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January 9, 2025Global electricity demand in 2024 and 2025 is set to grow at the highest levels in the past two decades, thanks to robust economic growth, intense heatwaves and increasing uptake of technologies that run on electricity, according to a report released by the IEA.
The International Energy Agency (IEA) report highlights a significant increase in global electricity demand, projecting a 4% rise in 2024, up from 2.5% in 2023.
This represents the highest annual growth rate since 2007, excluding the short-term rebounds seen after the financial crisis and the Covid-19 pandemic.
The IEA also forecasts that global electricity consumption will continue to grow by 4% in 2025.
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Solar power is anticipated to play a crucial role in meeting this increased demand, expected to account for half of the consumption growth.
The report underscores the rapid expansion of renewable energy sources, with their share of global electricity supply projected to rise from 30% in 2023 to 35% by 2025.
However, the International Renewable Energy Agency (IREA) has expressed concerns about meeting renewable energy capacity targets by 2030. According to the IREA, the current rate of capacity growth is insufficient to achieve these goals, suggesting that more accelerated efforts are needed to meet future energy demands sustainably.
To discuss how on-site generation can reduce your business energy costs and carbon footprint please contact hello@gleg.co.uk.