In 2023, renewable electricity production in Spain stood at 46.01 units, demonstrating a slight year-on-year increase of 1.79% from 2022. Analyzing the recent trends, there was a notable rise in renewable electricity from 2020 to 2021, peaking at 46.32 units in 2021. The Compound Annual Growth Rate (CAGR) over the last five years averages at 3.79%, indicating modest but consistent growth.
From 2024 to 2028, the renewable electricity production is forecasted to rise steadily, reaching 50.02 units by 2028. The forecasted CAGR stands at 1.33%, suggesting a deceleration in growth compared to the past five years, with an overall forecasted growth rate of 6.83% for this period.
Future trends to watch for:
- Technological advancements and cost reductions in renewable energy.
- Government policies and incentives aiming at expanding renewable energy capacity.
- Integration of storage solutions to complement renewable energy production.
- Impact of global energy market fluctuations and geopolitical factors.