UK Solar Pv Panels Market Size & Outlook, 2023-2030
UK solar pv panels market, 2018-2030 (US$M)
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UK solar pv panels market highlights
- The UK solar pv panels market generated a revenue of USD 6,299.5 million in 2023 and is expected to reach USD 9,544.7 million by 2030.
- The UK market is expected to grow at a CAGR of 6.1% from 2024 to 2030.
- In terms of segment, thin film was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 6,299.5 million |
| Market revenue in 2030 | USD 9,544.7 million |
| Growth rate | 6.1% (CAGR from 2023 to 2030) |
| Largest segment | Thin film |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, UK accounted for 3.7% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, Russia solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- Croatia is the fastest growing regional market in Europe and is projected to reach USD 1,371.6 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK solar pv panels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv panels market will help companies and investors design strategic landscapes.
Thin film was the largest segment with a revenue share of 46.1% in 2023. Horizon Databook has segmented the UK solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
The government of the UK has been actively investing in various renewable energy technologies such as solar power and wind power. The energy generation infrastructure is in the process of switching from traditional sources to sustainable technologies.
For instance, in January 2023, the UK government announced that all coal fired power plants will be phased out by the end of 2024 and will be replaced by solar and wind power plants. Increasing demand from the renewable and utility segments is expected to boost the market over the forecast period.
Several economic benefits and opportunities provided by solar energy are projected to drive the market in the UK. With PV modules becoming cheap, the installation rates have gone up in the country and the upgradation of old power plants, which is expected to drive the market.
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Horizon Databook provides a detailed overview of country-level data and insights on the UK solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into UK solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK solar pv panels market size, by technology, 2018-2030 (US$M)
UK Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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