Overview of the Renewable Energy Industry

The renewable energy market in the UK is a fast-growing industry with a dedication to greener living and making the world safer and less toxic for both the human race and the environment. With the market growing steadily, it’s important to know that the UK is not only focused on solar power.

Although solar power is the most popular and easiest method for anybody to get installed at their home or business, there are other renewable energy sources to be aware of as well, which are boosting the market into its successful state.

The whole renewable energy market is expected to register a CAGR (Compound Annual Growth Rate) of more than 10% for the financial forecast between 2022 and 2027 as demands are growing.

There are many different factors involved in boosting the market to where it is at the moment, including the declining costs of renewable tech that is becoming competitive with the prices of fossil fuel sources. In addition to the drop in pricing, the changes in government policies, withdrawal of subsidies, and more are slowly bringing the market up on its feet to challenge other means of energy.

Looking at the market and the popularity of renewable energy h in households, solar is by far the most accessible. But wind power is becoming the most cost-effective way of power generation and is leading the renewable energy market in the UK. As of 2020, the UK has been standing as the leading country in the offshore wind market.

Huge market opportunities exist for the wind energy market, and more are expected to be possible by 2030 for wind energy targets.

Although the wind market is proving to be the most profitable and innovative among all other renewable energy sources, the solar industry is still growing and the most accessible throughout the UK. Considering the recent figures, solar is showing its strongest growth in six years, with an increase of 36% compared to 2020.

The UK is installing more solar panels than any other European country, and 80% support from consumers and the public. In some towns such as Wadebridge, one out of every ten households has solar power.

When considering the weather in the UK, it’s difficult to believe that solar is becoming so big (bigger than any other European country), but it’s forecasted to stay popular and be innovated even more with technology.

Looking back into government records, it shows that in 2020 roughly 970000 UK homes were working with solar panels, which are contributing greatly towards a safer and less toxic environment.

Many different renewable energy options in the UK are thriving, but with costs and accessibility, solar is by var that most viable. A 4KW agricultural solar farm will cost in the region of £4,000, which proves to be an affordable option for going green and saving on electricity.