Demand is growing rapidly and the energy storage track continues to heat up

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%.

Is the energy storage industry in the starting blocks?

The global energy storage fleet continues to grow in leaps and bounds on the back of the growing demand for clean firm capacity and rapidly falling battery storage prices. However, analysts suggest that the industry is only in the starting blocks, with exponential growth to be expected in the years to come.

What drives global electricity demand?

ineh, Head of Electricity Research, OIES1. Global electricity demand and its drivers Global electricity demand is projected to e perience robust growth in the coming years. This surge is attributed to increased economic activity, heightened use of air conditioning during intense heatwaves, and the growing adoption of technologie

Will energy storage growth continue through 2025?

With developers continuing to add new capacity, including 9.2 GW of new lithium-ion battery storage capacity in 2024 through November 2024 and comparable levels of growth expected through the fourth quarter of 2024, energy storage investments and M&A activity are expected to continue this trajectory through 2025.

Will solar meet global electricity demand in 2025?

The International Energy Agency (IEA) Electricity mid-year update report forecasts that global electricity demand will grow by 4% in 2024 and continue to rise in 2025. Solar is expected to meet roughly half of this growth in demand. The report explores the latest data for 2023 and 2024, and uses it to forecast global electricity demand for 2025.

Will data centres increase electricity demand?

substantial increase in electricity demand. Projections suggest that data centres could account for up to 10% of total electricity demand growth globally by 2030, albeit still lower than demand growth driven by sector