The consumption of solid fossil fuels in the UK transport equipment sector is forecasted to decrease steadily from 2024 to 2028. The projected figures show a consistent decline year over year, indicating a downward trend in consumption. The year-on-year reductions in consumption are approximately 5.8% from 2024 to 2025, 6% from 2025 to 2026, 6.3% from 2026 to 2027, and 6.6% from 2027 to 2028. Over the five-year forecast period, the compound annual growth rate (CAGR) is negative, signaling an average yearly downturn. In 2023, the value stood higher compared to the forecasted values for 2024 and beyond.
Future trends to watch for:
- Transition towards renewable energy sources might accelerate the decline.
- Implementation of stricter environmental regulations could further impact fossil fuel consumption.
- Technological advancements in energy efficiency may reduce demand for conventional fuels.
- Economic factors, such as fluctuating energy prices, could influence the sector's energy consumption patterns.
