Renewable energy sources are forecast to account for 90% of the total electricity generation capacity in Spain by 2035, compared with 68% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Spain’s renewable energy market in its Spain Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 28% in 2023 to 61% in 2035.
The share of wind power is expected to reach 6% in 2035, compared with a 14% share in 2023. Solar Thermal is forecast to account for 0.82% share of Spain’s total electricity generation capacity, in 2035, as against 2% share in 2023. The share of biopower is expected to change from a 1% share in 2023 to a 0.53% share in 2035.
In terms of capacity additions, the total renewable energy capacity is expected to see 187828.95 MW of additions in Spain during the forecast period while the non-renewable energy segment is likely to see reduction of 12739.04 MW.
CAGR growth of key renewables in Spain
Renewable generation capacity in Spain is expected to reach 264GW in 2035 at a CAGR of 10% during 2023-2035.
Solar PV power is expected to record highest growth rate of 14.34% by 2035, followed by wind with 6%. Other renewable energy sources such as biopower, solar thermal and hydro are estimated to have growth rates of 0.93%, 0.80%, and 0.00% respectively.
Hydrogen and CCS plants in pipeline in Spain
A total of five hydrogen and 102 carbon capture and storage (CCS) plants are expected to be developed in Spain by the end of 2035.
For more detailed analysis of the renewable energy market in Spain, buy the report here.
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