The UK machinery sector's solid fossil fuel consumption is projected to decrease from 2024 through 2028. A consistent decline is observed from 298 Terajoules in 2024 to 242.46 Terajoules in 2028, marking an annual reduction rate of approximately 4-5% year-on-year. This corresponds to a Compound Annual Growth Rate (CAGR) of around -5% over the five-year forecast period. In 2023, the consumption was the same as the forecast for 2024, representing no increase or decrease between those two years.
Future trends to watch include the sector's shift towards increased energy efficiency and the integration of renewable energy sources. These trends may accelerate the reduction in fossil fuel consumption, driven by policy changes and technological advancements.
