The consumption of Primary Solid Biofuels in the UK industry has shown a steady upward trend from 4.62 TWh in 2013 to 13.3 TWh in 2023, with the latter being an actual value. Year-on-year increases have generally remained positive with notable peaks such as in 2015 (81.21%) and modest growth phases like in 2023 (4.14%). The CAGR over the last five years stands at 4.06%, indicating a moderated but sustained growth trajectory.
Future projections from 2024 onwards suggest continued growth with an estimated CAGR of 2.7% over the next five years, anticipated to reach 15.79 TWh by 2028. This represents expected growth of 14.27% from 2023 to 2028.
Future trends to watch for:
- Emerging technologies in biofuel production.
- Government policies and subsidies encouraging sustainable energy sources.
- Corporate sustainability initiatives driving industrial demand.
- Potential competition from alternative renewable energy sources impacting growth rates.