In 2023, Solar Photovoltaic Gross Electricity Production in Belgium stood at 561.56 Thousand Tonnes Of Oil Equivalent. Over the last two years, production exhibited a year-on-year increase of 6.96% in 2023 and 8.69% in 2022.
The compound annual growth rate (CAGR) over the past five years (2018-2023) was 10.84%, indicating consistent growth in the sector. In the forecast period leading to 2028, the expected CAGR is anticipated to moderate to 3.04%, with an overall growth rate of 16.16% over this five-year span.
Future trends to watch for include advancements in solar technology, potential government policies encouraging renewable energy, and increased investments in solar infrastructure, which may influence the growth rate positively. Monitoring the cost trends of photovoltaic technology and international energy markets will also be crucial in predicting future shifts in production.