From 2013 to 2023, the UK saw significant growth in primary solid biofuels gross available energy, climbing from 171.23 Thousand Terajoules to 402.31 Thousand Terajoules. The year-on-year growth rates initially spiked, with the highest increase in 2013 at 31.57%, slowing down to 4.19% by 2023. The compound annual growth rate (CAGR) over the last five years was 4.83%, indicating a deceleration in growth compared to earlier periods.
For the future, from 2023 onwards, forecasts predict continued growth, with the value estimated to reach 478.56 Thousand Terajoules by 2028. However, this growth is expected to occur at a slower pace, with a forecasted five-year CAGR of 2.73%. The overall five-year growth rate is anticipated to be 14.44%.
Key future trends to watch include:
- Enhanced efficiency in biofuel production technologies
- Government policies and incentives promoting renewable energy
- Potential supply chain disruptions and global market dynamics
- Advancements in alternative clean energy sources influencing biofuels demand
