by Freedonia Focus Reports Team
May 19, 2023
Increasing energy efficiency, as well as rising prices, will underlie declines
Cleveland, OH, May 19, 2023 — US energy consumption is forecast to see minimal yearly declines in British thermal units (Btu) through 2027, according to Energy: United States, a report recently released by Freedonia Focus Reports. Ongoing improvements in the energy efficiency of appliances, buildings, and machinery will hinder advances. In terms of the resource mix, government mandates and incentives will continue to boost the production and consumption of renewable energy and constrain use of fossil fuels. However, growing population, expanding real GDP per capita, and increasing industrial output will prevent more substantial losses.
Through 2027, the industrial and electric power segments will see gains, while the residential and commercial segments are expected to remain flat. Increasing energy efficiency mixed with higher energy prices will underpin declines. However, growing incomes, increasing population, and expanding industrial activity will prevent faster losses.
US energy production is forecast to rise 1.4% annually through 2027. The continued supplanting of imports by domestic energy suppliers and greater export activity against the backdrop of rising global energy consumption will support advances.
These and other key insights are featured in Energy: United States. This report forecasts to 2023 and 2027 US energy consumption and production in Btu. Total consumption and production are segmented by resource in terms of:
Total consumption is also segmented by market as follows:
To illustrate historical trends, total consumption, total production, the various segments, and trade are provided in annual series from 2012 and 2022.
For the purposes of this report, energy refers to primary energy. As defined by the US Energy Information Administration, primary energy is the form of energy first accounted for before any conversion to secondary or tertiary forms of energy. To recognize all primary energy consumed in the US, imports of secondary and tertiary forms of energy are included in primary energy consumption. To avoid double-counting, market totals represent primary energy consumption only. For example, the electric power market represents the consumption of energy (e.g., coal, natural gas) to produce electricity, but retail sales of that electricity to the other markets (e.g., industrial, residential) are excluded. Petroleum and natural gas consumed as feedstock for chemical production are included in consumption and production figures.
More information about the report is available at:
https://www.freedoniagroup.com/freedonia-focus/energy-united-states-ff45043.htm
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