The world energy requirements are projected by several energy companies such as British Petroleum and Exxon Mobil and international agencies like International Energy Agency (IEA) and US Energy Information Administration (EIA). The United States Department of Energy projects strong growth for worldwide energy demand over the 28-year projection period from 2012 to 2040. Although these projections or forecasts are based on the same principles, they differ slightly. Detailed projections of each organization can be seen through the following external links.
- International Energy Agency
- British Petroleum
- Exxon Mobil
- US Energy Information Administration (EIA)
According to International Energy Outlook 2016,
- The total world energy consumption is likely to increase from 549 quadrillion Btus in 2012 to 815 quadrillion Btus in 2040, an increase of 48%.
- The fastest growth is projected for the nations outside the Organization for Economic Cooperation and Development (OECD), particularly China and India, where robust economic growth accompanies the increase in energy consumption over the forecast period. Almost half of the World's energy Demand growth will be in this region.
- Gross domestic product (GDP) in developing Asia is expected to expand at an average annual rate of 5.3 percent, compared with 2.1 percent per year for the world as a whole.
The world's GDP (expressed in purchasing power parity terms) rises by 3.3%/year from 2012 to 2040. The fastest rates of growth are projected for the emerging, non-OECD countries, where combined GDP increases by 4.2%/year. In OECD countries, GDP grows at a much slower rate of 2.0%/year over the projection period.
Asia is heavily populated and continues to grow at a rapid pace. As a result, industrial growth has also increased, requiring a need for more energy.