UK Clean Energy Market

UK Clean Energy Market Overview:

The UK clean energy market size reached 141.71 TWh in 2023. Looking forward, IMARC Group expects the market to reach 290.44 TWh by 2032, exhibiting a growth rate (CAGR) of 7.70% during 2024-2032. The market is witnessing stable growth, primarily driven by heightening demand for renewable energy sources, favorable government initiatives, and technological advancements. Moreover, wind and solar power lead the market, fostering the country’s long-term sustainability and decarbonization objectives.

UK Clean Energy Market Trends:

Rapid Expansion of Offshore Wind Farms

The UK is one of the leading countries in offshore wind energy segment, with heavy investments in new wind farms. The government’s emphasis on elevating offshore wind capacity by the year 2030, combined with innovations in turbine technology, is mainly driving this proliferation. Moreover, offshore wind is rapidly becoming cost-efficient, thereby increasingly gaining investments from private sectors. In addition, big wind projects are aiding the country in establishing itself as a major renewable hub in this sector. Such projects include the Dogger Bank Wind Farm, which is set to become the largest wind venture globally.  As per industry reports, Dogger Bank wind farm will efficiently supply power to around 6 million homes annually in the country. Furthermore, the escalating productivity of offshore wind substantially fosters the country’s decarbonization strategies and offer a dependable substitute to fossil fuels, mitigating the concerns associated with the energy security while paving new prospects for the job creation in coastal areas as well as the development of supply chain.

Increasing Adoption of Solar Power

Solar power is gaining traction in the UK, reinforced by reducing costs of photovoltaic technology and increasing customer inclination towards sustainable energy solutions. Rooftop solar installations, both in commercial and residential sectors, are rapidly gaining popularity as numerous businesses and homeowners are currently focusing on lowering their energy bills as well as carbon footprints. According to recent industry data, the number of UK households and businesses installing rooftop solar panels has reached its highest level in 12 years. In 2023, nearly 190,000 rooftop solar installations were completed, reflecting significant growth in the adoption of renewable energy solutions across the country. Moreover, the UK government has launched incentives to encourage small-scale solar providers by remunerating them for spare energy that is sent back to the grid. In addition, large-scale solar farms are also notably surging, supporting the country’s energy mix and contributing to its aim of long-term net-zero carbon emissions. Also, ongoing advancements in energy storage are anticipated to further improve the feasibility and profitability of solar energy.

Incorporation of Energy Storage Solutions

Energy storage is becoming a crucial aspect of the UK clean energy strategy. With the increasing share of renewable energy sources. such as solar and wind, energy storage technologies are becoming requisite for balancing supply as well as ensuring credibility. Moreover, batteries, especially lithium-ion, are rapidly gaining momentum as grid-scale solutions to retain excess energy and stabilize fluctuations in renewable energy generation. In addition, the government’s supportive policies for energy storage innovations and ventures in this segment are significantly prompting heavy investments. Furthermore, improved energy storage abilities will support the country to enhance over grid robustness, better coordinate fluctuating renewable energy, and minimize reliance on fossil fuels, strengthening the country’s transformation to a more flexible and sustainable energy system. According to industry reports, UK's energy storage segment is currently witnessing significant growth, with operational capacity anticipated to rise to 7.4 gigawatt/11.6 gigawatt hours by the end of the year 2024.

UK Clean Energy Market News:

• In September 2024, Tigo Energy Inc., a photovoltaics company, announced the launch of new solar installer services and products aimed at helping UK solar installers meet the accelerating demand for solar installationsin the country.
• In June 2024, Centrica, a UK-based energy company, announced a strategic collaboration with Highview Power, an energy storage company, along with a significant investment of £70 million in its clean energy storage venture in Manchester, UK, to bolster the country's net-zero transition and energy security. 

UK Clean Energy Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on energy type and application.

Energy Type Insights:

• Wind Energy  
• Solar Energy   
• Hydropower   
• Biomass and Waste-to-Energy          
• Nuclear Power
• Others
   

The report has provided a detailed breakup and analysis of the market based on the energy type. This includes wind energy, solar energy, hydropower, biomass and waste-to-energy, nuclear power, and others.

Application Insights:

• Industrial        
• Residential      
• Commercial
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes industrial, residential, and commercial.

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Clean Energy Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK clean energy market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK clean energy market?
• What is the breakup of the UK clean energy market on the basis of energy type?
• What is the breakup of the UK clean energy market on the basis of application?
• What are the various stages in the value chain of the UK clean energy market? 
• What are the key driving factors and challenges in the UK clean energy?
• What is the structure of the UK clean energy market and who are the key players?
• What is the degree of competition in the UK clean energy market? 

 Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK clean energy market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK clean energy market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK clean energy industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.