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.
UK Renewable Energy Industry Segmentation
Renewable energy is energy collected from renewable resources naturally replenished on a human timescale. It includes sunlight, wind, water movement, and geothermal heat.
The United Kingdom's renewable energy sector is segmented by source. The market is segmented by source into wind, solar, hydro, bioenergy, and other sources (Geothermal, Tidal). For each segment, the installed capacity and forecasts have been done based on gigawatts (GW).
| Source | |
| Wind | |
| Solar | |
| Hydro | |
| Bioenergy | |
| Other Sources (Geothermal, Tidal) |
United Kingdom Renewable Energy Market Size Summary
The renewable energy sector in the United Kingdom is poised for significant expansion, driven by supportive government policies and a strategic shift towards reducing reliance on fossil fuels. This transition is aimed at meeting the increasing demand for power while minimizing carbon emissions. Despite challenges such as changes in government policies affecting clean energy technologies and the reduction of subsidies for small-scale solar projects, the sector is expected to experience robust growth. The UK's ambitious renewable energy targets for 2030 present substantial opportunities for market players, particularly in wind energy, where the country is a global leader. The government's focus on maximizing wind energy development, supported by numerous projects, is set to enhance the economic and environmental benefits of this renewable resource.
The solar energy market, however, faces hurdles due to the reduction of feed-in tariffs and the closure of the scheme, which has slowed domestic solar deployment. Although new initiatives like the Smart Export Guarantee aim to mitigate these effects, the market's growth rate is anticipated to be lower than in previous years. The renewable energy sector in the UK is moderately fragmented, with key players such as Vestas Wind Systems, Siemens Gamesa Renewable Energy, and EDF actively participating. Recent investments and projects, including significant offshore wind energy developments and solar initiatives, underscore the sector's potential. These efforts are part of a broader strategy to achieve net-zero emissions and enhance the country's energy infrastructure.
United Kingdom Renewable Energy 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 Renewable Energy Installed Capacity and Forecast in GW, till 2028
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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 Supportive Government Policies in the Country
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1.5.1.2 Rising Efforts to Decrease the Dependency on Fossil Fuels to Reduce Carbon Emissions
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1.5.2 Restraints
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1.5.2.1 Changes in Government Policies Related to Increasing VAT on Various Clean Energy Technologies
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Source
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2.1.1 Wind
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2.1.2 Solar
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2.1.3 Hydro
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2.1.4 Bioenergy
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2.1.5 Other Sources (Geothermal, Tidal)
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United Kingdom Renewable Energy Market Size FAQs
What is the current UK Renewable Energy Market size?
The UK Renewable Energy Market is projected to register a CAGR of 10.04% during the forecast period (2024-2029)
Who are the key players in UK Renewable Energy Market?
Vestas Wind Systems A/S, Ecotricity Group Ltd., Renewable Energy Systems Ltd., Siemens Gamesa Renewable Energy S.A. and Électricité de France SA are the major companies operating in the UK Renewable Energy Market.
