Global Electricity Demand Soars Amid Renewable Energy Expansion and Rising Technology Use

In 2024, global electricity demand will increase to 4% from 2.5% in 2023, as a result of economic growth supported by heat waves and adoption of technologies like electric vehicles and heat pumps. If this happens, it will be the highest growth rate since 2007 and is expected to further grow at 4% in 2025.

Generally speaking, renewable energy is increasingly expanding with special emphasis on solar and wind. Renewables will overtake coal for the first time in 2025, providing 35% of global electricity. Solar PV alone will account for half of the growth in global electricity demand over the next two years.

In the meantime, it is expected that coal generation will remain stable this year due to high demand, especially in China and India. That means a slight increase in 2024 for the CO2 emissions of the power sector. But with the Chinese hydropower recovery holding, emissions could be slightly lower.

Moreover, they expect that within 2024 there will be a rise in electricity demand in India by approximately 8% and over 6% in China. For example, after declining in 2023, the United States is anticipated to recover with a 3% demand growth while the European union will experience modest growth at 1.7%.

Increasing demand for AI-driven data centers leads once more to increased consumption of electricity. This automatically gives rise to the need for credible data regarding energy efficiency. Devices like FORCE by ENPOSS contribute to reducing energy losses, utility bills, and ultimately contribute to global reduction in demand for electricity.