Forecast: Total Renewable Energy in Singapore

Renewable energy in Singapore has shown a steady increase over the past decade, starting from 349.77 Thousand Tonnes Of Oil Equivalent in 2013 and reaching 456.44 Thousand Tonnes Of Oil Equivalent in 2023. The sector exhibited consistent growth with fluctuations, including a decline in 2017 and 2018. The year-on-year variation over the last two years stood at 2.35%, while the 5-year Compound Annual Growth Rate (CAGR) ranged around 3%.

Key trends from the last five years show:

• 2017-2018: Minor declines followed by recovery.
• 2019-2020: Positive growth of around 2.69%.
• 2021-2023: Continued moderate growth in renewable energy capacity.

Future trends to watch for involve the forecasted 5-year CAGR of 1.62% and a growth rate of 8.35% by 2028. This indicates a more moderated yet steady increase in renewable energy capacity, likely driven by technological advancements and supportive government policies.