Portugal's solar photovoltaic (PV) electricity production capacity has shown remarkable growth from 2013 to 2023, standing at 2560 Megawatts in 2023. The year-on-year variation for 2023 was 22.64%, with a compound annual growth rate (CAGR) of 30.89%, exhibiting a strong upward trend over the last five years.
Key trends over the last decade indicate an accelerated adoption of solar PV production, especially significant leaps seen in 2019 (35.06% YoY), 2021 (49.6% YoY), and 2022 (27.03% YoY). This rapid scaling is driven by favorable policy frameworks, technological advancements, and increased investments in renewable energy.
Looking forward, the forecast for the next five years suggests a more moderate but still substantial growth trajectory, with a forecasted 5-year CAGR of 9.9% and a total forecast growth rate of 60.29% by 2028.
Future trends to watch for:
- Advancements in PV technology increasing efficiency.
- Continued Government support and incentives.
- Increased private sector investments and partnerships.
- Integration of energy storage solutions.
- Further reductions in solar production costs.
