Over the past decade, Denmark's solar photovoltaic electricity production has shown a significant upward trend, starting from 517.54 GWh in 2013 and reaching 1540 GWh in 2023. This represents a notable increase in the nation's renewable energy capacity, driven by substantial year-on-year variations in growth, particularly between 2016 and 2018. In recent years, the growth rate has remained positive but more moderated, highlighting ongoing expansion with an 8.02% year-on-year increase in 2023.
The compound annual growth rate (CAGR) over the last five years stands at 10.01%, illustrating consistent, robust development. Forecasts suggest this momentum will continue, albeit at a slightly slower pace, with a forecasted 5-year CAGR of 4.85%, projecting to 2090 GWh by 2028. This represents a forecasted 5-year growth rate of 26.7%, indicating steady future gains.
Future trends to watch for include advancements in solar technology, grid integration challenges, potential policy shifts supporting renewable energy, and the role of consumer energy initiatives in driving further adoption. These factors will be essential to sustain the growth trajectory and meet Denmark's renewable energy goals.