Malta’s solar photovoltaic (PV) electricity production capacity has shown steady growth from 2013 through 2023, reaching 247.67 MW in 2023. The initial years saw explosive growth with year-on-year increases of 81.53% in 2013 and 91.58% in 2014. From 2015 onwards, growth moderated significantly, displaying average rates more typical for a maturing market. The pace of increase over the last two years was 10.5% in 2022 and 8.99% in 2023, showing a noticeable decline from the earlier years.
Compounded Annual Growth Rate (CAGR) for the past five years stands at 13.43%, down from 20.23% in the preceding five-year period, indicating a deceleration trend. Projections for the next five years show a continued deceleration, with a forecast CAGR of 5.38%, and an overall growth rate of 29.96% by 2028.
Future trends to watch for include:
- Government policies and incentives to further support renewable energy.
- Technological advancements that might reduce costs and increase efficiency.
- Greater adoption of smart grid solutions to better integrate PV into the energy matrix.
- The impact of international climate agreements on local energy policies.
