In 2023, Austria's primary solid biofuels energy supply stood at 5.16 million tonnes of oil equivalent (Mtoe), marking an increase of 1.36% from the previous year. Over the last two years, there has been a notable rise, with 2022 to 2021 showcasing a 1.02% growth. The compound annual growth rate (CAGR) for the past five years is 2.18%, indicating a steady upward trend in biofuels consumption.
Future trends to watch for include:
- A projected 5.06% cumulative growth rate by 2028, with a forecasted CAGR of 0.99% from 2024 to 2028.
- Shifts in governmental policies and incentives for renewable energy sources.
- Technological advancements in biofuel production and efficiency.
- Potential impacts of global energy market trends on biofuel demand and supply.