Singapore's solar energy consumption has demonstrated significant growth over the past decade, rising from 0 Exajoules in 2016 to 0.007 Exajoules in 2023. Notable year-on-year variations include a 100% increase in 2019, 50% in 2020, and 33.33% in 2021, with a consistent CAGR of 47.58% from 2018 to 2023 reflecting strong upward momentum.
The forecasted data from 2024 to 2028 reveals a continuing upward trend, with a CAGR of 10.76% and an overall growth rate of 66.67%. Expected consumption by 2028 is projected to reach 0.015 Exajoules.
Future trends to watch for:
- Advancements in solar technology reducing costs and increasing efficiency
- Government policies and incentives promoting renewable energy adoption
- Increased private and public investments in solar infrastructure
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