UK Renewable Energy Equipment Market

UK Renewable Energy Equipment Market Overview:

The UK renewable energy equipment market size reached USD 7.75 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 20.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.50% during 2024-2032. Government policies promoting clean energy, financial incentives, and carbon reduction targets, the growing public and corporate demand for sustainable solutions, advancements in technology, the rising push for energy security and independence, and decreasing costs of renewable technologies are some of the major factors propelling the growth of the market.

UK Renewable Energy Equipment Market Trends:

Growing Government Policies and Incentives

The UK government’s commitment to reducing carbon emissions and achieving net-zero targets includes financial incentives, subsidies, and supportive policies for renewable energy projects. This regulatory framework encourages investment and deployment of renewable energy equipment. For instance, in July 2024, the Prime Minister and Energy Secretary announced an unprecedented new partnership between Great British Energy and The Crown Estate, which has the potential to leverage up to £60 billion of private investment into the UK’s drive for energy independence. Great British Energy will be at the heart of the government’s mission to make Britain a clean energy superpower. The company will be backed with £8.3 billion of new money and invest in clean power projects in regions across the UK. The Crown Estate estimates this partnership will lead to up to 20-30GW of new offshore wind developments reaching the seabed lease stage by 2030, enough power for the equivalent of almost 20 million homes.

Technological Advancements and Cost Reductions

Innovations in renewable energy technologies, such as wind turbines, solar panels, and energy storage systems, have led to significant cost reductions and improved efficiency. These advancements make renewable energy solutions more economically viable and attractive to investors and consumers. For instance, in September 2024, BMW Group announced the installation of the UK’s first “motionless” wind energy system at the MINI manufacturing plant in Oxford. Utilizing Aeromine Technologies’ innovative, low-impact technology, the system harnesses wind power to produce clean energy without visible moving parts. BMW Group’s Oxford Plant will serve as a testbed for this cutting-edge technology, assessing its potential to enhance energy efficiency across BMW Group sites around the world, as well as commercial buildings in the UK. This new innovative energy project is part of the BMW Startup Garage, a business unit dedicated to supporting early-stage startups working on cutting-edge technologies.

UK Renewable Energy Equipment Market News:

• In March 2024, Peel Ports Group, the UK’s second-largest port operator, announced E.ON as one of its net-zero partners, helping to meet its goal of net-zero emissions by 2040. As the first of many projects, plans have been announced to install the UK’s largest roof-mounted solar energy system at the Port of Liverpool, alongside a future project to repower the existing wind turbines on the banks of the River Mersey with fewer, larger turbines.
• In April 2024, the Co-operative Group announced two partnerships with solar energy companies to provide clean electricity for its properties. The first was what the firm calls a “major partnership” between the Midcounties Co-operative and Big Solar Co-op, which will see this installation of solar panels across 29 food, travel, childcare, and head office sites.

UK Renewable Energy Equipment 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 equipment type and application.

Equipment Type Insights:

• Solar Energy
  • Photovoltaic (PV) Panels
  • Solar Inverters
  • Solar Batteries/Storage Systems
  • Solar Thermal Systems
  • Solar Chargers and Controllers
• Wind Energy
  • Wind Turbines
  • Blades and Towers
  • Wind Inverters
  • Wind Energy Storage Systems
• Hydropower
  • Hydropower Turbines
  • Pumped Storage Hydroelectric Systems
  • Micro-hydro Generators
• Biomass Energy
  • Biomass Boilers
  • Biomass Gasifiers
  • Biogas Plants
  • Bioenergy Conversion Systems
• Geothermal Energy
  • Geothermal Heat Pumps
  • Geothermal Power Plants
  • Steam Turbines and Condensers
     

The report has provided a detailed breakup and analysis of the market based on the equipment Type. This includes solar energy (photovoltaic (PV) panels, solar inverters, solar batteries/storage systems, solar thermal systems, solar chargers and controllers), wind energy (wind turbines, blades and towers, wind inverters, wind energy storage systems), hydropower (hydropower turbines, pumped storage hydroelectric systems, micro-hydro generators), biomass energy (biomass boilers, biomass gasifiers, biogas plants, bioenergy conversion systems) and geothermal energy (geothermal heat pumps, geothermal power plants, steam turbines and condensers)

Application Insights:

• Residential
• Commercial
• Utility-Scale
• Off-Grid and Microgrid Systems
   

A detailed breakup and analysis of the market based on the Application have also been provided in the report. This includes residential, commercial, utility-scale and off-grid and microgrid systems.

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 Renewable Energy Equipment Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK renewable energy equipment market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK renewable energy equipment market?
• What is the breakup of the UK renewable energy equipment market on the basis of equipment type?
• What is the breakup of the UK renewable energy equipment market on the basis of application?
• What are the various stages in the value chain of the UK renewable energy equipment market? 
• What are the key driving factors and challenges in the UK renewable energy equipment?
• What is the structure of the UK renewable energy equipment market and who are the key players?
• What is the degree of competition in the UK renewable energy equipment 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 renewable energy equipment market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK renewable energy equipment 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 renewable energy equipment 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.