UK Renewable Energy Market 2030: Innovations Driving Clean Energy Adoption

UK Renewable Energy Market Growth & Trends

The UK renewable energy market size was estimated at USD 20.25 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. The growing demand for renewable energy is attributed to the high living standards of consumers and rapid economic growth. The shift towards low-carbon fuels and the presence of stringent environmental regulations in UK have greatly boosted the renewable energy industry in the country.

Another growth factor responsible for the rising demand of renewable energy in the country is several economic benefits and opportunities provided by solar energy projects in the UK. With PV modules becoming cheap, the installation rates have gone up in the country, and the upgradation of old power plants is expected to drive the market. Notable solar companies present in the country include first4solar and Maxeon Solar Technologies, Ltd. The use of solar panels in the country is increasingly attributed to the strategic geographical location of the country as it is exposed to the maximum amount of sunlight throughout the year.

Increasing construction of hydropower plants in the country is also expected to foster the demand of the UK hydropower market during the forecast period. Increasing construction of micro and increase in spending on mini hydro power plants fuels the demand of the overall hydropower market in the country in the near future.

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UK renewable energy market size, by product, 2024 - 2030 (USD Billion)

The high initial investment to produce renewable energy restrained the growth of the global renewable energy market. Similar trend is expected to be seen in the UK market for renewable energy. The cost of renewable energy production comprises land, materials, equipment, and labor. Financial assistance is required for the development and expansion of biogas plants. The process of procuring and converting raw materials is costly and time-consuming. Regulation and financial assistance are required for sorting, collecting, processing, supplying, and distributing the feedstock; the construction & operation of the plant; and the sale & distribution of renewable energy. Plant output needs to be sufficient and consistent to cover installation and operating costs.

UK Renewable Energy Market Report Highlights

  • The wind power segment dominated the market with a revenue share of over 37% in 2023. A substantial increase in demand for renewable energy is expected to drive the growth of the wind energy market.
  • The solar energy power segment is expected to witness the fastest CAGR of 21.5% in 2023. Grid electricity has a lot of blackouts, even hydropower is prone to blackouts during transmission, but solar systems are much more efficient at transmission.
  • The industrial segment dominated the UK renewable energy industry with a revenue share of over 59% in 2023. Increasing demand for clean electricity is expected to enlarge the number of utility projects and drive the growth of the photovoltaic module market across the industrial sector.

UK Renewable Energy Market Segmentation

Grand View Research has segmented the global UK renewable energy market report based on product, and application:

Product Outlook (Volume, TWh; Revenue, USD Billion, 2018 - 2030)

  • Hydropower
  • Wind Power
  • Solar Power
  • Bioenergy
  • Others

Application Outlook (Volume, TWh; Revenue, USD Billion, 2018 - 2030)

  • Industrial
  • Residential
  • Commercial

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