Market Size of UK Solar Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 18.53 gigawatt |
| Market Volume (2029) | 53.12 gigawatt |
| CAGR (2024 - 2029) | 23.45 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
UK Solar Power Market Analysis
The UK Solar Power Market size in terms of installed base is expected to grow from 18.53 gigawatt in 2024 to 53.12 gigawatt by 2029, at a CAGR of 23.45% during the forecast period (2024-2029).
- In the medium period, factors such as supportive government policies and demand for renewable energy sources to decrease dependency on fossil fuels and carbon footprints are driving the UK solar power market during the forecast period.
- On the other hand, factors such as limited land and increasing adoption of alternative renewable energy sources are expected to hinder the growth of the UK solar power market during the forecast period.
- Nevertheless, the country has ambitious solar power targets to reach 40GW installed capacity by 2030. Such factors are expected to create opportunities for companies operating in the market during the forecast period.
UK Solar Power Industry Segmentation
Solar energy is heat and radiant light from the sun that can be harnessed with technologies such as solar power (which is used to generate electricity) and solar thermal energy (which is used for applications such as water heating).
The UK solar power market is segmented by end user. By end user, the market is segmented into residential, commercial and industrial, and utilities. For each segment, the market sizing and forecasts were made based on installed capacity.
UK Solar Power Market Size Summary
The United Kingdom solar power market is poised for substantial growth over the forecast period, driven by supportive government policies and a rising demand for renewable energy to reduce reliance on fossil fuels. The market is experiencing a surge in solar photovoltaic (PV) installations, bolstered by incentives that cater to the increasing need for clean electricity. Despite challenges such as limited land availability and competition from other renewable energy sources, the UK has set ambitious solar power targets, aiming for significant installed capacity by 2030. This strategic focus is expected to create lucrative opportunities for companies operating within the sector.
The declining costs of small-scale solar PV systems have been a key factor propelling the distributed solar power generation market in the UK. This trend has facilitated a rise in installations across residential, commercial, and industrial sectors, with rooftop systems accounting for a significant portion of the total capacity. The residential sector, in particular, is witnessing growth due to escalating energy prices, prompting homeowners to adopt solar solutions to mitigate costs. Technological advancements and the integration of smart home technologies are further anticipated to drive demand. The market remains semi-fragmented, with major players actively contributing to its expansion, as evidenced by recent developments such as the approval of large-scale solar farms and strategic acquisitions.
UK Solar Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Solar Power Installed Capacity and Forecast in GW, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Government Policies and Demand for Renewable Energy Sources
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1.5.1.2 The Declining Costs of Solar Technologies
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1.5.2 Restraints
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1.5.2.1 Limited Land and Demand for Alternative Renewable Energy Sources
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION - BY END USER
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2.1 Residential
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2.2 Commercial and Industrial
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2.3 Utilities
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UK Solar Power Market Size FAQs
How big is the UK Solar Power Market?
The UK Solar Power Market size is expected to reach 18.53 gigawatt in 2024 and grow at a CAGR of 23.45% to reach 53.12 gigawatt by 2029.
What is the current UK Solar Power Market size?
In 2024, the UK Solar Power Market size is expected to reach 18.53 gigawatt.
