According to the IEA’s “Electricity Market Report 2023”, due to the impact of the energy crisis, the average annual growth rate of global electricity demand is expected to be 3%.
Emerging and developing economies in Asia are the main driving force behind this growth rate. According to the forecast of the International Energy Agency, in the next three years, more than 70% of the growth in global electricity demand will come from China, India, and Southeast Asian countries.
China’s share of global electricity consumption will rise to a third by 2025, up from a quarter in 2015. At the same time, advanced economies are pushing further towards electrification and decarbonization of the transport, heating, and industrial sectors.