The UK's primary solid biofuels gross electricity production has seen substantial growth from 2013 to 2023, with 2023 achieving 31.29 Thousand Gigawatthours. The annual growth rate was particularly high between 2013 and 2015, reaching over 40%. However, this pace slowed starting in 2016. The trends show moderate growth, with occasional dips like in 2016 and 2020. This indicates a maturing market with stabilization phases.
For the last two years, there has been a steady increase: in 2022, the production grew by 10.52%, while in 2023, it increased by 4.66%. Over the past five years, the compound annual growth rate (CAGR) averaged 5.65%. Forecasts suggest that from 2024 to 2028, the market is expected to grow at a CAGR of 3.3%, resulting in an overall growth of 17.62% by 2028.
Future trends to watch for include technological advancements in biofuel efficiency, changes in government policies and subsidies, and shifts in energy consumption patterns. Market risks could include regulatory changes and competition from other renewable energy sources.