Renewable Market Watch™ Published New Update of the Report "United Kingdom Solar Photovoltaic (PV) Power Market Outlook 2024÷2033 - Trends, Forecasts, Investments, Opportunities, Analysis"
/LONDON, November 14, 2024, 9:00 GMT, RENEWABLE MARKET WATCHTM/ This market report offers an incisive and reliable overview of the photovoltaic sector of the country for the next long-term period, 2024 ÷ 2033. UK's photovoltaic sector has witnessed remarkable growth in the past two decades, positioning the country among the leaders in Europe in installed solar photovoltaic capacity.
The country is among the best performers in Europe in the share of installed small-scale solar generation capacity (<1 MW). Great Britain offers prosumers some of the widest possibilities in Europe through financial incentives such as the Smart Export Guarantee (SEG), a sort of market-based mechanism that replaced the feed-in tariff or direct subsidies, but also by allowing prosumers to make the best use of their assets, providing their flexibility to the energy system. In this way, Great Britain could be one of the first countries where governmental support mechanisms stop being the main financial incentive to adopt certain technologies, and could even see the future reduction of these, given that prosumers have enough options to market their flexibility.
The current cumulative installed PV capacity in the United Kingdom has surged from a mere 0.11 GW in 2005 to an impressive over 16 GW at the end of 2023. By the end of November 2024, over 137,000 new solar photovoltaic systems have been installed in the UK. Most of them are small-scale residential and commercial installations. The number of households with solar photovoltaic installations reached 1.4 million. By the end of 2024, the country's cumulative installed solar PV capacity is expected to exceed 17.3 GW, according to projections of the Renewable Market Watch™. The country's commitment to support and enhance solar self-consumption and the number of prosumers is evident in its government plans and legislative changes.
The UK is expected to have a minimum of 70 gigawatts (GW) of solar power in operation by 2035, as outlined in the 2022 Energy Security Strategy. The Energy Security Plan, announced in March 2023 as part of the 'Green Day' initiative, emphasised the significant potential for solar power deployment in the country and highlighted that the government considers rooftop solar a key priority. Plans have been confirmed for a government-industry task force to outline how this target will be achieved and establish milestones.
The Scottish Government is also expected to set its own goal. Its Draft Energy Strategy and Just Transition Plan, released in January 2023, included a proposed ‘solar vision’ to maximise solar energy's contribution to a net zero energy transition.
The solar energy market in the United Kingdom is booming due to factors such as the energy price crisis, increased consumer awareness, environmental concerns, and the decreased cost of PV modules. With the Future Homes Standard set to be introduced in 2025, almost all new homes in England will have rooftop solar installations.
The report provides a complete picture of the market situation, dynamics, current issues and future prospects. More than 120 pages of valuable information will be found in this unique, in-depth analysis of UK's photovoltaic market. You will receive an overview of how the military conflict in Ukraine and the European Union's decision to reduce Russian gas and other energy commodities imports significantly will impact it. With comprehensive market data, this report brings clear and concise insights to help investors in their decision-making process. As 2022 and 2023 were challenging years for the photovoltaic industry, the time for making the right decisions during 2024 and the next few years is limited. A fast-changing market environment requires relevant and accurate information. For your convenience, we offer the opportunity for orders with customised report content. Reasons to buy this market report are, but are not limited to:
• Overview of the United Kingdom political and economic environment
• Solar resource potential in the United Kingdom
• Financial Model and Analysis of 50 MW Photovoltaic (Solar PV) Power Plant investment in the United Kingdom (IRR, WACC, Payback, NPV, Cash Flow, etc.)
• Over 55 charts, tables and maps
• Overview of the United Kingdom Photovoltaic Market Development 2013 ÷ 2033
• Grid-connected photovoltaic installations
• Future market trends and planned photovoltaic projects for 2024 ÷ 2033
• Market prices of fully permitted and operational photovoltaic projects
• The United Kingdom legal and energy regulatory framework for renewable projects
• Key companies and competitive landscape in the photovoltaic sector
• Review of most relevant financing and supporting incentives
• SWOT Analysis (detailed in 5 pages)
This report is essential reading for you or anyone interested in the British Solar Photovoltaic (PV) Power Market. It includes an overview of investment trends, a competitive landscape, and forecasts of how investment volume in this market will develop over the next ten years. This report provides a comprehensive analysis of existing mechanisms supporting the use of solar energy in this country and highlights the challenges and opportunities associated with their development.
The author of this report, Renewable Market Watch™, has distinguished itself throughout the years by publishing unbiased reports on the development of global renewable energy markets. For your convenience, we offer opportunities for orders with customized report content.
For more information and answers to your questions about the British solar market and related content, you may read here: United Kingdom Solar Photovoltaic (PV) Power Market Outlook 2024÷2033
In order to download the executive summary brochure with sample pages, please access from here: United Kingdom Solar Photovoltaic (PV) Power Market Outlook - Sample
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