The solar photovoltaic production in Ukraine has demonstrated significant growth from 2013 to 2023, with a remarkable increase in production capacity, especially noticeable from 2017 onwards. Notably, the year-on-year variations reveal a steady upward trend, marked by an exceptional surge observed in 2019. The Compound Annual Growth Rate (CAGR) over the last five years indicates robust average annual growth rates, with 68.64% CAGR observed up until 2023. As of 2023, the production stood at 1290 Thousand Tonnes Of Oil Equivalent.
Looking forward, the forecasted data from 2024 to 2028 projects continued growth, albeit at a moderated pace with a forecasted 5-year CAGR of 10.59%. The anticipated expansion sees production reaching 2560 Thousand Tonnes Of Oil Equivalent by 2028, representing a forecasted 5-year growth rate of 65.45%.
Future trends to watch for include technological advancements in solar photovoltaic efficiency, potential governmental policy shifts regarding renewable energy incentives, and global economic conditions influencing investment in renewable energy infrastructure.
