Republic of Ireland Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Republic of Ireland Renewable Energy Market is expected to witness a CAGR of more than 7% during the forecast period, 2022 - 2027. The COVID-19 pandemic affected the market negatively by bringing down the demand for electricity and causing supply chain issues owing to the closure of manufacturing facilities and disruption of logistics networks, especially in the shipping industry. In terms of the growth of the market, factors such as increasing adoption of renewable energy sources in the energy generation mix, supportive government policies, and rising environmental concerns are expected to drive the market. However, significant reliance on fossil fuel-based power generation may restrain the market. Due to this and other factors, Ireland missed its renewable energy installation target of 2020.

Key Highlights

• The wind energy segment is likely to dominate during the forecast period due to significant installed capacity and abundant natural resources to exploit.
• Ireland's Government has set out a target to fully decarbonize its economy by 2050. This will involve a major shift toward clean, renewable energy plants, which will present significant opportunities to the players involved in the market in the future.
• Upcoming renewable energy projects are likely to drive the Republic of Ireland Renewable Energy Market during the forecast period.

Key Market Trends

Wind Energy Segment Expected to Dominate the Market

• Ireland is one of the leading wind energy producers in the region. Approximately 90% of the total renewable energy generation is from wind energy. This makes wind energy source the dominating segment in the Republic of Ireland Renewable Energy market.
• In 2020, the installed capacity of wind energy stood at 4,300 MW as compared to 2,451 MW in 2015. Several projects are underway to increase the installed capacity of wind energy further.
• In February 2022, DP Energy and Iberdrola SA hired two engineering consultancies to draw up an environmental impact statement for their planned 1 GW floating offshore wind project off Ireland's south coast.
• In February 2022, EDF Renewables announced its plans to develop a 50 MW Lackareagh Wind farm in Country Clare. EDF Renewables plans to submit a planning application and environmental impact assessment report to the Clare County council in early 2023 and expects the wind farm to be operational by 2026.
• In February 2022, ESB and Coillte sought approval for a 90-MW Glenard Wind Farm project on the Inishowen peninsula in the County Donegal. ESB and Coillte formed a joint venture, FuturEnergy, in 2021, and it aims to develop 1 GW of wind projects by 2030.
• Thus, considering the above-mentioned points, it is likely that the wind energy segment is expected to dominate the Republic of Ireland Renewable Energy market during the forecast period.

Upcoming Renewable Energy Projects to Drive the Market

• Ireland has set out a target to achieve 70% of its electricity from renewable energy sources by 2030. As of 2020, the cumulative installed capacity of renewables in the Republic of Ireland was 4,685 MW.
• To meet the target, the country is witnessing an increasing number of renewable energy projects all over the country.
• In February 2022, Greencoat Renewables PLC started the process of commissioning a 10.8 MW battery energy storage system co-located with its Killala community wind farm in County Mayo, Ireland.
• In September 2021, Bord na Mona announced its intent to build a 200-MW wind and solar power generation hub in the Irish midlands. The hybrid power complex is planned to be installed on over 3,000 hectares of land in the counties Meath, Offaly, and Westmeath. At the time, the company planned to file a planning application in the next 18-24 months.
• In July 2021, a 5.6 MW ground-mounted solar facility at the plant of Eli Lilly & Co., near Kinsale, County Cork, was launched. The project cost nearly USD 6 million and will provide almost 6 GWh to the plant's annual electricity consumption.
• Considering the above-mentioned points, it can be said that the upcoming renewable energy projects are expected to drive the Republic of Ireland Renewable Energy Market during the forecast period.

Competitive Landscape

The Republic of Ireland Renewable Energy Market is moderately consolidated. Some of the major players involved in the market include Orsted AS, Mainstream Renewable Power Ltd, RES UK & Ireland Ltd, Electricite de France SA, and Statkraft Ireland Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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