{"id":74565,"date":"2024-07-19T01:00:00","date_gmt":"2024-07-19T05:00:00","guid":{"rendered":"https:\/\/autosector.com\/?p=74565"},"modified":"2024-07-19T01:00:00","modified_gmt":"2024-07-19T05:00:00","slug":"electricity-demand-growth-at-its-highest-in-two-decades-and-solar-will-meet-half-the-increase","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=74565","title":{"rendered":"Solar to meet half of global electricity demand growth in 2024 and 2025"},"content":{"rendered":"
\n\t\"Electricity
\n\t\t\t\tPhoto: Cypress Creek Renewables\t\t\t<\/figcaption><\/figure>\n

Global electricity demand is rising at its fastest rate in two decades, but solar is on course to meet half of demand growth, says the IEA.<\/p>\n

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Global electricity demand is forecast to grow by around 4% in 2024, up from 2.5% in 2023, according to the International Energy Agency\u2019s (IEA)\u00a0newly released \u201cElectricity Mid-Year Update\u201d report<\/a>. This would represent the highest annual growth rate since 2007,\u00a0except for rebounds after the global financial crisis and the pandemic. The increase in global electricity consumption is set to continue into 2025, with\u00a0growth at around 4% again, according to the report.\u00a0\u00a0<\/p>\n

Renewables are also set to expand rapidly this year and next, with their share of\u00a0global electricity supply forecast to rise from 30% in 2023 to 35% in 2025. The amount of electricity\u00a0generated by renewables worldwide in 2025 is forecast to eclipse the amount generated by coal for\u00a0the first time. Solar alone is expected to meet roughly half of the growth in global electricity\u00a0demand in 2024 and 2025 \u2013 with solar and wind combined meeting as much as 75% of\u00a0growth.\u00a0<\/p>\n

Despite the rapid renewables increase, global power generation from coal is unlikely to drop\u00a0this year due to demand growth, especially in China and India, according to the report. As a result, CO2 emissions from the global power sector are plateauing, with a slight increase in 2024 followed by a decline in 2025. However, there are still unknowns: Chinese\u00a0hydropower production recovered strongly in the first half of 2024 from its 2023 low. If this upward\u00a0trend continues in H2 2024, it could curb coal-fired power generation and result in\u00a0a slight decline in global power sector emissions this year.\u00a0<\/p>\n

Power demand in India is expected to surge by a whopping 8% this year, thanks to strong economic activity and intense heatwaves. China is also set to see more than 6% demand growth because of robust activity in the services industries and various industrial sectors, including clean energy manufacturing.\u00a0<\/p>\n

Multiple regions faced intense heatwaves in H2 2024, which elevated\u00a0air conditioning demand and strained electricity systems.\u00a0<\/p>\n

After declining in 2023 amid mild weather, electricity demand in the US is forecast to\u00a0rebound in 2024 by 3% amid steady economic growth, rising demand for cooling, and an expanding\u00a0data center sector. (The IEA\u2019s report\u00a0highlights a wide range of uncertainties concerning the electricity demand of data centers,\u00a0including the pace of deployment, the diverse and expanding uses of AI, and the potential for energy\u00a0efficiency improvements.)<\/p>\n

The EU will see a more modest recovery in electricity\u00a0demand, with growth forecast at 1.7%, following two consecutive years of contraction amid the\u00a0impacts of the energy crisis.\u00a0<\/p>\n

London-based renewables thinktank Ember\u2019s insight director, Dave Jones, said in response to the IEA\u2019s \u201cElectricity Mid-Year Update\u201d report:<\/p>\n

\n

We\u2019re heading fast toward an electric future, with so much of the rise in\u00a0energy\u00a0demand coming from electricity. Renewable electricity has a dual role \u2013 not only to replace coal and gas power plants \u2013 but also to meet this rise in electricity demand. Therefore, we need to be building renewables at double speed, to make power sector emissions fall as fast as they need to.<\/p>\n<\/blockquote>\n

Read more:<\/strong> China is building a mammoth 8 GW solar farm<\/a><\/p>\n

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If you\u2019re considering going solar, it\u2019s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out <\/em>EnergySage<\/em><\/a>, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it\u2019s free to use, and you won\u2019t get sales calls until you select an installer and share your phone number with them.\u00a0<\/em><\/p>\n

Your personalized solar quotes are easy to compare online and you\u2019ll get access to unbiased Energy Advisors to help you every step of the way. Get started <\/em>here<\/em><\/a>.<\/em><\/p>\n

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FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Photo: Cypress Creek Renewables Global electricity demand is rising at its fastest rate in two decades, but solar is on course to meet half of demand growth, says the IEA. Global electricity demand is forecast to grow by around 4% in 2024, up from 2.5% in 2023, according to the International Energy Agency\u2019s (IEA)\u00a0newly released […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-74565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74565"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74565"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}