Analysis of the solar photovoltaic (20 Kw - 1000 Kw) electricity production capacity in Spain from 2013 to 2023 shows steady growth since 2016. By 2023, capacity stood at 4000 MW. Year-on-year increases were modest initially, with significant jumps observed post-2019. Leading up to 2023, the CAGR was 3.01%. Forecasts suggest continued growth, albeit at a slower pace with a 5-year CAGR of 1.76%, aiming for 4470 MW by 2028, representing an overall 5-year growth rate of 9.1%.
Future trends to watch for:
- Advancements in solar technology improving efficiency.- Government policies and incentives promoting renewable energy.- Investment in infrastructure to support grid integration of solar power.- Increasing corporate and residential adoption driven by cost reductions.
