Energy UK has predicted that the solar energy sector will receive nearly £11.9 billion of investment by 2020.
Although 2020 is fast approaching, suppliers within the sector should maintain optimism as the industry is to invest £250 million in an Offshore Wind Growth Partnership to develop the UK supply chain, with global exports “set to increase fivefold to £2.6 billion by 2030” according to the Government.
Energy revolution
Energy and Clean Growth Minister Claire Perry announced a new joint government-industry Offshore Wind Sector Deal in March 2019. As part of this deal, clean, green offshore wind is set to generate more than 30% of British electricity by 2030.
“This new Sector Deal will drive a surge in the clean, green offshore wind revolution that is powering homes and businesses across the UK, bringing investment into coastal communities and ensuring we maintain our position as global leaders in this growing sector.
“By 2030 a third of our electricity will come from offshore wind, generating thousands of high-quality jobs across the UK, a strong UK supply chain and a fivefold increase in exports. This is our modern Industrial Strategy in action.”
Global exports
The deal also hopes to boost global exports to areas like Europe, Japan, South Korea, Taiwan and the United States. The Government predicts that the market will be worth £2.6 billion a year by 2030.
Through this partnership with the Department for International Trade the UK Government hopes “to support smaller supply chain companies to export for the first time”.
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