Energy storage demand saturation 2024

How did energy demand grow in 2024?

After several years of declines, advanced economies saw a return to growth, with their energy demand increasing by almost 1% in aggregate. The acceleration in global energy demand growth in 2024 was led by the power sector, with global electricity consumption surging by nearly 1,100 terawatt-hours, or 4.3%.

What is the difference between gas and oil demand in 2024?

Gas demand rose by 115 billion cubic metres (bcm), or 2.7%, compared with an average of around 75 bcm annually over the past decade. Meanwhile, oil demand grew more slowly, rising by 0.8% in 2024. Oil’s share of total energy demand fell below 30% for the first time ever, 50 years after it peaked at 46%.

Which states will add more battery storage capacity in 2023?

In 2023, 6.4 GW of new battery storage capacity was added to the U.S. grid, a 70% annual increase. Texas, with an expected 6.4 GW, and California, with an expected 5.2 GW, will account for 82% of the new U.S. battery storage capacity.

Will utility-scale solar increase in 2024?

Solar. We expect a record addition of utility-scale solar in 2024 if the scheduled 36.4 GW are added to the grid. This growth would almost double last year’s 18.4 GW increase, which was itself a record for annual utility-scale solar installation in the United States.

What will Solar do in 2024?

We expect solar to account for the largest share of new capacity in 2024, at 58%, followed by battery storage, at 23%. Solar. We expect a record addition of utility-scale solar in 2024 if the scheduled 36.4 GW are added to the grid.

How many GW will a power plant add in 2024?

Today’s article was originally published on February 15. Developers and power plant owners plan to add 62.8 gigawatts (GW) of new utility-scale electric-generating capacity in 2024, according to our latest Preliminary Monthly Electric Generator Inventory.