Portugal Offshore Wind Market Size, Share, Trends and Forecast 2025-2033

Market Overview

The Portugal offshore wind market reached a size of USD 253.72 Million in 2024 and is projected to reach USD 1,146.58 Million by 2033. Exhibiting a CAGR of 16.28% during the forecast period of 2025-2033, the market benefits from strong government support, technological innovations like larger turbines and floating platforms, and increasing energy demand aligned with sustainability goals. 

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Portugal Offshore Wind Market Key Takeaways

• Current Market Size: USD 253.72 Million (2024)
• CAGR: 16.28% (2025-2033)
• Forecast Period: 2025-2033
• Strong government support through financial incentives, subsidies, and tax breaks attract domestic and international investors.
• The establishment of a Technological Free Zone (ZLT) off Viana do Castelo supports offshore technology innovation.
• Technological advancements include larger turbines and floating wind platforms enhancing efficiency and expanding possible offshore locations.
• Rising energy demand and Portugal's commitment to carbon neutrality by 2050 align with EU renewable energy goals.
• Energy storage solutions and grid integration improve renewable energy supply stability.

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Market Growth Factors

Government support, alongside the policy framework surrounding the sector, promotes development of the offshore wind market in Portugal; government incentives in the form of subsidies and tax exemptions are attractive for developers and investors in the domestic and foreign offshore wind markets. In 2024, the government approved rules of procedure for a Technological Free Zone (ZLT) off the coast of Viana do Castelo covering an area of 7.63 km2 (2.94 sq mi). The ZLT was created to ease the testing of offshore wind technologies by removing some regulations. On the same road to carbon neutrality by 2050, Portugal follows the European Union's renewable energy target, and a strong growth in offshore wind power will help Portugal to be one of the leaders.

The market is driven by technology improvements that have increased the efficiency of wind energy. Design changes in wind turbines have led to larger and more efficient turbines that result in lower costs through greater output. Floating wind technology and improved energy storage systems could, in the longer term, both expand the sea areas available for wind farms, and improve the integration of offshore wind energy into the national supply system by smoothing over-production during peaks. This would lead to a more scalable and competitive offshore wind sector on an international scale. This is particularly relevant in Portugal, where the Atlantic is deep close to shore.

European Union member states have set themselves the goal of achieving carbon neutrality by 2050. Renewable energy sources, such as offshore wind power, are therefore of increasing interest and increasing importance. Offshore wind farms are being built to meet increasing demand for electricity from households and industries, to decrease reliance on imported fossil fuels in order to increase energy security and to comply with international sustainability and carbon goals. The country's investment in offshore wind contributes both to the transition to renewable energy across Europe and longer term developments in energy security and climate change mitigation.

Market Segmentation

• Component
• Turbine: Includes the main wind turbines used to convert wind energy into electricity.
• Substructure: Covers foundations and support structures critical for offshore wind installations.
• Electrical Infrastructure: Encompasses all electrical components including cabling and substations.
• Others: Additional components involved in offshore wind setups not categorized above.
• Foundation Type
• Fixed Foundation: Traditional foundational structures anchored to the seabed suitable for shallower waters.
• Floating Foundation: Advanced floating platforms enabling offshore wind installations in deeper waters.
• Capacity
• Less Than 5 MW: Smaller scale offshore wind installations below 5 megawatts capacity.
• Greater than or Equal to 5 MW: Larger offshore wind projects with capacity 5 megawatts and above.
• Location
• Shallow Water: Offshore wind farms constructed in shallow marine areas.
• Transitional Water: Wind farms situated in intermediate depth water zones.
• Deep Water: Projects located in deep marine waters, often utilizing floating foundations.
• Region
• Norte: Northern region of Portugal under study.
• Centro: Central Portuguese region included in market analysis.
• A. M. Lisboa: Lisbon metropolitan area’s offshore wind market segment.
• Alentejo: Southern region with offshore wind development activities.
• Others: Additional Portuguese regions covered in the report.

Regional Insights

The report identifies multiple significant regions such as Norte, Centro, A. M. Lisboa, Alentejo, and others, but does not specify which region dominates the Portugal offshore wind market. No exact market share or CAGR statistics by region are provided in the source. Therefore, a comprehensive regional summary based on dominant market data is not available.

Recent Developments & News

In April 2025, the Government of Portugal issued a framework for its inaugural offshore wind auction, aligning with the 2030 goal of achieving 2 GW offshore wind capacity. The framework includes a centralized allocation model, pre-qualification criteria, and specifies maritime zones for development, including Viana do Castelo and Sines. Also in April 2025, Gazelle Wind Power obtained a 10-year TUPEM authorization from Portugal’s DGRM to deploy its 2 MW Nau Azul floating wind demonstrator off the coast of Aguçadoura. This project aims to demonstrate Gazelle’s modular floating platform designed to lower costs and environmental impact.

Key Players

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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