Fuel oil final consumption in construction in the UK witnessed significant fluctuations from 2013 through 2023. The value in 2023 stood at 663.25 terajoules. Notable year-on-year changes include a remarkable 112.48% increase in 2018, followed by a 20.38% decline in 2020 due to the pandemic. The recent years, 2022 and 2023, saw modest increases of 6.98% and 1.57%, respectively.
The compound annual growth rate (CAGR) over the past five years (2019-2023) stands at 0.43%. Looking forward, the forecasted CAGR from 2024 to 2028 is 1.24%, indicating steady but slow growth, with an expected overall growth rate of 6.36% by 2028.
Future trends to watch include the impact of sustainability initiatives, the shift towards renewable energy in construction, and potential regulatory changes that may influence fuel oil consumption patterns in the sector.