As of 2023, the solar photovoltaic energy supply in the UK stood at 16.55 thousand gigawatthours. The forecast for the upcoming years shows a steady increase, with projections reaching 17.31 thousand gigawatthours in 2024, up to 20.41 thousand gigawatthours by 2028. Year-on-year variations reveal a gradual growth, with the most recent two years showing respective increases of approximately 4.62% and 1.24%. The five-year compound annual growth rate (CAGR) from 2024 to 2028 is estimated to be around 4.24%, indicating consistent expansion in the sector.
Future trends to watch include:
- Technological advancements in solar panel efficiency, potentially accelerating growth.
- Government policies and subsidies that may further support solar energy adoption.
- Potential impacts of macroeconomic factors and energy market dynamics on investment in solar infrastructure.
- Increasing corporate and public focus on renewable energy sources driving further investments.