The renewable power generation in Mexico observed steady growth from 2013 to 2023, escalating from 0.11 Exajoules in 2013 to 0.43 Exajoules in 2023, a compound annual growth rate (CAGR) of 14.08% over the decade. Notable spikes include a significant jump in 2019 by 46.15% and continued growth into 2020 with an increase of 25.08%, reflecting strong investments and policy support in renewable energy. However, there was a slight decline in 2022 and 2023, reducing by 2.46% and 2.06% year-on-year, respectively.
Forecasting from 2024 to 2028 indicates a downturn with a projected 5-year CAGR of -0.77%, concluding with a value of 0.4 Exajoules in 2028, representing a 3.81% decline over the period.
Future trends to watch for:
- Government policies and regulatory changes impacting renewable energy investment.
- Technological advancements and cost reductions in renewable energy projects.
- Global energy market shifts and their influence on local renewable energy projects.
- Public and private sector collaboration in green energy initiatives.