The solar photovoltaic gross electricity production in Malta was 26.31 thousand tonnes of oil equivalent in 2023. The year-on-year growth rate showed significant early growth, with a 76.59% increase in 2013 and peaking at 132.04% in 2014. This growth slowed down over the years, with an 8.73% increase in 2023. The compound annual growth rate (CAGR) for the last five years stands at 10.01%.
Forecasted data suggest continued growth, albeit at a slower rate, with a 5-year CAGR of 5.18% through 2028. This represents a cumulative growth rate of 28.7% over the next five years.
Future trends to watch for:
- Technological advancements that could make photovoltaic systems more efficient.
- Government policies and incentives that may impact the adoption rates of solar energy.
- Potential shifts in market demand for renewable energy sources and how this impacts solar energy investments.