Market Focus: UK PV Market
The United Kingdom has been one of the pioneers in adopting renewable energy sources.
With its focus on reducing greenhouse gas emissions and transitioning towards a low-carbon economy, the UK is striving to make significant progress in the solar power sector. The country has a well-developed solar industry and a robust solar market, which has seen rapid growth in recent years.
What does the future hold for the UK PV market?
The UK has witnessed a significant increase in the deployment of PV systems in recent years, driven by falling costs and supportive government policies. According to a report by Solar Power Europe, the UK added 545 MW of new solar capacity in 2020, bringing its total installed capacity to 14.3 GW. This represents a significant increase from just 2.5 GW in 2013. The report also notes that the UK was the third-largest solar market in Europe in 2020, after Germany and Spain.
Growth Factors
The growth of the PV market in the UK can be attributed to several factors.
- Falling costs of solar panels and other components have made PV systems more affordable and accessible. The cost of solar panels has decreased by more than 80% over the past decade, making solar power competitive with traditional energy sources in many parts of the UK.
- The UK government has implemented several policies and incentives to support the growth of the solar industry such as the Feed-in Tariff (FIT) scheme, which pays homeowners and businesses for the electricity they generate from PV systems. The scheme has been instrumental in encouraging the uptake of solar panels in the UK.
- There is a growing awareness and concern about climate change among the UK population. Many homeowners and businesses are interested in reducing their carbon footprint and are turning to solar power as a clean and sustainable alternative.
The Future of UK PV
Looking ahead, the prospects for the PV market in the UK are bright. The government has set ambitious targets to achieve net-zero emissions by 2050, which will require significant investments in renewable energy. Solar power is expected to play a critical role in meeting these targets.
Furthermore, new technologies such as floating solar panels and building-integrated PV systems are likely to further drive the growth of the PV market in the UK. The prospects for the market seem promising, with the government committed to increasing solar capacity and new technologies.
The future of the UK’s energy system is likely to be bolstered by solar energy, and the PV market is well-positioned to take advantage of this trend.
