The energy consumption in the Services sector in Singapore has experienced fluctuations over the years. From 2013 to 2023, there was a general declining trend with year-on-year variations showcasing both negative and positive shifts. In 2023, the total energy consumption stood at 10.47 units. Over the past five years ending in 2023, the compound annual growth rate (CAGR) registered a marginal decline of 0.23% per year.
Looking ahead, the forecast indicates a relatively stable yet slightly declining trend with a five-year CAGR projected at -0.04% annually. This suggests that the energy consumption in this sector is expected to stagnate or mildly decrease through 2028.
Future trends to watch for include advancements in energy efficiency technologies, shifts towards renewable energy sources, and changes in service sector activities that could influence energy demand.
