UK Solar Energy Market Share, Size, Growth, Research & Outlook

UK Solar Energy Market Overview:

The UK solar energy market is projected to exhibit a growth rate (CAGR) of 12.60% during 2024-2032. There are several factors that are driving the market, which include favorable government initiatives, increasing solar photovoltaic (PV) installations, rising focus on maintaining environmental sustainability, integration of advanced technologies, and energy independence and security.

UK Solar Energy Market Trends:

Favorable Government Initiatives

Governing agencies in the UK are implementing several favorable initiatives to promote the growth and adoption of solar energy. These initiatives are aimed at incentivizing both residential and commercial solar energy projects and supporting the country's commitment to reducing carbon emissions. They are introducing schemes that encourage the adoption of small-scale renewable and low-carbon electricity generation technologies, including solar PV. They are providing payments to owners of solar PV systems for the electricity they generate and export to the grid. They are also introducing stricter building regulations and standards that encourage the incorporation of renewable energy technologies, including solar PV, in new buildings. As per the UK Parliament, the governing agencies set a legally binding target to reduce the UK’s greenhouse gas (GHG) emissions by 100% by 2050. It also aims to achieve 70 gigawatts (GW) of solar power by 2035.

Increasing Solar PV Installations

Rising public awareness and concerns about climate change are catalyzing the demand for renewable energy solutions, including solar PV. Many businesses are adopting solar energy to meet their sustainability targets and reduce their carbon footprint. Solar PV systems provide a renewable energy source that helps reduce reliance on fossil fuels and enhances energy security. Solar PV systems support decentralized energy generation, reducing transmission losses and improving grid resilience. In addition, technological advancements are leading to the development of more efficient solar panels, allowing for greater energy generation from smaller surface areas. Innovations such as bifacial panels, which capture sunlight on both sides, and flexible panels, suitable for various applications, expanded the possibilities for solar installations. Furthermore, governing agencies in the country are focusing on increasing solar PV installations to lower carbon footprint and align with sustainability goals. According to Solaradvice,15.8 GW of solar capacity was distributed across 1,468,652 installations as of February 2024.

UK Solar Energy Market News:

• 4 May 2023: The first photovoltaic (PV) solar array to connect directly to the electricity transmission network in the UK was energized by Enso Energy (Enso) and Cero Generation (Cero)’s new 50MW Larks Green solar farm.  This follows installation of new switchgear at the site by Cero and Enso in collaboration with National Grid, and the running of a high-voltage cable between the substation and solar farm.
• 29 June 2023: AMPYR Solar Europe announced the acquisition of a 390 MWp Solar PV + BESS portfolio from Tyler Hill comprising sites across the UK. The five projects are grid secured and in the process of being submitted for planning approval. AMPYR Solar Europe will develop the assets in partnership with Tyler Hill through to ‘ready-to-build’ status.
   

UK Solar 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 technology, application, and end user.

Technology Insights:

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)
   

The report has provided a detailed breakup and analysis of the market based on the technology. This includes solar photovoltaic (PV) and concentrated solar power (CSP).

Application Insights:

• On-grid
• Off-grid
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes on-grid and off-grid.

End User Insights:

• Residential
• Commercial
• Industrial
   

The report has provided a detailed breakup and analysis of the market based on the end user. This includes residential, commercial, and industrial.

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, 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 Solar Energy Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK solar 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 solar energy market?
• What is the breakup of the UK solar energy market on the basis of technology?
• What is the breakup of the UK solar energy market on the basis of application?
• What is the breakup of the UK solar energy market on the basis of end user?
• What are the various stages in the value chain of the UK solar energy market? 
• What are the key driving factors and challenges in the UK solar energy?
• What is the structure of the UK solar energy market and who are the key players?
• What is the degree of competition in the UK solar 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 solar energy market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK solar 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 solar 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.