The natural gas consumption in the manufacture of transport equipment in China has shown considerable fluctuations over the past decade. Starting from substantial increases in the early 2010s, the sector experienced a few dips, notably in 2015 and 2016. However, the trend has generally been on an upward trajectory. In 2023, natural gas consumption stood at 30.91 hundred million cubic meters, marking a year-on-year increase of 4.45%. This period saw a CAGR of 5.18% over the last five years.
Between 2019 and 2023, the sector experienced a moderate but steady increase, with variations showing a positive trend from 2020 onwards despite slight decreases in some years. The forecast from 2024 to 2028 projects a continued growth trend with a 5-year CAGR of 3.02%, indicating modest growth and reaching 37.39 hundred million cubic meters by 2028.
Future trends to watch for include:
• Innovations in transport equipment manufacturing, which could drive higher energy efficiency.
• Policy shifts towards greener energy sources, potentially impacting natural gas consumption.
• Economic fluctuations and technological advancements that may influence the demand for transport equipment and associated natural gas use.
