Comprehending the patterns of energy usage is essential for guiding policy choices and propelling advancements towards a future with less carbon emissions. An overview of the trends, obstacles, and possibilities in energy consumption in 2024 is given in this research, which also highlights the important developments, technologies, and drivers that will influence the energy landscape in the years to come.
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Trends in Global Energy Consumption
The amount of energy consumed worldwide is predicted to increase from 12.4 billion tonnes of oil equivalent (toe) in 2020 to 14.3 billion toe in 2024. Rising energy demand from developing nations, especially in Asia, where population expansion, industrialization, and urbanisation are accelerating energy consumption, is the primary driver of this rise.
Trends in Regional Energy Use in Asia-Pacific
China, India, and Southeast Asia are predicted to drive the Asia Pacific area's share of the world's energy consumption in 2024, with over 40% coming from this region. China, the world's biggest energy user, is anticipated to make up 24% of the world's energy consumption, with an increasing emphasis on gas and renewable energy to lessen reliance on coal.
It is anticipated that Europe's energy consumption will decrease by 1.3% in 2024, primarily due to rising renewable energy sources, decreasing energy intensity, and improving energy efficiency. Investments in clean energy, electrification of transportation, and energy efficiency initiatives are being driven by the European Union's goal of becoming carbon neutral by 2050.
Americas North
The rising demand for renewable energy sources and natural gas is predicted to propel moderate growth in North America's energy consumption. While Canada is making significant investments in sustainable energy and lowering its dependency on fossil fuels, the United States is predicted to continue to be the world's largest oil consumer.
Energy consumption in Africa is predicted to rise quickly due to rising electrical demand, especially in West Africa. The area is anticipated to spearhead the expansion of clean energy adoption due to its abundance of renewable energy resources, which include hydro, wind, and solar power.
In 2024, the industrial sector is projected to consume 34 percent of the world's energy, primarily due to the growing demand for energy-intensive industries like chemicals, steel, and cement.
Transportation Due to the rising demand for petrol and oil, the transportation sector is predicted to consume 25% of the world's energy. It is anticipated that the industry would use less energy as alternative fuels and electric cars become more popular.
Buildings: The growing need for energy-efficient buildings and the electrification of heating and cooling systems are predicted to boost the buildings sector, which is expected to account for 21% of global energy consumption.
Agriculture Due to rising mechanisation and irrigation demands, the agriculture sector is predicted to consume 10% of the world's energy.
Security of Energy
Energy security is still a major problem, especially in areas where there are little energy resources or where there is a reliance on foreign fuels. To ensure energy security, energy infrastructure investments, energy source diversification, and energy efficiency initiatives are essential.
Climate Variability
The energy industry contributes significantly to greenhouse gas emissions, and achieving global climate change mitigation targets depends on reducing energy use. Reducing emissions mostly depends on electrifying transportation, switching to clean energy, and implementing energy-saving techniques.
Energy-related Access
Energy availability is still a major problem, especially in underdeveloped nations with poor access to energy. Ensuring universal energy access requires funding for energy infrastructure, especially in rural areas, and encouraging off-grid energy options.