Market Size of United Kingdom Wind Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Wind Power Market Analysis
The UK wind energy market is expected to register a CAGR of more than 6% during the forecast period 2022-2027. The COVID-19 pandemic resulted in a decline in overall energy consumption, disrupted supply chains globally, and slowed down economic development worldwide. The availability of equipment necessary for wind turbine construction fell short as the shipping industry (for transportation of equipment) was disrupted during the pandemic. In terms of the market's growth, factors such as an increased focus on the development of energy generation sources with fewer emission potential, coupled with favorable government policies, are likely to drive the market demand. However, the increasing adoption of alternative renewable energy sources, such as solar, hydropower, etc., may restrain the market growth during the forecast period.
The offshore wind segment is likely to witness significant growth due to the increasing number of wind energy projects in the offshore segment.
The United Kingdom has set targets to achieve net-zero emissions by 2050 as part of its commitment to the Paris Climate Accord signed during the COP26. Such targets are expected to create significant opportunities for players involved in the UK wind energy market soon.
The increasing adoption of alternative renewable energy sources, such as solar, hydropower, biomass, etc., may restrain the market growth during the forecast period.
