Energy
The latest International Energy Outlook 2017 report from the US Energy Information Administration forecast that global energy consumption will increase 28% between 2015 and 2040, with the majority of the growth coming from non-OECD countries, especially Asian countries in which economic growth is propelling energy demand. Non-OECD countries in Asia, such as India and China, will comprise over 60% of the total increase in global energy consumption from the time period forecasted.
Although demand from the residential and transportation sectors is growing at a more rapid rate, the industrial sector will still represent more than 50% of energy consumption in 2040. Residential and transportation sector demand is projected to increase, rising by approximately 30% between 2015 and 2040, due to non-OECD countries.
The fastest growing energy source is renewable energy, which is expected to grow 2.3% on average during the time period. However, fossil fuels are projected to remain the chief source of energy in 2040, representing 77% of global energy consumption. Within fossil fuels, natural gas is growing most rapidly, with an expected increase at an average rate of 1.4% per year between 2015 and 2040.
