BAKU, Azerbaijan, July 19. World electricity demand will rise from 26,991 TWh in 2022 to 27,491 TWh in 2023, Trend reports.
As such, the global demand for electricity will grow by 1.8 percent year-on-year.
The upward trend will continue in 2024 with 28,397 TWh, showing a 3.3 percent increase as compared to 2023, the International Energy Agency (IEA) estimates.
The table below shows the breakdown of electricity demand across regions (TWh):
|
Region |
Demand in 2022 |
Forecasts for 2023 |
Forecasts for 2024 |
|
Asia Pacific |
13 717 |
14 307 |
14 967 |
|
Americas |
6 330 |
6 286 |
6 399 |
|
Europe |
3 671 |
3 577 |
3 637 |
|
Middle East |
1 199 |
1 222 |
1 251 |
Global electricity demand growth is projected to experience a slowdown in 2023, followed by a rebound in 2024. The anticipated growth rate for 2023 is slightly below 2%, compared to the 2.3% growth in 2022 and the average annual growth rate of 2.4% recorded during the period of 2015-2019. This moderation in growth is largely influenced by declining electricity demand in advanced economies, which are grappling with the ongoing repercussions of the global energy crisis and a sluggish economic environment.
However, the outlook for 2024 is more optimistic, as expectations for the global economic recovery improve. In that year, global electricity demand growth is forecast to rebound significantly, reaching a rate of 3.3%.
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