The electricity final consumption in the UK's iron and steel sector shows a clear declining trend from 2024 to 2028. Beginning with 5.54 thousand terajoules in 2024, the consumption is projected to decrease to 3.03 thousand terajoules by 2028. This indicates a year-on-year decline in consumption of approximately 11.6% from 2024 to 2025, 13.1% from 2025 to 2026, 14.6% from 2026 to 2027, and 16.8% from 2027 to 2028. The compound annual growth rate (CAGR) over the period forecasts an average annual reduction, marking a significant trend in energy efficiency or usage shifts within the sector.
Future trends to watch for:
- Increased adoption of energy-efficient technologies and practices.
- Potential regulatory changes impacting energy usage and environmental compliance.
- Impact of global steel demand fluctuations on energy consumption patterns.
- Emerging advancements in sustainable energy sources for industrial applications.
