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United Kingdom Solar Power Market Size, Growth, Trends: By Technology: Photovoltaic System, Concentrated; By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others; By Application: Residential, Commercial, Industrial; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
United Kingdom Solar Power Market Outlook
The United Kingdom solar power market size reached 950.18 MW in 2023. The market is projected to grow at a CAGR of 4.5% between 2024 and 2032, reaching a volume of around 1417.37 MW by 2032.
Key Takeaways
| In 2022, solar and wind energy accounted for 40% of electricity generation in the UK. |
| In 2023, the UK’s total solar capacity reached 15 gigawatts (GW). |
| By 2035, the UK government aims to increase the country's solar capacity by five-fold. |
Solar power functions by transforming thermal energy from the sun into electricity. Solar power is a clean and infinite source of energy that produces zero harmful greenhouse gas emissions. One of the most crucial advantages of using solar energy is that it eliminates the use of fossil fuels. Over 1 million roofs in the UK had installed solar panels by 2020. It is believed that by 2030, 20% of the United Kingdom’s electricity generation will be through solar power.
Rising electricity prices due to volatile fossil fuel costs, inflation, and geopolitical tensions, coupled with the growing adoption of renewable energy, are aiding the United Kingdom solar energy market. Advancements and developments in better storage technology are also stimulating the United Kingdom solar power market growth. With the decline in the cost of energy storage, many households and businesses are adopting solar battery storage systems as they offer enhanced reliability and flexibility.
Key Trends and Developments
Growing demand for renewable energy, decreasing solar panel costs, advancements in solar panel technologies, and technological advancements and innovations are positively influencing the United Kingdom solar power market growth
| Date | Event |
| Jan 30th 2024 | Sunsave was awarded £2M by the UK government, supporting the launch of the UK’s first solar subscription model, Sunsave Plus, aimed at enhancing the accessibility of solar power in UK households. |
| Dec 7th 2023 | Sonnedix Power Holdings Ltd started the construction of five ground-mounted solar farms with a combined capacity of 300 MW in the UK to produce 300,000 MWh of clean electricity annually by 2025. |
| Aug 4th 2023 | Octopus Renewables Infrastructure Trust (ORIT) announced an investment of up to GBP 2 million for establishing UK development focused on solar and battery storage. |
| Jun 13th 2023 | The UK government announced an investment of GBP 4.3 million to fund the development of space-based solar panels to provide 10GW of electricity by 2050. |
| Topic | Details |
| Surging demand for renewable energy | Favourable government initiatives and the growing awareness regarding sustainability are surging the demand and generation of renewable energy, including solar power. |
| Decreasing costs of solar panels | The costs of solar panels decreased by over 80% in the UK, enhancing the accessibility of solar power among households and businesses. |
| Advancements in solar panel technologies | Advancements in solar panel technologies are expected to enhance the development of solar panels with lowered costs, reduced maintenance, improved sustainability, and enhanced efficiency. |
| Technological advancements and innovations | Innovations in solar technology such as the development of transparent solar cells, the integration of solar panels into building materials, and the rising use of nanomaterials to enhance solar cell efficiency are expected to revolutionise the market growth. |
United Kingdom Solar Power Market Trends
The implementation of multiple initiatives and policies by the UK government to encourage the adoption of renewable energy sources is aiding the United Kingdom solar power market expansion. For instance, policies like Feed-in Tariffs and Renewable Heat introduced by the UK government have encouraged businesses and homeowners to adopt alternative renewable energy systems.
The United Kingdom aims to achieve a fully decarbonised power system by 2035 and a five-fold increase in the deployment of solar generation by 2035. Hence, companies across the United Kingdom are partnering to advance the development and functionality of solar power systems. For instance, in May 2023, Enso Energy and Cero Generation launched a 49.9 MW solar plant which is the UK’s first PV solar array to directly feed electricity to the transmission network.
Market Segmentation
“United Kingdom Solar Power Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Technology | Photovoltaic System, Concentrated |
| Solar Module | Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others |
| Application | Residential, Commercial, Industrial |
The residential sector to dominate the United Kingdom solar power market share in the forecast period, aided by the rising concerns regarding energy crisis
In the residential sector, solar panels are increasingly deployed to lower monthly utility bills, enhance home value, and reduce greenhouse gas emissions. As per Solar Energy UK, in 2023, over 50,700 solar arrays were installed between January and March in households in the UK, driven by the looming energy crisis, rising electricity costs, and growing awareness regarding the benefits of solar panels.
The increasing launches of residential solar marketplaces in the country are also propelling the United Kingdom solar power market expansion. For instance, in February 2023, Otovo, a European residential solar marketplace, launched its operations in the UK to provide a platform for customers to receive personalised insights regarding the benefits of switching to solar power.
Besides, solar power systems are being used by different industries, including agriculture, chemical, textile, cement, and steel, among others, to reduce carbon footprints. Different organisations in the UK, including Bristol City Council and Bristol University, have pledged to achieve net zero carbon by 2030.
Increasing attempts by businesses to surge the deployment of solar panels in industrial and commercial sectors are positively influencing the United Kingdom solar power market development. In March 2023, Macquarie Energy Leasing launched a new rooftop solar business in Great Britain to fund, install, and maintain solar PV systems in commercial and industrial sites.
In the forecast period, the installation of solar panels in commercial sites like schools, car parks, and warehouses is expected to increase amid the rising demand for clean energy and the government’s target to increase solar capacity by nearly fivefold to 70GW by 2035.
Competitive Landscape
Key players in the market are investing in research activities to reduce the costs of solar panel installation and maintenance:
| Company | Founded | Headquarters | Products/Services |
| MAK Energy Ltd. | 2008 | United Kingdom | Solar panels, solar battery storage, solar thermals, heat pumps |
| Oxford PV | 2010 | Yarnton, United Kingdom | Solar cells, perovskite photovoltaics |
| Ecotricity Group Limited | 1995 | Gloucestershire, United Kingdom | 100% green energy (wind and sun) |
| Good Energy Ltd. | 1999 | Wiltshire, United Kingdom | 100% renewable electricity |
Other United Kingdom solar power market players include Lightsource bp Renewable Energy Investments Limited, Octopus Energy Ltd., Renewables First Ltd., UKSOL Ltd., Tongwei Co., Ltd., and Maxeon Solar Technologies, Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Solar Module |
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| Breakup by Application |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Europe Solar Power Market Overview
8.1 Key Industry Highlights
8.2 Europe Solar Power Historical Market (2018-2023)
8.3 Europe Solar Power Market Forecast (2024-2032)
8.4 Europe Solar Power Market Share by Countries
8.4.1 United Kingdom
8.4.2 Germany
8.4.3 France
8.4.4 Italy
8.4.5 Others
9 United Kingdom Solar Power Market Overview
9.1 Key Industry Highlights
9.2 United Kingdom Solar Power Historical Market (2018-2023)
9.3 United Kingdom Solar Power Market Forecast (2024-2032)
10 United Kingdom Solar Power Market by Technology
10.1 Photovoltaic System
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Concentrated
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 United Kingdom Solar Power Market by Solar Module
11.1 Monocrystalline
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Polycrystalline
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Cadmium Telluride
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Amorphous Silicon Cells
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 United Kingdom Solar Power Market by Application
12.1 Residential
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Industrial
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Trade Data Analysis (HS Code – 854140)
14.1 Major Exporting Countries
14.1.1 By Value
14.1.2 By Volume
14.2 Major Importing Countries
14.2.1 By Value
14.2.2 By Volume
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 MAK Energy Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Lightsource bp Renewable Energy Investments Limited.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Oxford PV
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ecotricity Group Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Octopus Energy Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Renewables First Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Good Energy Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 UKSOL Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Tongwei Co., Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Maxeon Solar Technologies, Ltd.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Europe Solar Power Market: Key Industry Highlights, 2018 and 2032
2. United Kingdom Solar Power Market: Key Industry Highlights, 2018 and 2032
3. United Kingdom Solar Power Historical Market: Breakup by Technology (MW), 2018-2023
4. United Kingdom Solar Power Market Forecast: Breakup by Technology (MW), 2024-2032
5. United Kingdom Solar Power Historical Market: Breakup by Solar Module (MW), 2018-2023
6. United Kingdom Solar Power Market Forecast: Breakup by Solar Module (MW), 2024-2032
7. United Kingdom Solar Power Historical Market: Breakup by Application (MW), 2018-2023
8. United Kingdom Solar Power Market Forecast: Breakup by Application (MW), 2024-2032
9. United Kingdom Solar Power Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate volume of 950.18 MW.
The market is estimated to grow at a CAGR of 4.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of around 1417.37 MW by 2032.
The major drivers of the market are the growing adoption of solar power as a clean source of energy and advancements in solar technologies.
The key trends aiding the market expansion include the increasing electricity prices, the implementation of various policies and initiatives by the UK government to increase the adoption of solar power, and the development of better energy storage technology.
The major technologies considered in the market report are photovoltaic system and concentrated.
The different solar modules in the market are monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells, among others.
The major players in the market are MAK Energy Ltd., Lightsource bp Renewable Energy Investments Limited., Oxford PV, Ecotricity Group Limited, Octopus Energy Ltd., Renewables First Ltd., Good Energy Ltd., UKSOL Ltd., Tongwei Co., Ltd., and Maxeon Solar Technologies, Ltd., among others.
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