The production capacity for solar photovoltaic (less than 20 kW) electricity in Belgium reached 4.48 thousand megawatts in 2023. Over the past decade, the sector has demonstrated significant growth, with year-on-year variation showing substantial increases, particularly notable in 2020 with a 22.75% rise. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 stood at an impressive 11.6%. Looking forward, the projected CAGR for the next five years (2024-2028) is estimated to be 4.63%, indicating a steady growth albeit at a slightly reduced pace.
Future trends to watch for:
- Integration of advanced solar technologies to enhance efficiency.
- Government policies and incentives promoting renewable energy.
- Market dynamics influenced by global supply chain fluctuations.
- Increased adoption of residential and commercial solar solutions.
