Key Market Indicators
**Spanish Solar Capacity Projected to Surge by 2028** Spain's solar energy capacity is on track to reach approximately 43,800 megawatts by 2028, a significant increase from the 24,200 megawatts recorded in 2023. This growth represents a compound annual growth rate (CAGR) of 9.2%. Since 2001, Spain's solar capacity has seen a remarkable year-on-year increase of 27.9%. In 2023, Spain ranked fourth globally in solar capacity, trailing behind Italy, which held the same capacity at 24,200 megawatts. The Netherlands and Italy were ranked second and third, respectively. **Boom in Solar Energy Consumption** Spanish solar energy consumption is also expected to rise, reaching around 0.63 exajoules by 2028 from 0.38 exajoules in 2023. This growth corresponds to a CAGR of 7.8%. Since 2009, the nation's demand for solar energy has grown at an annual rate of 25.5%. In 2023, Spain ranked second in solar energy consumption, with Germany leading at 0.38 exajoules. Following Spain in the rankings were Italy and France, occupying the third and fourth spots, respectively. These figures underscore Spain's significant strides in expanding and consuming solar energy, positioning the country as a key player in the renewable energy sector.
