The final consumption of liquefied petroleum gases (LPG) in Germany's machinery sector has been on a steady decline from 2013 to 2023. The value of LPG in 2023 stood at 0.600 thousand terajoules, representing a 14.91% year-on-year decrease from 2022. Over the past decade, the sector has seen significant fluctuations, reflected in the varying year-on-year percentages ranging from -28.88% in 2022 to a sharp 15% increase in 2021. The compound annual growth rate (CAGR) over the last five years stands at -13.65%, indicating a long-term downward trend in LPG consumption.
Looking ahead from 2024 to 2028, the consumption of LPG in the machinery sector is forecasted to continue this declining trend. The forecasted 5-year CAGR is a steep -28.92%, suggesting an accelerated reduction in usage. By 2028, the value is projected to sharply drop to 0.090 thousand terajoules, marking an overall decline of 81.86% from 2023.
Future trends to watch for include technological advancements aimed at energy efficiency, increased uptake of alternative energy sources, and potential regulatory changes that may influence the overall demand for LPG in machinery. The sector may also be impacted by broader economic conditions and policy shifts geared toward carbon reduction and renewable energy adoption.