Sweden's solar photovoltaic (PV) gross electricity production has seen substantial growth over the past decade, reaching 8,890 Terajoules in 2023. The year-on-year growth rate was highest in 2015 at 106.38% but has decelerated to 23.53% by 2023. The Compound Annual Growth Rate (CAGR) over the past five years averaged 43.41%. Although the growth has slowed recently, it remains robust.
Looking forward, from 2024 to 2028, the forecasted CAGR is 10.26%, indicating continued expansion albeit at a slower pace. The projected growth rate over these five years is 62.94%, reflecting ongoing but moderating increases in solar PV production.
Future trends to watch for:
• Advancements in solar technology could drive efficiency gains.
• Government policies and incentives might significantly affect future growth rates.
• The evolution of storage solutions could enhance the stability and reliability of solar electricity production.