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 The Three Fastest Growing Energy Industries in 2019

The United Nations predicts that the world's population will grow from 7.6 billion to 9.8 billion by 2050, coupled with rapid urbanization, which will continue to drive energy demand. The growth rate of global power demand is about twice the rate of overall energy use. It may increase by more than 50% by 2040, and energy demand will increase by 25%. 

Growth Point 1: Renewable Energy

Globally photovoltaic installations are expected to reach a new high of 114.5 GW, a year-on-year increase of 17.5%. Wind power is still an underutilized energy source, accounting for only 0.3% of world energy demand. However IEA (International Energy Agency) predicts offshore wind power will be a US$ 1 trillion industry by 2040.

Overall the outlook for global renewable energy is indeed bright. And IEA predicts that this sector will grow by 50% between 2019 and 2024, reaching 3,700GW.

RENEWABLE ENERGY

Growth Point 2: Natural Gas

Natural gas demand grew at an incredible 4.6% growth rate in 2018, with deliveries of 314 million tons, and the growth trend has continued into this year, due to the global energy transition from coal-fired power, modest economic growth, declining costs and other factors.

Natural gas now accounts for 45% of energy consumption growth. The IEA said that natural gas demand is expected to slow, and demand will grow by 2% in 2019, with an average annual growth rate of 1.6% in the next five years. This is mainly due to the decline in China's consumption and it is expected to grow by only 8% annually by 2024.

The IEA predicts that natural gas consumption will increase by 40% to nearly 200 trillion Btu by 2050. Natural gas has been a key role in reducing greenhouse gas emissions. The rapid spread of natural gas is responsible for the continuous decline in coal-fired power generation in many countries, including the United States.

GLOBAL ENERGY DEMAND
 

Growth Point 3: Nuclear Power

Nuclear power continues to make an increasing contribution to the search for clean and reliable energy. In 2019 the global nuclear power generation capacity was 2,563 TWh from 449 operational reactors in the world.

At present a total of 55 reactors are under construction and 5 of them have begun construction. By the end of 2020, more than 20 new reactors are planned to achieve grid-connected power generation.

At present nuclear power supplies about 10% of the world’s electricity and is the second largest low-carbon energy source. This proportion is expected to remain unchanged by 2050. Despite much controversy over nuclear power, this trend is expected to continue for decades to come.

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