The solar photovoltaic (PV) energy supply in Spain demonstrated significant growth from 2019 to 2023, with its value standing at 2,900.0 thousand tonnes of oil equivalent in 2023. Analysis shows a sharp increase from 2020 onwards, with a compound annual growth rate (CAGR) over this period of approximately 33.8%. Year-on-year variations have illustrated notable fluctuations with a remarkable increase of 66.4% in 2020 followed by steady growth in subsequent years, reaching 20.82% in 2023.
Future trends to watch for include continued expansion of solar PV capacity, driven by technological advancements and government policies supporting renewable energy. The forecast suggests a CAGR of 8.73% from 2023 to 2028, with the total supply reaching 5,150 thousand tonnes of oil equivalent by 2028. Efficient energy storage solutions and grid integration will also play critical roles in sustaining this growth trajectory.
