Disclaimer: Major Players sorted in no particular order
Greece Wind Energy Market News
- In June 2021, Ameresco completed EPC work on a 9.2-MW Greek island wind farm. The wind turbine project at Xerakia Dilinata in Kefalonia, Greece, has been completed and commenced operations. It is Ameresco's first wind project in continental Europe.
- In November 2021, the Greek Energy Department was preparing to launch a mixed tender for a 600 MW wind and solar project in March 2022. The project is expected to receive EUR 2.27 billion (USD 2.57 billion) from the country.
- In November 2021, the European Commission approved an EUR 2.27 billion Greek scheme for the production of electricity from renewable sources. The introduced scheme aims to support electricity produced from various renewable energy sources, namely onshore wind, solar photovoltaic, biogas, biomass, landfill gas, hydroelectric power, concentrated solar power, and geothermal power plants.
Greece Wind Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Wind Energy Installed Capacity and Forecast, in MW, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT (QUALITATIVE ANALYSIS ONLY)
5.1 Onshore
5.2 Offshore
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 Iberdrola SA
6.3.2 Vestas Wind Systems AS
6.3.3 Siemens Gamesa Renewable Energy, SA
6.3.4 General Electric Company
6.3.5 Nordex SE
6.3.6 juwi AG
6.3.7 Eunice Energy Group
6.3.8 Ameresco
6.3.9 Terna Energy SA
6.3.10 Ellaktor SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Greece Wind Energy Industry Segmentation
The Greek wind energy market report includes:
Greece Wind Energy Market Research FAQs
What is the current Greece Wind Energy Market size?
The Greece Wind Energy Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Greece Wind Energy Market?
Vestas Wind Systems A/S, Iberdrola SA, Siemens Gamesa Renewable Energy, S.A., General Electric Company and Nordex SE are the major companies operating in the Greece Wind Energy Market.
What years does this Greece Wind Energy Market cover?
The report covers the Greece Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Greece Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Greece Wind Energy Industry Report
Statistics for the 2024 Greece Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Greece Wind Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
