The production of renewables and biofuels in Belgium has shown a consistent upward trend since 2013. In 2023, the production stood at 53.38 Thousand Gigawatthours, which represents a year-on-year increase of 4.82% from 2022. The compound annual growth rate (CAGR) over the past five years (2018-2023) is 6.25%, highlighting solid growth within this sector. Notably, the year-on-year percentage variations indicate periods of both slower and accelerated growth, with significant jumps in 2019 (7.16%) and 2020 (9.97%), reflecting spurts of expansion within the renewable energy landscape.
From 2024 onward, the forecasted data suggests continued growth, albeit at a slightly moderated average annual rate, with a five-year CAGR projected at 3.19%. This slower growth rate indicates that while the renewable energy sector in Belgium will keep expanding, the pace of growth may be stabilizing.
Future trends to watch for include advancements in renewable energy technologies, government policies favoring green energy, and potential market developments that could drive further efficiencies and innovations within the sector.
