The forecasted electricity consumption of the iron and steel sector in the UK demonstrates a consistent declining trend from 2024 to 2028. A year-on-year analysis reveals that consumption is predicted to decrease significantly by an average of approximately 11% annually. In 2023, the sector consumed 1.54 Thousand Gigawatthours, which serves as the baseline for this observed downturn. The compound annual growth rate (CAGR) over the forthcoming five years is calculated to be negative, clearly indicating a substantial reduction in electricity usage.
Future trends to watch for include the industry's response to sustainability drives, shifts in production technology toward energy efficiency, and potential policy changes regarding decarbonization aimed at reducing overall energy consumption. Such factors will heavily influence electricity demand in the iron and steel sector.
