As of 2023, the iron and steel sector's final consumption of electricity in Germany stood at 23.17 thousand gigawatt-hours. Beginning in 2024, forecasts indicate a gradual year-on-year decline in electricity consumption for the sector, with values decreasing steadily each year until 2028. Between 2024 and 2025, a 1.31% reduction is foreseen, followed by a decrease of 1.28% from 2025 to 2026, a 1.30% decline into 2027, and a 1.32% decline from 2027 to 2028.
Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is anticipated to be -0.78%, indicating a consistent downward trend in electricity consumption within the sector. This trend suggests efforts towards increased energy efficiency, shifts towards greener production methods, or changes in economic conditions affecting demand.
Future trends to watch for include:
- The impact of governmental policies aimed at reducing carbon emissions and promoting renewable energy sources.
- Technological advancements in steel production that might influence energy consumption.
- Economic factors and market demand trends that may affect production scales in the iron and steel industry.
