The Solar Photovoltaic (PV) production in the UK has had a remarkable growth rate in the past decade, starting from 7.24 thousand terajoules in 2013 to reaching 59.35 thousand terajoules in 2023. The year-on-year growth and CAGR showed impressive figures, peaking in the early years and gradually stabilizing. Specifically, the year 2023 saw a modest increase of 5.28% from the previous year, with a relatively stable CAGR of 5.3% over the last five years. Looking forward, from 2024 to 2028, the sector is expected to continue its growth with a forecasted 5-year CAGR of 3.35%, reflecting a relatively slower but steady increase.
The trend over the last decade illustrates a shift from exponential to more linear growth, signifying market maturity and stability. Future trends to watch include advancements in solar technology, policy changes supporting renewable energy, and increasing investments in solar infrastructure that could potentially amplify production efficiency and capacity.
