Forecast: Renewable Energy Consumption in Singapore

Renewable energy consumption in Singapore stood at 0.98 units in 2023. Over the past decade, it has shown consistent growth, with notable year-on-year variations. From 2013 to 2023, the year-on-year growth in renewable energy consumption varied significantly, with highs such as 14.1% in 2019 and lows like a slight decline in 2017. The Compound Annual Growth Rate (CAGR) over the last five years leading to 2023 was 4.67%, highlighting a steady yet slowing increase.

Looking into the forecasted data, the renewable energy consumption is expected to rise to 1.08 units by 2028. The future forecast over the next five years suggests a CAGR of 1.55%, indicating a more tempered growth trajectory compared to previous periods. The predicted total growth rate over these five years is 8%.

Future trends to watch for include:

• The impact of regulatory changes and government initiatives on renewable energy adoption.
• Technological advancements in renewable energy sources and their integration into Singapore's energy grid.
• Fluctuations in global renewable energy markets and their influence on local consumption patterns.