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. They are also often wrong! For example, the rate of renewable adoption is continuously underestimated. 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 2019,
- Manufacturing centers are shifting toward Africa and South Asia, especially India, resulting in energy consumption growth. Most economic growth happens in non-OECD countries, where GDP per person nearly triples from 2018 to 2050.
- The total world energy consumption is likely to increase from 591 quadrillion Btus in 2016 to 910 quadrillion Btus in 2040, an increase of 54%.
- Most economic growth happens in non-OECD countries, where GDP per person nearly triples from 2018 to 2050. Most energy-intensive manufacturing shifts to non-OECD Asia and, increasingly, to India.
The world's GDP (expressed in purchasing power parity terms) rises by 2.4%/year from 2018 to 2040. The fastest rates of growth are projected for the emerging, non-OECD countries, where combined GDP increases by 3.5%/year. In OECD countries, GDP grows at a much slower rate of 1.5%/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.