Spain's solar photovoltaic electricity production capacity has shown significant growth over the past decade. From 2013 to 2018, the capacity grew at a modest pace, with annual increases ranging between 0.15% and 2.65%. However, from 2019 onwards, there was a marked acceleration. Notably, 2019 saw an unprecedented 84.89% increase, setting the stage for continued robust growth in the following years. By 2023, the capacity had reached 19.37 thousand megawatts, reflecting an 18.09% increase from the previous year. The 5-year CAGR leading up to 2023 was a remarkable 32.39%, illustrating a strong upward trend.
Forecasts from 2024 to 2028 suggest continued expansion, albeit at a slightly moderated pace with an average annual growth rate (CAGR) of 8.65%. By 2028, the total capacity is expected to reach 33.77 thousand megawatts, representing a 51.38% increase over five years.
Future trends to watch for:
- Technological advancements that could further reduce costs and increase the efficiency of solar PV systems.
- Government policies and incentives aimed at promoting renewable energy adoption.
- Potential market dynamics and investment patterns in renewable energy infrastructure.
