In Pics: A look at how global electricity demand is set to change
According to the International Energy Agency, over the next three years, more than 70 percent of the growth in global electricity demand is set to come from China, India, and Southeast Asia combined.
The International Energy Agency has released its annual Electricity Market Report 2023. According to the report, global electricity demand is set to grow at an accelerated pace as electricity consumption increases in emerging markets and developing economies, led by China, India, and Southeast Asia.
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Over the outlook period, global electricity demand is set to grow at an accelerated pace, by an annualized 3 percent, as electricity consumption increases in emerging markets and developing economies (EMDEs), led by the People’s Republic of China (hereafter ‘China’), India, and Southeast Asia.
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Emerging and developing economies' growth is accompanied by a corresponding rise in demand for electricity. At the same time, advanced economies are pushing for electrification to decarbonise their transportation, heating and industrial sectors. As a result, global electricity demand is expected to grow at a much faster pace of 3 percent per year over the 2023-2025 period compared to the 2022 growth rate.
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In India, the robust post-pandemic recovery continued to support strong electricity demand of over 8.4 percent in 2022, which was substantially higher than the average annual growth rate of 5.3 percent seen in the 2015-2019 period. For the 2023-2025 period, slightly slower growth is expected, averaging at 5.6 percent per year.
