The solar photovoltaic electricity production capacity in Belgium showed consistent growth from 2013 to 2023, advancing from 2.9 Thousand Megawatts to 6.89 Thousand Megawatts. This represents an approximately 137% increase over the decade, with notable year-on-year increases, particularly 20.19% in 2020 and 15.92% in 2019. The compound annual growth rate (CAGR) over the last five years settled at 11.5%, indicating sustained momentum despite varying yearly growth rates.
Future trends to watch for:
- The forecasted 5-year CAGR from 2023 to 2028 is predicted at 4.23%, with a total growth rate of 23.04%, indicating a deceleration compared to the previous periods.
- Market and policy developments, advancements in technology, and changes in consumer behavior could significantly impact long-term growth in solar energy capacities.
