In 2023, fuel oil final consumption in the UK's transport equipment sector stood at 412.18 Terajoules. Analyzing the yearly data from 2013 to 2023, we see significant fluctuations. Post-2017, consumption peaked in 2018 but has shown a declining trend since 2019. Over the last two years, the consumption has decreased, with a contraction of 3.87% in 2023 compared to 2022. The 5-year CAGR ending in 2023 was -5.68%, indicating an overall downward trend.
Future Trends to Watch For:
- **Efficiency Improvements**: Continued advancements in energy efficiency and alternative fuel adoption in the transport equipment sector.
- **Policy Impacts**: Government regulations pushing for lower carbon emissions could further decrease fuel oil consumption.
- **Economic Variations**: Macroeconomic factors influencing fuel demand and the transport industry dynamics.