Market Size of United Kingdom Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 10.04 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Renewable Energy Market Analysis
The United Kingdom's renewable energy sector size is expected to grow from 134.85 gigawatts in 2023 to 217.57 gigawatts by 2028, registering a CAGR of 10.04% during the forecast period (2023-2028).
- Over the medium term, factors such as supportive government policies and efforts to meet the rising power demand using renewable energy sources and decrease the dependency on fossil fuels to reduce carbon emissions are significant contributors to the market growth.
- On the other hand, changes in government policies related to increasing VAT on various clean energy technologies and the withdrawal of subsidies on small-scale solar are expected to hinder market growth during the forecast period.
- Nevertheless, with ambitious renewable energy targets in place by 2030, huge market opportunities exist for renewable energy market companies in the near future.
