The solar photovoltaic gross available energy in the UK has shown substantial growth from 2.01 TWh in 2013 to 16.49 TWh in 2023. Notably, the year-on-year growth has moderated over time, with significant early growth percentage curves of around 100%, slowly tapering off to a steady 5.28% YoY growth by 2023. The compounded annual growth rate (CAGR) has also declined from a dramatic 184.7% in 2015 to a more moderate 5.3% in 2023.
From 2024 onwards, the forecasted data continues to show a consistent increase, albeit at a slower pace. The projected 5-year CAGR from 2024 to 2028 is 3.33%, with an overall growth rate of 17.82% over the period. This points to a more stable, albeit slower, growth trajectory for the UK's solar photovoltaic energy sector.
Future Trends to Watch for:
- Continued innovation and technological advances in solar panel efficiency.- Policy changes and government incentives to promote renewable energy.- Sourcing and supply chain improvements for solar panel materials.- Integration with energy storage solutions and smart grid technologies.
