Forecast: Renewable Power Consumption in Mexico

From 2013 to 2023, Mexico's renewable power consumption steadily increased from 0.12 to 0.44 Exajoules, demonstrating robust year-on-year growth, although with noticeable fluctuation. The peak growth periods were between 2018 and 2020, with exceptional surges due to technological advancements and policy incentives. However, a decline has been observed since 2021, with slight drops annually, culminating in a 1.79% decrease in 2023. The 5-year CAGR up to 2023 stands at 13.75%, signalling consistent growth although recent trends show a tapering off.

Forecasts suggest a plateauing or slight decrease in renewable power consumption, with the 5-year forecasted CAGR at -0.75% by 2028. This indicates a minor decline in annual growth rate.

Future trends to watch for:

• Policy changes and government incentives or disincentives impacting renewable energy deployment.
• Technological advancements in renewable energy efficiency and storage.
• Market dynamics including private sector investments in renewables.
• External factors such as global energy prices and international climate agreements.