The International Energy Agency (IEA) reported that global energy demand is growing with a demand of approximately 4% annually in 2024 and 2025 which has been the highest growth since 2007 (excluding the COVID-19 pandemic years).
Renewable sources of electricity are likely to have growth in the upcoming two years. It is expected that the global rise in power supply will rise from 30% in 2023 to 35% in 2025. According to the growth, it is possible that power supply from renewable sources can exceed coal till 2025. The solar industry alone is increasing half of the growth in global electricity demand between 2024 and 2025. Renewables can cover three-quarters of the development, including wind power.
According to the reports, power generation could decline this year due to the rise in renewables and strong demand for power generation particularly in India and China. Due to this, carbon emissions from the global power sector will be reduced. However, there is still some unpredictability because the Chinese hydropower production upward trend will continue in the second half of the year.
All over the world, there is a significant rise in the electricity demand. India experienced a growth of 8% this year and China with 6% in 2024. The United States also has an economic growth of 3% after a decline in 2023. Further, Europe presents a rise of 1.7% in electricity demand. Many parts of the world had a rise in power demand due to heat waves in half of 2024.
Keisuke Sadamori, IEA Director of Energy Markets and Security said “Growth in global electricity demand this year and next is set to be among the fastest in the past two decades, highlighting the growing role of electricity in our economies as well as the impacts of severe heat waves,”.
The IEA report also shows the increasing electricity needs by data centres, and rising AI technologies. To address this, the IEA launched an initiative “Energy for AI & AI for Energy” to improve data collection and explore solutions with industry experts and to collaborate with the government. A Global Conference on Energy and AI is scheduled for December 5, 2024, in Paris to further discuss these issues.
Source : https://www.iea.org/news/global-electricity-demand-set-to-rise-strongly-this-year-and-next-reflecting-its-expanding-role-in-energy-systems-around-the-world
https://energy.economictimes.indiatimes.com/amp/news/renewable/global-electricity-demand-to-surge-by-4-annually-till-2025-renewables-to-outdo-coal-by-2025-iea/111855826
