Solar photovoltaic production in Spain demonstrated notable variability from 2013 to 2023. In 2023, production stood at 34.27 thousand gigawatt-hours with significant growth in recent years. From 2021 to 2023, year-on-year growth rates were 39.85%, 28.31%, and 21.85%, respectively. Over the last five years, the compound annual growth rate (CAGR) was an impressive 34.19%. Future projections from 2024 forecast continued growth, albeit at a slower CAGR of 9.69%, reaching 64.09 thousand gigawatt-hours by 2028. This indicates a forecasted growth rate of 58.8% in the next five years.
Future trends to watch include:
- Technological advancements in photovoltaic efficiency
- Government policies and incentives to promote renewable energy
- Investment from both public and private sectors in energy infrastructure
- Integration of solar energy with other renewable sources and smart grid technologies
- Potential impact of climate goals and international agreements on increasing solar energy adoption
