United Kingdom Solar Power Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The United Kingdom solar power market is expected to register a CAGR of more than 5% during the forecast period (2022-2027). The COVID-19 pandemic in United Kingdom resulted in a sudden decline in the domestic demand and temporary shutdown of industrial activities, leading to an economic fallout, especially during H1 2020. Further, in 2020, the solar panel manufacturers experienced a significant fall in H1 2020 compared to 2019. Encouraging government policies and demand for renewable energy sources to decrease dependency on fossil fuels and carbon footprints are significant contributors to the market's growth. The declining costs of solar technologies and additional subsidies on solar systems are also driving the solar power market. On the other hand, factors such as limited land and demand for alternative renewable energy sources are expected to hinder the growth of the United Kingdom solar power market during the forecast period.
Key HighlightsThe United Kingdom solar power market is moderately fragmented. The key players in the market include Electricite de France SA, Ecotricity Group Ltd, Renewable Energy Systems Ltd, Lightsource BP Renewable Energy Investments Limited, and Hive Energy.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook