Portugal Renewable Energy Companies (2024 - 2029)

Portugal Renewable Energy Market Companies Summary

The renewable energy market in Portugal is expected to experience significant growth due to the government's plan to phase out coal energy. However, the market's dependency on weather conditions, such as sunlight for solar energy and wind for wind energy, may pose a challenge. Hydropower, due to its high energy generating capacity, is expected to dominate the market. The government's target to drastically reduce greenhouse gas emissions by 2050 is likely to create numerous opportunities in the renewable energy sector. Moreover, the increase in renewable energy installations and upcoming projects, such as offshore wind farm projects, are expected to drive the market. The market is fragmented, with several key players. One multinational electric utility company has made strides into the country's solar market after securing a number of solar projects. These projects are expected to be split into two and built in different regions of the country. In another development, a company announced plans to build three new dams and power plants in Portugal, further bolstering the hydropower sector. These projects are expected to have a significant total capacity and are likely to start operations within a few years. Therefore, the increasing installations of renewable energy are expected to drive the market in the forecast period.