Sparking demand: High energy bills push consumers and businesses alike to install solar panel to cut costs
The UK solar market has exploded over the past 15 years, with more than 14,000 megawatts of capacity installed in 2022, a huge jump from less than 15 megawatts in 2007. The majority of this growth occurred prior to cuts to government incentives in January 2016, though renewed government support has driven an uptick in installations over the last couple of years. Variations in the level of government support for solar power have spurred significant volatility for solar panel installers. Solar panel installation revenue is projected to surge at a compound annual rate of 8.6% to £1.1 billion over the five years through 2023-24, including a revenue dip of 5.9% in 2023-24, when the average profit margin will be 15.4%.
Industry operators install solar panels as part of general residential and commercial contracting services. These companies are contracted by a homeowner, solar panel manufacturer or solar marketing firm. The installations of large-scale solar panels by major power producers is excluded from the industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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