By 2023, UK renewable energy public R&D expenditure reached 14.50 units. Forecasts indicate a steady increase from 2024 onwards, reaching 14.69 by 2028. The year-on-year growth rate shows a minimal upward trend, with an average compound annual growth rate (CAGR) of approximately 0.24% from 2024 to 2028. This suggests a cautious but consistent commitment to renewable energy R&D funding.
Future trends to monitor include:
- Government policies aimed at boosting funding levels.
- Technological breakthroughs impacting R&D priorities.
- Potential shifts due to global energy market fluctuations.
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