Portugal's Solar Photovoltaic Production has seen substantial growth, starting from 479.14 GWh in 2013 and reaching 3230 GWh in 2023. This marks an extraordinary surge in volume by 2023, driven by annual year-on-year increases as high as 33.44% in some years. Over the past two years, the trend exhibited a consistent rise with 22.09% growth in 2022 and 18.26% in 2023. The last 5-year compound annual growth rate (CAGR) stands at a robust 26.28%.
Forecasts for the next five years indicate continued growth but at a slower pace, with an expected CAGR of 8.69% and an accumulated growth rate of 51.67% by 2028, suggesting a more stabilized yet positive trend.
Future trends to watch for:
- Technological advancements in solar panel efficiency
- Government policies supporting renewable energy
- Investment flows into sustainable energy projects
- Global climatic and economic conditions impacting energy demands
