Denmark's solar photovoltaic gross electricity production has shown consistent growth from 2013 to 2023, increasing from 1.86 Thousand Terajoules to 5.53 Thousand Terajoules in 2023. This marks a significant increase, reflecting the nation's commitment to renewable energy sources. The annual year-on-year growth rates have varied, with notable peak increments in 2014 (15.07%) and 2016 (23.09%). The most recent years, 2022 and 2023, saw growth rates of 8.6% and 8.02% respectively, indicating a stable but slower growth phase in comparison to earlier years.
Over the last two years (2022-2023), Denmark's solar production grew by 8.02% each year, indicating sustained investment and expansion. The Compound Annual Growth Rate (CAGR) for the past five years (2018-2023) averaged at 10.01%, showcasing a robust upward trend in solar energy production.
Forecasts from 2024 to 2028 indicate that this growth will persist but at a slightly reduced average annual rate of 4.85%. By 2028, the production is expected to reach 7.52 Thousand Terajoules, translating to a 26.7% increase over the following five years.
Future Trends to Watch:
- Advancements in solar technology could further enhance efficiency and production capacity.
- Government policies and incentives promoting renewable energy adoption.
- Increasing private sector investments in solar energy projects.
- Potential impacts of climate change on solar energy yield and seasonal production variances.