In 2023, the natural gas final consumption in the UK transport equipment sector was at 17.85 thousand terajoules. Over the years, the sector has exhibited a declining trend, with a noticeable reduction from 27.48 thousand terajoules in 2013. Specifically, the year-on-year variation from 2022 to 2023 was a decline of 2.65%, continuing the sector's downward trend.
Looking back at the last two years, the natural gas consumption demonstrated a consistent decrease with a -2.63% change from 2021 to 2022 and a further -2.65% decline from 2022 to 2023. The Compound Annual Growth Rate (CAGR) over the past five years reflects an average annual decrease of -2.97%, pointing towards a prolonged downward trajectory.
Forecasted data indicates that this declining trend is expected to continue, with the sector's consumption predicted to fall to 15.31 thousand terajoules by 2028. The average annual reduction over the next five years is anticipated to be around -2.43%, translating to an overall decline of -11.58% by the end of 2028.
Future trends to watch for:
- Adoption of alternative energy sources and the impact on natural gas consumption.
- Technological advancements in the transport equipment sector, aiming at energy efficiency.
- Regulatory policies and environmental considerations influencing natural gas usage in transport equipment.