Spain Solar Energy Market Size, Share, and COVID-19 Impact Analysis, By Type (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)), By Deployment Type (Rooftop and Ground mounted), and Spain Solar Energy Market Insights, Industry Trend, Forecasts to 2033

Spain Solar Energy Market Insights Forecasts to 2033

• The Spain Solar Energy Market Size is Growing at a CAGR of 15.75% from 2023 to 2033
• The Spain Solar Energy Market Size is Expected to hold a significant share by 2033

The Spain Solar Energy Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 15.75% from 2023 to 2033. The increasing government support for renewable energy and declining cost of solar PV installations are driving the growth of the solar energy market in the Spain.     

Market Overview

The solar energy market refers to the industry encompassing the development, manufacturing, and deployment of solar technologies for electricity generation, heating, and other applications, with an increased focus on renewable energy and combating climate change. Solar energy harnesses the sun’s radiant energy, converting it into usable forms like electricity (photovoltaics) or heat (solar thermal) through various technologies. It offers a clean alternative to fossil fuels with minimal greenhouse gas emissions. The advantages of using solar energy include lowering greenhouse gas emissions and reducing reliance on fossil fuels as well as promoting cleaner and more sustainable energy. Innovative financing solutions and strong environmental, social, and governance (ESG) credentials, delivering reliable and efficient solar technology solutions are creating solar energy market growth opportunity.

Report Coverage

This research report categorizes the market for the Spain solar 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 solar 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 solar energy market.

Driving Factors

Capital subsidies, tax incentives, and net billing frameworks are some of the government policies in the country that are driving the solar energy market. The declining cost of solar PV installations creates ample opportunities for renewable energy businesses, thereby escalating the solar energy market growth. Further, environmental concerns which leads to increasing focus on the use of renewable resources, ultimately leads to the propelling of the solar energy market. The emergence of technological advancements, including solar panel technology, promotes market growth.

Restraining Factors

The penetration of other more conventional energy sources is restraining the solar energy market. Further, the increased initial investment and land use constraints are the factors that are challenging the market growth.

Market Segmentation

The Spain solar energy market share is classified into type and deployment type.

• The solar photovoltaic (PV) segment is dominating the market with the largest market share and is expected to grow at a significant CAGR during the predicted timeframe.

The Spain solar energy market is segmented by type into solar photovoltaic (PV) and concentrated solar power (CSP). Among these, the solar photovoltaic (PV) segment is dominating the market with the largest market share and is expected to grow at a significant CAGR during the predicted timeframe. Solar photovoltaic cells are installed in business and residential building rooftops, improving resilience on energy and centralized power facilities. The need for combating climate change via renewable energy sources reinforced by government tax credit and feed-in-tariff programs are driving the market in the solar photovoltaic (PV) segment.

• The ground mounted segment dominated the market with the largest share of the Spain solar energy market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

The Spain solar energy market is segmented by deployment type into rooftop and ground mounted. Among these, the ground mounted segment dominated the market with the largest share of the Spain solar energy market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. In a mounted solar PV module, solar panels are mounted on the ground rather than on rooftops or other elevated structures. The country’s abundant solar resources and geographical advantages, especially in regions with high solar radiation, are propelling the market in the ground mounted segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Spain solar 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

• Acciona SA
• COBRA Group
• Iberdrola SA
• Solaria Energia y Medio Ambiente SA
• JinkoSolar Holding Co. Ltd
• The Red Electrica Group
• Repsol SA
• Engie SA
• Soltec Energias Renovables SL
• Gransolar Group
• Others

Key Target Audience

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

Recent Developments

• In February 2024, French energy group TotalEnergies SE clinched a deal to acquire a 59-MW solar photovoltaic (PV) park project in Spain’s Toledo province from developer Synergia.

• In December 2023, MET Group’s first solar park in Spain, the ‘Puerto Real 3’ project has started commercial operations. The project site covers an area of 130 hectares in which more than 88.000 solar panels were installed.

Market Segment

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

Spain Solar Energy Market, By Type

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)

Spain Solar Energy Market, By Deployment Type

• Rooftop
• Ground mounted