The solar photovoltaic energy supply in Portugal has shown a remarkable upward trajectory over the past decade, starting from 1.72 thousand terajoules in 2013 and reaching 11.63 thousand terajoules by 2023. The year-on-year growth rate has varied, with a significant spike in recent years: 33.44% in 2019, 27.81% in 2020, 30.4% in 2021, 22.09% in 2022, and 18.27% in 2023. The compound annual growth rate (CAGR) has been notably strong, especially from 2018 onwards, peaking at 26.28% in 2023.
Looking forward, the solar photovoltaic energy supply is forecasted to maintain its growth, reaching up to 20.35 thousand terajoules in 2028. The forecasted CAGR over the next five years is approximately 8.7%, representing a cumulative growth rate of 51.76% by 2028.
Future trends to watch for include advancements in solar technology, potential policy shifts towards renewable energy incentives, and the impact of international energy markets on investment in solar infrastructure. The ongoing development of smart grid technologies and energy storage solutions will also play a crucial role in shaping the growth of solar PV energy supply in Portugal.
