The growth trajectory of solar photovoltaic (PV) electricity production in Finland has exhibited significant year-over-year increases, particularly from 2013 to 2023. Starting at a modest 6.45 GWh in 2013, the sector has grown more than 70 times, reaching 454.43 GWh in 2023. These figures represent a substantial average growth rate (CAGR) of 38.17% over the past five years, although this rate has been slowing down slightly.
The year-on-year variation highlights dramatic growth peaks in the initial years, such as a 95.08% rise in 2016 and 119.85% in 2017. However, the most recent data indicates a cooling off with a 20.8% increase in 2023, down from the previous high rates. This deceleration is anticipated to continue, with a projected five-year CAGR of 9.55% from 2024 to 2028, while the industry is expected to grow to 839.89 GWh by 2028.
Future trends to watch for include:
- Technological advancements reducing production costs and enhancing efficiency.
- Policy shifts promoting renewable energy adoption.
- Infrastructure developments for energy storage to manage the intermittent nature of solar power.
The Finnish solar PV market, while stabilizing in its growth pace, still shows robust potential as part of the broader renewable energy transition.