UK solar panel market is estimated to grow considerably at a CAGR of around 15.4% during the forecast period. UK is among the largest economy in Europe, majorly owing to its trading power and financial businesses. According to The Solar Trade Association (STA), the installation of solar panels in the country has been tumbling in 2017. The STA reported that it was particularly concerned by a 65% drop in the number of large-scale solar schemes on hospitals, factories, and other large buildings, which may well, have been caused by the business rate increase. Between January and March, there were about 650 rooftop deployments a week – a fall of more than 75% on the long-term average of 2,700, a week since 2010.
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The introduction of the feed-in-tariff contributes to the rapid growth of the photovoltaic module industry, with many thousands of domestic installations along with numerous commercial, community and industrial projects. For instance, in 2019, UK Government commenced two projects that include Cleve Hill and Little Crow mega-scale projects. Solar power use has increased very rapidly in recent years due to a reduction in the cost of photovoltaic panels supported by government initiatives. In 2012, the government announced that four million homes across UK will be powered by the solar panels within eight years. UK government expects Britain to contribute to total power generation by 22 GW of installed solar power capacity by 2020.
The solar panel market is segmented on the basis of solar panel types and end-user. Based on solar panel technology, the market is segmented into monocrystalline silicon solar panel, polycrystalline silicon solar panel, thin-film solar panel, and others. Among these, the polycrystalline silicon solar panel contributes a significant share in the market, attributed to its advantages over other solar panels such as cost-effective and better efficiency. Based on end-user, the market is segmented into the household sector and the corporate sector. The corporate sector held a substantial share in the market in 2018. This is due to the high installation of solar panels in the corporate sector consisting of government projects and industrial general electricity applications.
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UK Solar Panel Market Segmentation
By Technology
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-Film Crystalline Solar Panel
- Other Solar Panels
By End-User
- Household Sector
- Corporate Sector
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