Spain Renewable Energy Market Size, Share, and COVID-19 Impact Analysis, By Product (Hydropower, Wind Power, Solar Power, Bioenergy, and Others), By Application (Industrial, Residential, and Commercial), and Spain Renewable Energy Market Insights, Industry Trend, Forecasts to 2033

Spain Renewable Energy Market Insights Forecasts to 2033

• The Spain Renewable Energy Market Size is Growing at a CAGR of 16.25% from 2023 to 2033
• The Spain Renewable Energy Market Size is expected to hold a significant share by 2033

The Spain Renewable Energy Market is anticipated to hold a significant share by 2033, growing at a CAGR of 16.25% from 2023 to 2033. The growing adoption of solar & wind energy and supportive government policies & ambitious targets are driving the growth of the renewable energy market in the Spain.     

Market Overview

The renewable energy market refers to the production, distribution, and consumption of energy from solar, wind, hydro, geothermal, and biomass sources which is driven by a surging need for sustainable energy solutions. Renewable energy is derived from natural sources replenishing at a higher rate than they are consumed such as sunlight and wind sources. Bioenergy and geothermal power are also significant. The consumer shift towards low-carbon fuels is boosting the renewable energy sector. Furthermore, the increasing number of installed capacity of renewable sources owing to the increasing environmental concerns and pressure to minimize harmful effects of greenhouse gases (GHG) is propelling the renewable energy market expansion. As per the report of Balkan Green Energy News, Nuclear power capacity is seen declining rapidly from 7.1 GW in 2020 to 3 GW by 2030. The government aims to phase out coal-fired and nuclear power plants and decommission several oil-fired plants between 2025 and 2035 anticipated to offer lucrative market growth opportunities for renewable energy.

Report Coverage

This research report categorizes the market for the Spain renewable energy market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Spain renewable energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Spain renewable energy market.

Driving Factors

The growing adoption of solar & wind energy is promoting the market growth for renewable energy. It was estimated that in 2023, Spain set new records in renewable energy generation, with over half (50.3%) of its electricity coming from wind, solar, and hydropower. The country installed an additional 5,594 MW of solar photovoltaic power, a 28% increase from 2022, making solar 20.3% of the energy mix. The government's commitment to increasing the share of renewable energy in Spain’s total electricity production owing to the country’s natural abundance of solar and wind energy is propelling the renewable energy market.

Restraining Factors

The increased initial investment required for producing renewable energy which includes land, materials, equipment, and labor is restraining the market growth. Further, the costly and time-consuming process of procuring and converting raw materials is challenging the renewable energy market.

Market Segmentation

The Spain renewable energy market share is classified into product and application.

• The solar power segment dominated the market with the largest market share in 2023 and is anticipated to grow at a significant CAGR growth during the projected period.

The Spain renewable energy market is segmented by product into hydropower, wind power, solar power, bioenergy, and others. Among these, the solar power segment dominated the market with the largest market share in 2023 and is anticipated to grow at a significant CAGR growth during the projected period. It is reported that in Spain, the cumulative total solar power installed was 19.5 GW and accounted for 11.5% of total electricity generation. The low cost, reduced electricity interruptions, and high efficiency in transmission of solar systems are responsible for driving the market.

• The industrial segment dominates the Spain renewable energy market with the largest revenue share and is anticipated to grow at a significant CAGR growth during the forecast period.

The Spain renewable energy market is segmented by application into industrial, residential, and commercial. Among these, the industrial segment dominates the Spain renewable energy market with the largest revenue share and is anticipated to grow at a significant CAGR growth during the forecast period. The instability of fuel prices, along with calls to divest from fossil fuels, leads to the preference for renewables by the companies that rely on heat generation. The surging demand for clean electricity which results in an increasing number of utility projects is driving the market in the industrial segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Spain renewable energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Siemens Gamesa Renewable Energy SA
• Acciona SA
• Iberdrola SA
• Cobra Group
• Red Electrica Corporacion SA
• Saclima Solar Fotovoltaica SL
• Tudela Solar SL
• IM2 Systems SLU
• JinkoSolar Holding Co. Ltd
• Solaria Energia y Medio Ambiente SA
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In October 2022, the Spanish Ministry for Ecological Transition and Demographic Challenge (MITECO) has awarded 146 MW of biomass and 31 Mw of distributed solar projects in the third auction under the Renewable Energy Economic Regime (REER).

• In August 2022, Iberdrola started up 'Francisco Pizarro', the largest photovoltaic plant in Europe. The plant would produce enough clean energy to power more than 334,000 homes and prevent the emission of 150,000 tonnes of CO2 per year.

Market Segment

This study forecasts revenue at Spain, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Spain renewable energy market based on the below-mentioned segments:

Spain Renewable Energy Market, By Product

• Hydropower
• Wind Power
• Solar Power
• Bioenergy
• Others

Spain Renewable Energy Market, By Application  

• Industrial
• Residential
• Commercial