Forecast: Geothermal and Biomass Energy Consumption in Singapore

Based on the historical data from 2013 to 2023, geothermal and biomass energy consumption in Singapore has shown both ups and downs. Particularly noteworthy is the significant increase in 2022 by 49.03%, which was followed by a slight decrease of 1.1% in 2023, where the consumption value stood at 0.99 TWh. Over the past five years, the compound annual growth rate (CAGR) has averaged 5.29%, reflecting a steady upward trend despite occasional fluctuations. The data forecasts show continuous growth, projecting an increase to 1.06 TWh by 2028 with a 5-year forecast CAGR of 1.05% and an annual growth rate of 5.37%, underlining positive future prospects.

Future trends to watch for include advancements in geothermal and biomass technologies, which could enhance efficiency and reduce costs. Additionally, government policies and incentives towards renewable energy adoption will play a crucial role in driving future consumption trends. Monitoring these factors will be essential for understanding the trajectory of geothermal and biomass energy sectors in Singapore.