The production of renewables and biofuels in Sweden has seen varying yearly growth rates over the past decade. The actual data shows fluctuations, with notable highs such as a 9.85% increase in 2015 and a 7.85% increase in 2020, counterbalanced by declines like the -4.06% in 2016 and -1.75% in 2018. In 2023, the production stood at 264.89 thousand gigawatthours, marking a modest year-on-year increase of 1.57%. The compound annual growth rate (CAGR) over the past five years (2018-2023) has averaged at 3.66%.
The forecasted data from 2024 onward suggests a more moderate growth rate, with a forecasted 5-year CAGR of 1.15%, indicating slower but steady growth. The production is expected to reach 284.77 thousand gigawatthours by 2028, signifying a 5.88% increase over the five-year period.
Future trends to watch for include advancements in renewable energy technologies, policy changes favoring green energy, and economic factors influencing the adoption and investment in renewable energy sources. Additionally, the impact of global energy markets and climate change initiatives will be pivotal in shaping the production landscape of renewables and biofuels in Sweden.