Forecast: Electricity Consumption in Industry in China

Electricity consumption in China's industry has shown a significant upward trend from 2013 to 2023, moving from 39.24 to 57.83 hundred billion kilowatt-hours. The initial years up to 2017 experienced robust growth with year-on-year variations above 7%, peaking in 2017 at 7.11%. However, the subsequent period from 2018 to 2023 saw a tapering growth rate averaging around 3.23% year-on-year. Over the past five years, the compound annual growth rate (CAGR) stood at 3.33% by the end of 2023. Forecasts from 2024 to 2028 project a CAGR of around 2.24%, with the consumption expected to reach 66.6 hundred billion kilowatt-hours.

Future trends to watch for:

• Emerging technologies and increased automation might drive higher energy efficiency, potentially slowing growth in electricity consumption.

• Government policies on sustainability and carbon neutrality could influence industrial power consumption patterns.

• Fluctuations in global economic conditions and trade dynamics could impact industrial activity and consequently electricity demand.