The UK solar photovoltaic (PV) production has showcased significant growth from 2013 to 2023, reflected through an increase from 172.84 to 1420.0 thousand tonnes of oil equivalent. In 2023, the year-on-year growth was 5.28%. During the last two years, 2022 and 2023, growth rates were 3.62% and 5.28%, respectively. Over the past five years, the compound annual growth rate (CAGR) was 5.3%, indicating a consistent upward trend despite more modest growth rates compared to earlier years.
Looking ahead, UK solar PV production is forecasted to rise to 1750.0 thousand tonnes of oil equivalent by 2028. The forecasted CAGR for the next five years is 3.35%, translating to a 17.91% growth over this period. The trend indicates continued but slower expansion of solar PV capacity.
Future trends to watch for include:
- Technological advancements in solar efficiency.
- Policy changes impacting renewable energy investment.
- Market dynamics influenced by global solar equipment pricing.
- Integration of solar with energy storage solutions.
