From 2013 to 2023, Australia's geothermal and biomass energy consumption exhibited a declining trend. The highest value observed was in 2015 at 0.042 exajoules, while by 2023, it decreased to 0.036 exajoules. The annual reductions in consumption ranged between 0% to -2.7%. The average variation per year (CAGR) over the last five years was -2.57%. Forecasts for 2024 to 2028 predict a continual decrease, ending at 0.031 exajoules with a forecast CAGR of -2.4%, marking an overall decline of approximately 11.43% in consumption.
Future trends to watch for:
- Impact of technological advancements on efficiency and cost-effectiveness.
- Regulatory changes and government incentives for renewable energy adoption.
- Potential shifts in energy policy or geopolitical factors influencing energy supply chains.
- Growing demands for sustainable energy sources from consumers and industries.