The forecast for the UK's mining and quarrying sector indicates a steady rise in the final consumption of electricity from 2024 to 2028. Starting at 461.41 Terajoules in 2024, this is projected to grow continuously each year, reaching 511.66 Terajoules by 2028. In 2023, the consumption stood slightly lower than the 2024 forecast, reflecting a consistent upward trend in energy consumption for this sector.
Year-on-Year Variations:
- The sector shows a consistent approximate rise of around 2.8% annually in electricity consumption.
- Compound Annual Growth Rate (CAGR) over the forecast period is expected to be approximately 2.6%.
Future Trends to Watch:
- Efforts in energy efficiency may influence future electricity consumption volumes.
- Regulatory changes and shifts towards sustainable energy sources could impact these forecasts significantly.
- Technological advancements in mining and quarrying could potentially alter energy consumption rates.
