The solar photovoltaic (<20 kW) electricity production capacity in Spain has shown remarkable growth from 2016 onwards, starting from 156 MW to standing at 836.78 MW in 2023. Observing the year-on-year variations, the capacity saw a significant increase from 2019 to 2020 with a 42.8% growth rate, and a notable 132.3% jump in 2021. From 2021 to 2023, the growth continued at a robust pace but slightly decelerated, with the most recent year seeing a 20.12% increase. The compound annual growth rate (CAGR) over the last five years has been a strong 39.39%. Future forecasts predict continued growth at a 9.23% CAGR from 2024 to 2028, resulting in an expected value of 1520 MW by 2028, translating into a total growth rate of 55.48% over these five years.
Future trends to watch for include technological advancements in photovoltaic efficiency, policy and subsidy changes, and the potential impact of increased competition and lower production costs. Additionally, integration of these systems into smart grids and advancements in energy storage solutions could further bolster growth and stability in solar PV electricity production.
