The solar thermal energy supply in Finland has shown consistent growth over the past decade. By the end of 2023, the supply stood at 129 Terajoules, marking an 8.4% increase from the previous year. The Compound Annual Growth Rate (CAGR) over the past five years was 9.22%, highlighting robust expansion in the sector.
The year-on-year growth rates varied from 8.18% to 11.29% between 2013 and 2023, indicating stable and positive progression in the adoption and supply of solar thermal energy. Particularly, the CAGR over the last decade also reflected a steady uptrend, which is a vital indicator of the sector's maturity and increasing acceptance.
Looking ahead, the forecast from 2024 to 2028 anticipates a more moderated growth rate, with a forecasted 5-year CAGR of 4.87% and an overall 26.81% growth rate. This suggests a stabilization phase after the rapid expansion period, potentially driven by market saturation or shifts in policy and technology.
Future trends to watch for:
- Integration of advanced solar thermal technologies to enhance efficiency.
- Government policies and subsidies impacting market dynamics.
- Competition from other renewable energy sources like photovoltaics and wind.
- Changes in consumer behavior and demand patterns in response to energy prices.
