The petroleum and natural gas extraction support activities in the UK are projected to see a decline in turnover from 2024 to 2028. The turnover is expected to decrease from €4.22 billion in 2024 to €3.29 billion by 2028. Comparing the projected turnover of €4.22 billion in 2024 with data from 2023, where the turnover stood at €4.45 billion, this translates to a year-on-year decline of approximately 5.2%. The compound annual growth rate (CAGR) over the five-year period stands at approximately -6%.
Trends to watch for in the future include:
- Shifts in energy policy influencing the sector.
- Technological advancements in extraction and production.
- Market demand fluctuations based on global energy needs.
- Investment in renewable energy sources impacting traditional extraction activities.
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