From 2013 to 2015, the UK's transport equipment sector saw a sharp decrease in natural gas consumption, with a significant drop of nearly 25% in 2015. After some stabilization and slight growth between 2016 and 2017, the trend remained predominantly downward, ending at 426.28 Thousand Tonnes Of Oil Equivalent in 2023. Over the last two years, the sector experienced a year-on-year decline of around 2.6% each year. The compound annual growth rate (CAGR) over the past five years shows an average annual reduction of 2.97%.
For the forecast period from 2024 to 2028, it's essential to monitor:
- Technological advancements and their impact on energy efficiency.
- Government policies encouraging renewable energy adoption.
- Changes in global natural gas prices.