United Kingdom Power EPCCompanies (2024 - 2029)

United Kingdom Power EPC Market Companies Summary

The United Kingdom's power sector is undergoing a significant transition from a predominantly fossil fuel-based power generation to an intermittent renewable generation. This shift is expected to spur the development of power generation systems due to the increasing demand for electricity. However, the gradual elimination of coal-based power plants, which were a significant source of revenue, is anticipated to impede the market's growth. In the coming years, the renewable energy sector is expected to experience substantial growth due to the nation's efforts and policies to increase the proportion of renewable energy sources in the energy mix. The declining cost of solar equipment and the establishment of a capital market for electricity generation, along with the opening up of a competitive market, are expected to lead to the conversion of several coal-based power plants into bioenergy-based power plants. This change is expected to further boost the demand for renewable energy installations.