Over the next three years, the demand for energy will rise more quickly as the energy transition quickens. By 2024, the latest annual report from the International Energy Agency (IEA) affirms this, emphasizing the importance of heat pumps.
In spite of the decline in consumption in advanced economies in 2023, the document, which summarizes the history and policies of the electricity market and projects the sector’s demand, supply, and CO2 emissions until 2026, projects that global electricity demand will grow by an average of 3.4% between 2024 and 2026.
By overtaking coal, renewable sources are expected to account for a third of electricity production by 2025. Furthermore, it is anticipated that nuclear energy will hit a record high globally in 2019 as a result of increased French production, the restart of multiple sites in Japan, and the commissioning of new reactors in several countries, such as China, India and Europe.
Portugal reported previously unheard-of numbers for renewable energy in 2023: Data given by REN (Redes Energéticas Nacionais indicates that 31.2 TWh, the all-time high in the national system, was consumed in energy generated from renewable sources, accounting for 61% of the total.
The rise of heat pumps and electric cars
In 2023, electricity will make up 20% of the world’s ultimate energy consumption, up from 18% in 2015. However, to meet global climate goals, electrification must accelerate significantly in the coming years. For the time being, as the industry becomes more electrified, more and more customers are choosing alternatives like heat pumps and electric cars.
By 2026, nine million new electric cars and eleven million heat pumps should be on the market in the European Union, according to Electricity 2024.
Car and heat pump sales are predicted to drive up energy demand by 2.2% this year and 2.6% annually until 2026.
Future Predictions: Green Advancement and Renewables Expansion
Forecasts indicate that during the period in question, energy production from renewable sources will increase by an average of 9 per cent, replacing energy production from fossil fuels. From 2024 to 2026, electricity produced from coal is expected to fall by an average of 13 per cent. It was almost a 26% decrease from the prior year. Nuclear production is expected to rise by 2.2% by 2026.
In 2023, renewable energies accounted for 45 per cent of the total. This should rise to 50 per cent this year and 55 per cent in 2026.
The IEA analysis contains all these statistics, conclusions and forecasts.
From: Edifícios e Energia
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