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    Home > Chemicals Industry > International Chemical > Global electricity demand will grow by 57% to 38,700 TWh by 2050

    Global electricity demand will grow by 57% to 38,700 TWh by 2050

    • Last Update: 2022-12-28
    • Source: Internet
    • Author: User
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    According to Bloomberg New Energy Finance, global electricity demand is expected to reach approximately 38,700 terawatt hours (TWh) by 2050, up 57% from 25,000 TWh in 2017, and driving significant new investment
    in power generation capacity.

    The NEO 2018 report, previously released at the headquarters of the Center for Strategic and International Studies (CSIS) in Washington, D.
    C.
    , at the end of June, said, "Against the backdrop of steep cost declines, the share of wind and solar power will soar to nearly 50% by 2050, especially as battery costs fall, making energy storage a more convenient way to meet changes
    in supply and demand.
    " At the same time, the share of coal power generation will decline to 11%.

    In the report, BNEF also forecasts lithium-ion battery prices: they have plummeted 80%
    per megawatt-hour (MWh) since 2010.
    As the EV industry continues to grow, its price will continue to fall
    .
    "We expect that by 2050, the investment in battery capacity will reach $548 billion, accounting for 2/3
    of the grid investment level.
    In addition, 1/3 of the batteries are installed
    by homes and businesses.

    "The arrival of cheap battery storage means that it is increasingly possible to use wind and solar power with precision, so that these technologies can help meet demand
    even when the wind is not blowing and there is no sun in weather conditions," the report said.
    In this way, renewable energy is able to increasingly occupy existing markets for coal, gas and nuclear energy
    .

    Specifically, BNEF expects global electricity demand to reach approximately 38,700 TWh by 2050, a 57% increase from current levels, mainly due to growth
    in China and India.
    Among them, electric vehicles will account for 9%
    of demand.

    Emerging countries in Africa, the Middle East and Southeast Asia will all double their electricity demand due to increased population, GDP and electricity supply
    .
    On the other hand, BNEF expects "demand growth" in OECD countries to "weaken or even begin to contract", reflecting improvements in energy efficiency, moderate economic growth rates and a retreat
    in energy-intensive industries.

    According to Bloomberg New Energy Finance, global electricity demand is expected to reach approximately 38,700 terawatt hours (TWh) by 2050, up 57% from 25,000 TWh in 2017, and driving significant new investment
    in power generation capacity.

    Electricity demand

    The NEO 2018 report, previously released at the headquarters of the Center for Strategic and International Studies (CSIS) in Washington, D.
    C.
    , at the end of June, said, "Against the backdrop of steep cost declines, the share of wind and solar power will soar to nearly 50% by 2050, especially as battery costs fall, making energy storage a more convenient way to meet changes
    in supply and demand.
    " At the same time, the share of coal power generation will decline to 11%.

    In the report, BNEF also forecasts lithium-ion battery prices: they have plummeted 80%
    per megawatt-hour (MWh) since 2010.
    As the EV industry continues to grow, its price will continue to fall
    .
    "We expect that by 2050, the investment in battery capacity will reach $548 billion, accounting for 2/3
    of the grid investment level.
    In addition, 1/3 of the batteries are installed
    by homes and businesses.

    "The arrival of cheap battery storage means that it is increasingly possible to use wind and solar power with precision, so that these technologies can help meet demand
    even when the wind is not blowing and there is no sun in weather conditions," the report said.
    In this way, renewable energy is able to increasingly occupy existing markets for coal, gas and nuclear energy
    .

    Specifically, BNEF expects global electricity demand to reach approximately 38,700 TWh by 2050, a 57% increase from current levels, mainly due to growth
    in China and India.
    Among them, electric vehicles will account for 9%
    of demand.

    Emerging countries in Africa, the Middle East and Southeast Asia will all double their electricity demand due to increased population, GDP and electricity supply
    .
    On the other hand, BNEF expects "demand growth" in OECD countries to "weaken or even begin to contract", reflecting improvements in energy efficiency, moderate economic growth rates and a retreat
    in energy-intensive industries.

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