In 2023, the final consumption of renewables and biofuels in the UK was 7.26 Million Tonnes Of Oil Equivalent. From 2024 to 2028, a gradual increase is forecasted, with values rising from 7.52 Mtoe in 2024 to 8.56 Mtoe in 2028. The year-on-year growth rates from 2024 to 2028 are projected between 3.6% and 3.1%, suggesting a consistent upward trend.
Over the five-year forecast period, there is a Compound Annual Growth Rate (CAGR) of approximately 3.4%, indicating a moderate but steady growth in renewable energy consumption.
- The UK is expected to continue its transition towards renewable energy, supported by policies and technological advancements.
- Watch for emerging technologies like advanced biofuels and next-generation solar panels.
- Environmental regulations and economic factors could significantly influence these forecasts.