Portugal Solar Energy Market Size (2024 - 2029)

Portugal Solar Energy Market Analysis

The Portuguese solar energy market is expected to register a CAGR of more than 6.5% during the forecast period.

• Over the medium term, the primary drivers of the market include rising energy demand, efforts to reduce the reliance on fossil fuel-based power generation, and the declining cost of solar PV and associated systems. Other factors, such as rising investments in solar farms and supportive government policies, are also likely to drive the solar energy market in Portugal during the forecast period.
• On the other hand, the increasing adoption of alternate clean energy sources like wind is likely to restrain the market's growth during the forecast period.
• Nevertheless, the termination of two coal-fired power plants in Portugal in 2021 provided investment opportunities for solar energy operators. The shift toward adopting renewable energy, especially solar energy, is expected to create immense opportunities for the market.

Portugal Solar Energy Industry Segmentation

Solar energy refers to the energy that is generated by harnessing the power of the sun. This type of energy is renewable and clean, and it has the potential to be a significant source of power for homes, businesses, and entire communities. Solar energy can be captured using solar panels, which are made up of photovoltaic (PV) cells that convert sunlight into electricity.

The Portuguese solar energy market is segmented by end-user. By end-user, the market is segmented into residential, commercial, and industrial (C&I). For each segment, the market sizing and forecasts have been done based on megawatts (MW).