By 2023, Belgium's solar photovoltaic electricity production capacity for units between 20 kW and 1000 kW reached 1970 megawatts. Over the past few years, we have seen consistent growth, peaking notably with an 18.05% increase in 2019. Although the subsequent years showed a tapering pace, the CAGR for the last five years was robust at 11.28%. Forecasts from 2024 to 2028 predict a more moderate rise, with a CAGR of 4.19% and an expected total growth rate of 22.77% over the next five years.
Future trends to watch for:
- Technological advancements improving efficiency and reducing costs.
- Policy support and incentives enhancing adoption rates.
- Integration with energy storage and smart grid technologies.
