Key Market Indicators
Hungary's solar capacity is projected to reach 3,050 megawatts by 2028, up from 3,000 megawatts in 2023. This increase reflects an average annual growth rate of 0.2%. Since 2012, the country's solar supply has surged by an impressive 32.8% year on year. In 2023, Hungary ranked 16th globally for solar capacity, just behind Denmark, which also stood at 3,000 megawatts. Leading the rankings were the Netherlands, Italy, and Spain, occupying the second, third, and fourth positions, respectively. In terms of solar energy consumption, Hungary is expected to reach 0.09 exajoules by 2028, up from 0.05 exajoules in 2023. This represents a substantial compound annual growth rate (CAGR) of 8.8%. Since 2019, Hungarian demand for solar energy has skyrocketed by 54% year on year. In 2023, Hungary ranked 10th globally in solar energy consumption, with Belgium slightly ahead at 0.05 exajoules. Spain, Italy, and France took the second, third, and fourth spots in this category.
