Market Size of United Kingdom Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Power Market Analysis
The UK power market is expected to register a CAGR of more than 7% during the forecast period of 2022-2027. The COVID-19 pandemic resulted in a sudden decline in power generation in the United Kingdom, and primary energy consumption fell by 11% in 2020 compared to 2019, with a large decline in energy supply. Factors such as increasing power generation from non-hydro renewable power sources, supportive government policies, and upcoming and ongoing power projects are expected to drive the UK power market during the forecast period. However, the high initial investment cost, long investment return period on projects, and limited natural resources are expected to hinder the growth of the UK power market during the forecast period.
The non-hydro renewable power segment is expected to witness significant growth during the forecast period, owing to a year-on-year increase in non-hydro renewable power installation capacities and massive acceptance of the non-hydro renewable power energy sector for domestic needs.
With ambitious renewable energy targets (especially solar and wind) in place by 2030, huge market opportunities exist for the UK power market players in the near future.
Forthcoming and ongoing power projects are expected to drive the UK power market during the forecast period.
