From 2013 to 2023, China's electricity consumption in the manufacture of medicines increased significantly, reaching a consumption level of 496.65 hundred million kilowatt-hours in 2023. Year-on-year variations showed a steady albeit declining growth, peaking in 2014 with a 6.81% increase and moderating to 4.66% by 2023. Over the last five years up to 2023, the compound annual growth rate (CAGR) averaged at 5.18%. Forecasts suggest that by 2028, electricity consumption will continue to grow but at a slower five-year CAGR of 3.15%, indicating a more mature growth phase.
Future trends to watch for include:
- The potential impact of technological advancements in manufacturing efficiency.
- Shifts in China's energy policy towards renewable sources that could influence electricity consumption patterns in the industry.
- Economic factors like global supply chain shocks might also affect manufacturing demand and consequently energy use.