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UK renewable energy market to total £6.3 billion by 2017
Companiesandmarkets.comAug 21, 2012 16:00 BST
In the five years through 2016-17, revenue within the UK renewable energy market is expected to increase at a compound annual growth rate (CAGR) of 6.2%, to total £6.3 billion.
The UK currently generates 8.6% of its total electricity from renewable sources, representing a significant increase from 1.5% in 2006.
This has resulted from both the government and the industry, with both realising the importance of embracing a low-carbon future and the economic opportunities that lie therein.
The UK renewable energy market is evolving as a result of several large offshore wind projects that are currently in the pipeline. This includes the world's largest wind farm planned in Scotland with an investment of £4.5billion for 1,500MW.
There is enormous scope for job creation within the industry that will benefit the general health of the economy and the industry itself, as evidenced by the 16.5% per annum increase in employment over the past five years.
The prospects for the industry, while bright, are inextricably linked to the level of government support and the willingness of consumers to wear higher costs.
It is clear that funding and investment are critical to the industry's future if the UK is to achieve its 2020 target of generating 15% of the country's energy from renewable sources, and not continue to lag behind its European counterparts.
For more information on the UK renewable energy market, see the latest research: UK Renewable Energy Market Report
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