Over the past decade, the UK has experienced substantial growth in renewable power generation, increasing from 48.51 TWh in 2013 to 162.42 TWh in 2023. The year-on-year growth rates have fluctuated, peaking notably in the early years (34.98% in 2013) and then gradually slowing down to 7.76% by 2023. The compound annual growth rate (CAGR) over the last five years stands at 9.2%, reflecting a consistent upward trend in sustainable energy production despite the decreasing rate of annual growth.
From 2024 onward, forecasts suggest continued growth, with renewable power generation expected to reach 220.05 TWh by 2028. The forecasted 5-year CAGR is 4.8%, indicating a more modest growth compared to the previous periods but still emphasizing progress in renewable energy. The total growth rate over this forecast period is projected to be 26.42%.
Future trends to watch for include:
- Technological advancements in renewable energy storage and grid integration.
- Government policies and subsidies that might impact the pace of renewable energy adoption.
- Market dynamics, including energy prices and competition from traditional energy sources.
- Corporate investments and collaborations in the renewable energy sector.
- Sustainable consumer practices and increased awareness towards green energy.