In 2023, Belgium's renewable and biofuels energy supply stood at 66.66 Thousand Gigawatthours. Over the past two years, the supply has shown an average year-on-year increase of 5.77%, reflecting steady growth. The Compound Annual Growth Rate (CAGR) over the last five years is approximately 6.18%, indicating a healthy upward trend in renewable energy production. From 2013 to 2023, fluctuations were observed with significant upticks, particularly notable in 2020 with a year-on-year increase of 12.41% due to possibly favorable policies or technological advancements.
Looking forward, from 2024 to 2028, the forecasted CAGR is 3.6%, suggesting a more moderate growth rate. Expected supply reaching 83.71 Thousand Gigawatthours by 2028 indicates an overall growth rate of 19.35% over the next five years, continuing to reinforce the long-term trend of increasing renewable energy contributions.
Future trends to watch for include:
• Advancements in renewable technology and efficiency improvements.
• Policy and regulatory changes that could accelerate or hinder growth.
• Economic factors affecting investment in renewable infrastructure.
• Global energy market dynamics impacting local energy strategies.
