Forecast: Renewable Energy Supply in Norway

In 2023, Norway's renewable energy supply stood at a significant portion of the Total Primary Energy Supply. Moving forward, the forecast data for 2024 to 2028 indicates a steady increase. Specifically, the values are projected to rise from 51.4% in 2024 to 52.3% in 2028, demonstrating consistent growth in the renewable energy sector.

When examining year-on-year variation, the growth percentages remain modest yet positive, ranging from 0.58% to 0.9%. Over the last two years, the renewable energy supply's increase has been relatively stable, suggesting a continuous commitment to renewable energy investment and infrastructure enhancement. The Compound Annual Growth Rate (CAGR) over the five-year forecast period is anticipated to reflect this moderate but steady ascent.

Looking ahead, trends to watch for include technological advancements in renewable energy generation, governmental policies aimed at further reducing carbon emissions, and potential shifts in global energy prices affecting investment dynamics. These factors could significantly influence the pace and scale of renewable energy adoption in Norway.