Renewable energy is set to make up 65% of Ireland’s total installed capacity by 2030.
That’s the forecast from data and analytics firm GlobalData, which says the drive to add 5.8GW of additional non-hydro renewable power capacity over the next decade, with the goal of reaching a total 9.6GW, will require massive investment in offshore wind and solar photovoltaic capacity.
It notes this renewable growth will be require to “fill the void” left by the phasing out of coal in 2025 and stresses that the grid will need to be modernised to cope with the influx of intermittent sources of generation.
It notes offshore wind capacity is set to increase from 25MW to 1.9GW at a compound annual growth rate of 48.8%,, while it predicts solar capacity will rise from 25MW to 1.3GW at a compound growth rate of 43%.
The country’s power consumption is expected to see a minimal increase from 27.9TWh in 2019 to 31.4TWh in 2030.
Arkapal Sil, Power Industry Analyst at GlobalData, said: “Ireland’s offshore wind and solar photovoltaic capacity, has considerable potential, which will push the contribution of renewable power to installed capacity to 62% by 2025 and 65% by 2030.
“This will open up new markets for wind turbines and modules for solar plants, as well as associated equipment required for transmitting generated power to the grid. The market for laying cables under the sea will also be a key business opportunity in the country.”