Jan 15 2020
To help you find the right report more often, IBISWorld is expanding the titles it offers. Our SIC industry report collection is the bedrock of our library, but we know that SIC can often be too broad when dealing with niche or emerging industries. The ONS has not updated the SIC codes since 2007, and technological advancements and changing social trends have allowed a vast number of new and rapidly growing industries to emerge. The first 30 reports in our specialised collection are now online. This includes a number of industries that support the move towards a net-zero carbon economy.
Over the past decade, an increased focus on carbon emissions has allowed a number of industries to flourish and facilitated the emergence of others, with the recent climate change movement only exacerbating this trend. In particular, increasingly stringent environmental regulations are necessitating that businesses and consumers alike attempt to reduce their carbon footprint. In June 2019, the United Kingdom became the first major economy to pass a net-zero emissions law into the economy, legislating that this target must be achieved by 2050. This is expected to further support the growth of industries whose activities support the move to a carbon-neutral economy.
The increasing use of renewable forms of electricity generation has been the primary driver behind the growth of the Electricity Production industry over the past decade, with renewable sources anticipated to account for approximately 37.1% of the electricity generated in the United Kingdom in the current year. The Wind Power Generation industry has driven much of this growth. Most notably, the UK's offshore wind energy generating capacity has increased substantially, as several new projects have been commissioned, including the Walney Extension, which is the world's largest offshore wind farm. The industry’s revenue is anticipated to increase at a compound annual rate of 10% over the decade through 2019-20 to reach almost £2.1 billion. Greater renewable electricity generation has also facilitated the emergence of the Solar Panel Installation industry. The UK solar market has exploded over the past 15 years, with 13,000 megawatts of capacity installed in 2019, compared with just 12 megawatts in 2006. However, demand for solar panel installation has fallen more recently, after it peaked earlier in the decade.
Rising concern over the environment has also led to an increased focus on the high levels of waste produced by households. Though the volume of non-recycled household waste has fallen over the past five years, the Waste-to-Energy Plant Operation industry has grown substantially as the government has sought to find ways to fill the gap left behind by the demise of coal as an energy source. The industry benefits from many of its products counting towards the government’s renewable energy target, and its revenue is expected to grow at a compound annual rate of 13.9% over the five years through 2019-20 as a result.