Between 2013 and 2023, the UK’s solar photovoltaic electricity production capacities for installations above 1+ MW increased significantly from 1.08 thousand MW to 12.52 thousand MW. The year-on-year variations reveal a rapid increase early on, with growth rates of 113.4% in 2013, peaking at 188.82% in 2014, before gradually stabilizing. The compound annual growth rate (CAGR) decreased over time, from 79.29% in 2017 to 5.45% in 2023. This trend highlights a maturing market with initial explosive growth followed by more stable increments.
- The most recent annual growth rates showed a steady, albeit slowing, increase: 3.56% in 2022 and 5.23% in 2023.
- Looking ahead, the forecast for the next five years anticipates an average annual growth rate (CAGR) of 3.32%, translating to a total growth of 17.75% by 2028, reaching 15.47 thousand MW.
Future trends to watch for include advances in photovoltaic technology, government policies supporting renewable energy, and potential market saturation. Monitoring these factors could provide insights into how the growth trajectory might evolve beyond the current forecasts.
