The gross electricity production from solar photovoltaic (PV) in Austria has seen a substantial rise over the past decade. Starting at 53.82 thousand tonnes of oil equivalent in 2013, it climbed steadily, reaching 365.51 thousand tonnes of oil equivalent by 2023. The year-on-year variation reveals significant growth with notable spikes from 2019 to 2021, showing a growth trend that accelerated particularly in the late 2010s and early 2020s.
The years 2021, 2022, and 2023 exhibited year-on-year growth rates of 36.21%, 26.45%, and 20.81%, respectively. The compound annual growth rate (CAGR) over the last 5 years stands at 23.91%, reflecting sustained interest and investment in solar PV technologies. As of 2023, the data indicates a robust expansion with projected future growth.
Looking to the future, from 2024 onwards, the forecasted data predict continued growth, although at a more moderate pace. The forecasted 5-year CAGR is projected to be 9.55%, with an estimated gross electricity production reaching 675.65 thousand tonnes of oil equivalent by 2028, marking a 57.8% increase over this period.
Future trends to watch for include advances in solar PV technology, policy incentives, and potential grid infrastructure improvements, which could affect both the adoption rate and productivity of solar energy systems.