Bioenergy gross electricity production in the UK experienced substantial growth from 2013 to 2015, with year-on-year increases peaking at 26.3%. This growth gradually slowed down, averaging a year-on-year increase of 4.83% from 2019 to 2023, reaching 162.15 thousand terajoules in 2023. The compounded annual growth rate (CAGR) over the last five years stood at 4.83%, indicating a steadier but slower growth trend. Moving forward, the forecasted CAGR for the next five years is 2.97%, suggesting a moderated growth rate compared to previous years, projecting a 15.73% increase by 2028.
Trends to watch for:
- Technological advancements and policy changes that could potentially accelerate growth.
- The impact of environmental regulations and renewable energy incentives.
- Developments in bioenergy production efficiency and cost-effectiveness.
- Increased integration with other renewable energy sources to enhance sustainability.