Solar energy capacity in the UK has experienced exponential growth from 2013 to 2015, with year-on-year increases peaking at 88.22% in 2014. However, the growth rates have steadily declined since 2016, reaching a modest 3.4% increase in 2023. As we stand in 2024, the capacity is projected to rise to 15.29 Thousand Megawatts. For the past two years, the year-on-year variations were 4.44% in 2022 and 3.4% in 2023. Over the last five years, the average annual growth (CAGR) was 2.68%, projected to further slow to 1.18% in the coming five years.
Future trends to watch for:
- Technological advancements in solar panel efficiency
- Government policies and incentives to support renewable energy
- Potential for residential and commercial rooftop solar installations
- Impact of energy storage solutions on solar energy adoption
- Market dynamics related to global supply chain for solar components
