The Natural Gas Extraction sector in the UK saw its turnover at 497.60 million pounds sterling in 2023. Forecasted turnover is expected to rise to 511.97 million in 2024, marking a YoY increase of approximately 2.9%. The upward trend continues with a 4.6% increase in 2025 to 535.42 million, a 4.3% rise in 2026 to 558.4 million, a 4.0% climb in 2027 to 580.92 million, and a 3.8% increase in 2028 reaching 602.99 million. The sector exhibits a compound annual growth rate (CAGR) of approximately 4.3% over the forecast period.
Future trends to watch for in the sector include:
- Continued advancements in extraction technology impacting efficiency.
- Fluctuations in global natural gas prices influenced by geopolitical events.
- Environmental regulations affecting operational costs and investments.
- Increasing competition from renewable energy sources.