The final consumption of primary solid biofuels in the machinery sector in Belgium has seen notable changes over the period from 2013 to 2023. Initial consumption remained flat at 50 Terajoules from 2013 to 2018. However, significant growth began in 2019 with a sharp increase to 88 Terajoules, followed by annual increases through to 2023, where consumption stood at 132.7 Terajoules.
The year-on-year variation shows substantial growth rates starting in 2019 with a 76% increase. This was followed by 28.3% in 2020, 6.47% in 2021, 4.83% in 2022, and 5.32% in 2023. The CAGR for the last five years up to 2023 stands at 21.56%, reflecting strong and consistent growth in biofuel consumption.
Forecast models show continued growth from 2024 to 2028 with annual gains. The CAGR forecast for this period is expected to moderate to 3.5%, indicating a potential stabilization phase in the growth rate. By 2028, the forecasted consumption is projected to reach 165.6 Terajoules, representing an 18.79% growth from 2023 levels.
Future trends to watch for include advancements in biofuel technologies, government policies promoting sustainable energy, and potential fluctuations in fossil fuel prices influencing the sector's shift towards biofuels. Monitoring these factors will be crucial for accurate forecasting and strategic planning.
