In 2023, the final consumption of solid fossil fuels in the UK’s iron and steel sectors stood at 1.55 thousand gigawatthours. From 2024, we see a projected decline in consumption over the subsequent years. The year-on-year variation shows a decrease of approximately 17% in 2025, 20.64% in 2026, 25.28% in 2027, and 33.13% in 2028. The Compound Annual Growth Rate (CAGR) over the five-year period is anticipated to be negative, reflecting a decline of about 21.64% per year.
Future trends to watch for:
- Increasing focus on renewable energy adoption in the steel industry.
- Technological advancements in energy efficiency.
- Potential shifts in policy regulation aiming for carbon reduction.
- Economic conditions influencing energy consumption and production levels.
