From 2013 to 2015, the final consumption of primary solid biofuels in Spain's machinery sector remained constant at 16 Terajoules. However, in 2016, there was a drastic decline to 4 Terajoules, where it stayed until 2023. This represents a significant decrease of 75% in 2016. The year-on-year variation stabilized at 0% from 2017 to 2023. In 2023, consumption stood at 4 Terajoules.
The Compound Annual Growth Rate (CAGR) from 2013 to 2018 shows significant fluctuations: a positive CAGR before 2016 and negative rates succeeding the 75% drop. The five-year period leading up to 2023 reflects a 0% CAGR, indicating stagnation over recent years.
Future trends suggest a slight uptick, with a forecasted increase to 5 Terajoules by 2028, giving a forecasted 5-year CAGR of approximately 4.56% and an overall growth rate of 25%.
Future trends to watch for:
- Potential advancements in biofuel technologies
- Government policy changes favoring renewable energies
- Market adaptation in the machinery sector towards more sustainable practices