Solar Photovoltaic (1+ Mw) Electricity Production Capacities in Spain have shown significant growth from 2019 onwards, with capacities standing at 14,160 MW in 2023. Initially stagnant until 2016, the transition to increasing production capacity is notable, culminating in substantial year-on-year growth: 355.12% in 2019, 23.21% in 2020, 47.92% in 2021, 24.67% in 2022, and 21.97% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years has been an impressive 66.02%.
Future trends to watch for:
- Continued expansion with forecasted capacities reaching 26,530 MW by 2028, indicative of a 59.04% growth from 2023
- A projected 5-year CAGR of 9.72%, suggesting a steady increase in solar PV installations
Overall, Spain is expected to maintain robust growth in solar energy production amid sustainable energy goals and technological advancements.
