The industrial energy consumption in Singapore has shown varied trends over the past decade. In 2023, the consumption stood at 38.41 units. The recent year-on-year variation was 1.94%, continuing a trend of modest growth. The last two years showed a slight acceleration with 2% in 2022 and 2.02% in 2021. Over the past five years, the compound annual growth rate (CAGR) was 1.58%, indicating a steady growth trend.
Looking forward, the forecast indicates further growth, with consumption expected to rise to 42.03 units by 2028. The 5-year forecasted CAGR is 1.43%, resulting in an overall growth rate of 7.38% over this period.
Future trends to watch for include advancements in energy efficiency technologies, industrial shifts towards more sustainable practices, and policy changes aimed at reducing carbon footprints which could impact the pace of energy consumption growth in the industry.
