The fossil energy final consumption in the UK iron and steel sectors is anticipated to decrease significantly from 2024 to 2028. Starting at 366.02 thousand tonnes of oil equivalent in 2024, this number declines sharply to 105.51 by 2028. Between 2024 and 2025, the consumption drops by approximately 18.3%. From 2026 to 2027, the percentage decrease intensifies to around 27.6%. The Compound Annual Growth Rate (CAGR) over these five years indicates a significant long-term decline.
Future trends to watch for include:
- The transition towards renewable energy sources in the iron and steel industries.
- Emphasis on sustainability practices due to regulatory pressures and environmental consciousness.
- Potential technological advancements that may further reduce fossil fuel dependency.
- Economic factors that could influence energy consumption patterns.
