In 2023, the share of renewable energy sources in electricity generation in Spain was 48.98%. Based on the forecasted data, the share is projected to rise to 50.47% in 2024, signifying a year-on-year increase of 3.0%. This growth trend is anticipated to continue, with the share reaching 56.37% by 2028. Significant increments are observed year-over-year, ranging from 2.9% to 2.6% annually. The Compound Annual Growth Rate (CAGR) over the five-year forecast period (2024-2028) stands at 3.6%.
Future trends to watch for include:
- Further advancements in renewable energy technology and storage capabilities.
- Government policies and incentives aimed at enhancing renewable energy adoption.
- Potential impacts of climate change mitigation strategies on conventional energy sources.
- Investment patterns in renewables from both public and private sectors.