The solar photovoltaic energy supply in Portugal has shown an impressive growth trajectory. From 2013 to 2023, the sector witnessed robust annual increases, with a significant spike in the last few years. As of 2023, the supply reached 3230 GWh, marking an 18.26% year-on-year increase. During the previous two years, growth rates stood at over 22% annually. Over the past five years until 2023, the compound annual growth rate (CAGR) was a remarkable 26.28%.
Looking ahead to 2028, forecasts indicate a continued upward trend but at a more moderated pace, with an expected five-year CAGR of 8.69%. The total growth rate during this period will be around 51.67%. This suggests that, while the market will still expand, it will do so at a steadier and more sustainable rate.
Future trends to watch for include technological advancements in photovoltaic cells, potential policy changes in renewable energy subsidies, and shifts in energy demand driven by economic and environmental factors. Monitoring these elements will be crucial for understanding and capitalizing on future growth opportunities in Portugal's solar photovoltaic energy sector.
