United Kingdom Solar Power Market Size, Share, and COVID-19 Impact Analysis, By Technology (Solar Photovoltaic and CSP), By Application (Residential, Non-Residential, and Utility), and United Kingdom Solar Power Market Insights, Industry Trend, Forecasts to 2033

United Kingdom Solar Power Market Insights Forecasts to 2033

• The U.K. Solar Power Market is growing at a CAGR of 22.95% from 2023 to 2033
• The U.K. Solar Power Market Size is expected to hold a significant share by 2033

The United Kingdom Solar Power Market is anticipated to hold a significant share by 2033, growing at a CAGR of 22.95% from 2023 to 2033. The growing demand for renewable energy sources and declining costs of solar technologies are driving the growth of the solar power market in the UK.     

Market Overview

Solar power market refers to the industry encompassing production, distribution, and deployment of solar energy technologies such as solar panels, inverters, and related infrastructure for electricity generation and other applications. Solar energy is the conversion of sunlight into usable energy forms, such as electricity. It is the cleanest and most abundant renewable energy source. There is an upsurging demand for combating climate change via renewable energy sources with support from the government tax credits and feed-in-tariff programs. The incorporation of artificial intelligence along with the emergence of technologies, including big data, the internet of Things (IoT), sensors, and distribution ledger technology, are escalating lucrative market growth opportunities for solar power.

Report Coverage

This research report categorizes the market for the UK solar power market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United Kingdom solar power market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the UK solar power market.

Driving Factors

The growing demand for renewable energy sources in the UK, driven by government targets for non-zero emissions and the adoption of renewable technologies, is propelling the solar power market. As per the report of Greenmatch, as of January 2024, the UK’s total solar capacity reached 15.7 gigawatts, marking a 6.6% increase from the previous year. The declining cost of solar technology leads to increased installation volumes, thereby propelling market growth. The average cost of the 0-4 kWp installations typically seen on domestic properties reached its lowest point in 2020/21.

Restraining Factors

The limited land and availability of alternative renewable energy sources are challenging the solar power market.

Market Segmentation

The United Kingdom Solar Power Market share is classified into technology and application.

• The solar photovoltaic segment dominates the UK solar power market and is expected to grow at a significant CAGR during the projected period.

The United Kingdom solar power market is segmented by technology into solar photovoltaic and CSP. Among these, the solar photovoltaic segment dominates the UK solar power market and is expected to grow at a significant CAGR during the projected period. Solar photovoltaic energy is one of the most important sources of renewable energy that converts sunlight into electrical energy. The increasing investments in solar photovoltaic projects owing to growing electricity consumption is propelling the market growth in the solar photovoltaic segment.

• The utility segment dominates the UK solar power market with the largest market share and is anticipated to grow at a significant CAGR during the projected period.

The United Kingdom solar power market is segmented by application into residential, non-residential, and utility. Among these, the utility segment dominates the UK solar power market with the largest market share and is anticipated to grow at a significant CAGR during the projected period. Utility-scale solar is the fastest way to reduce carbon emissions, generating reliable, clean electricity with stable fuel prices. The growing installation targets and increased operational efficiency of these PV panels are driving the market in the utility segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the U.K. solar power market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• First Solar Inc.
• Electricite de France SA
• Ecotricity Group Ltd
• Renewable Energy Systems Ltd
• Lightsource bp Renewable Energy Investments Limited
• Hive Energy
• Ameresco Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2023, Ørsted entered its first solar project in the UK. One Earth Solar Farm is a proposed 740 MW solar farm with associated battery storage, that would primarily be located in Nottinghamshire near the border of Lincolnshire and is being co-developed with PS Renewables.

• In June 2023, the UK’s largest solar farm was given the go-ahead to be built on Chelmsford farmland. The country’s largest-ever solar farm big enough to power around 60,000 households on farmland near Chelmsford, has been permitted to be built by the Government.

• In June 2023, AMPYR Solar Europe announced the acquisition of a 390 MWp Solar PV + BESS portfolio from Tyler Hill comprising sites across the UK.

Market Segment

This study forecasts revenue at U.K., regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom Solar Power Market based on the below-mentioned segments:

UK Solar Power Market, By Technology

• Solar Photovoltaic
• CSP

UK Solar Power Market, By Application

• Residential
• Non-Residential
• Utility