In 2023, the machinery sector's final consumption of solid fossil fuels in the UK stood at 7.46 thousand tonnes of oil equivalent. Looking ahead to 2024, a forecasted decline to 7.12 is anticipated. This downtrend continues through to 2028, reaching 5.79. Each successive year sees a decrement in consumption, reflecting a consistent year-on-year decrease. Specifically, from 2024 to 2028, the anticipated Compound Annual Growth Rate (CAGR) is negative, indicating an average annual decline in consumption over these years.
Future trends to watch for include technological advancements in machinery that could further reduce reliance on fossil fuels and increase energy efficiency. Also, regulatory changes or incentives promoting renewable energy adoption in industrial sectors could significantly impact consumption trends.
