The UK renewable energy market size was estimated at USD 20.25 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. The growing demand for renewable energy is attributed to the high living standards of consumers and rapid economic growth. The shift towards low-carbon fuels and the presence of stringent environmental regulations in UK have greatly boosted the renewable energy industry in the country.Another growth factor responsible for the rising demand of renewable energy in the country is several economic benefits and opportunities provided by solar energy projects in the UK. With PV modules becoming cheap, the installation rates have gone up in the country, and the upgradation of old power plants is expected to drive the market. Notable solar companies present in the country include first4solar and Maxeon Solar Technologies, Ltd. The use of solar panels in the country is increasingly attributed to the strategic geographical location of the country as it is exposed to the maximum amount of sunlight throughout the year.
Increasing construction of hydropower plants in the country is also expected to foster the demand of the UK hydropower market during the forecast period. Increasing construction of micro and increase in spending on mini hydro power plants fuels the demand of the overall hydropower market in the country in the near future.
The high initial investment to produce renewable energy restrained the growth of the global renewable energy market. Similar trend is expected to be seen in the UK market for renewable energy. The cost of renewable energy production comprises land, materials, equipment, and labor. Financial assistance is required for the development and expansion of biogas plants. The process of procuring and converting raw materials is costly and time-consuming. Regulation and financial assistance are required for sorting, collecting, processing, supplying, and distributing the feedstock; the construction & operation of the plant; and the sale & distribution of renewable energy. Plant output needs to be sufficient and consistent to cover installation and operating costs.
Key UK Renewable Energy Company Insights
The market is extremely competitive with key participants involved in collaboration and expansion to increase their renewable energy production capacity. The players are continuously involved in adopting various organic and inorganic strategies to expand their global footprint and energy production capacities. The most adapted strategy is collaboration and partnership to minimize competition and focus on expansion of the market.
Key UK Renewable Energy Companies:
• ABB
• Acconia
• Enel Spa
• General Electric
• Invenergy
• Schneider Electric
• Siemens Gamesa Renewable Energy
• Suzlon Energy Ltd.
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