From 2013 to 2023, the production of renewables and biofuels in Belgium showed a consistent upward trend, growing from 126.86 thousand terajoules to 192.15 thousand terajoules. The year-on-year variations showcased fluctuations, with notable increases in specific years such as 7.16% in 2019 and 9.97% in 2020. Over the last two years (2022-2023), the production rose by 4.81%, maintaining an average CAGR of 6.25% over the previous five years. Forecasted data indicates a continued growth trend, albeit at a slightly reduced CAGR of 3.18%, projected to reach 234.95 thousand terajoules by 2028, marking an overall growth of 16.96% over the forecast period.
The increasing integration of renewable energy sources and advancements in technology are key factors expected to drive future growth in the sector. Watch for policy developments, technological breakthroughs, and investment trends that could further accelerate or moderate this growth trajectory.
