The production value of petroleum and natural gas extraction support activities in the UK is forecasted to decrease steadily from €4.17 billion in 2024 to €3.33 billion in 2028. This corresponds to a compound annual growth rate (CAGR) of approximately -5.5% over the forecasted period. The industry demonstrated a downward trajectory starting in 2023, deviating from the previous year’s stable values due to market shifts and regulatory influences.
Future trends to watch include:
- Impact of global oil prices on local extraction activities.
- Regulatory changes, especially regarding environmental policies.
- Technological advancements in extraction methods.
- Shifts in energy demand towards sustainable sources.
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