From 2013 to 2023, the gross available energy from solar photovoltaics in the UK showed a remarkable increase. The value stood at 59.35 Thousand Terajoules in 2023, marking substantial growth over the period. Initially, the sector saw explosive growth rates with year-on-year increases peaking at 101.68% in 2014. However, growth rates began to decelerate, reaching a more moderate year-on-year increase of 5.28% by 2023. The Compound Annual Growth Rate (CAGR) has also reduced progressively, dropping from 159.75% in 2013 to 5.3% in 2023.
Looking ahead to forecasted data from 2024 to 2028, the trend suggests a continuation of this decelerated growth. The forecasted 5-year CAGR is projected to be 3.33%, with an overall growth rate of 17.82% by 2028, reaching a projected value of 73.36 Thousand Terajoules.
Future trends to watch for include potential technological advancements and policy changes that could either rejuvenate growth rates or further stabilize them. Market dynamics such as costs of installations, subsidies, and global energy prices will also play crucial roles in shaping the future of solar photovoltaic energy in the UK.
