Benchmark International Releases 2024 Global Energy and Power Industry Report
TL;DR
Gain valuable insights into the growing global energy sector, including projections for solar, energy storage, wind energy, and M&A activity.
The report provides crucial data on the projected growth rates of electricity demand, renewable energy, and the global power mix, along with key highlights from the report.
The shift towards renewable energy and the doubling of renewables in the global power mix offer hope for a more sustainable and environmentally friendly future.
Discover the latest projections and trends in the global energy sector, including the rapid growth of solar energy and the potential for significant expansion in energy storage.
Found this article helpful?
Share it with your network and spread the knowledge!
Benchmark International has announced the release of its highly anticipated 2024 Global Energy and Power Industry Report. The report delivers critical insights into the evolving global energy landscape, particularly highlighting the factors driving electricity demand and renewable energy adoption.
Electricity demand is projected to grow at an average annual rate of 3.4% through 2026, with a compound annual growth rate (CAGR) of 4.84% from 2024 to 2028. This growth is primarily driven by increasing energy needs in emerging markets, global electrification efforts, and the rising demand for green hydrogen.
The report emphasizes a significant global shift towards renewable energy, predicting that the share of renewables in the global power mix will more than double over the next two decades. However, despite the push to reduce fossil fuel consumption, the demand for oil, gas, and coal is expected to reach record levels this year due to specific regional needs and market dynamics.
Key highlights from the report include:
- Solar Energy: Solar energy is projected to lead U.S. electricity generation growth in 2024, with a 36-gigawatt increase in solar generating capacity.
- Energy Storage: The sector is set for significant growth, with current projects potentially increasing battery manufacturing capacity by nearly eight times.
- Wind Energy: Wind energy is expected to grow at a slower pace compared to solar due to higher costs and supply chain challenges, although China continues to dominate the market.
- Mergers and Acquisitions (M&A): The report anticipates consolidation in the oil and gas sector and active M&A activity in renewable energy, driven by valuation imbalances and increasing digitization demands.
Benchmark International’s report serves as a valuable resource for stakeholders across the energy sector, including government agencies, private companies, and investors. As the industry navigates through a critical phase of transition, the insights provided are crucial for strategic planning and investment decision-making.
Curated from News Direct
