World energy consumption is expected to increase by 28% by 2040, with natural gas being the fastest growing fossil fuel.
According to the US Energy Information Administration International Energy Outlook 2017, most of the growth in energy demand will take place in countries outside of the OECD. China and the other non-OECD Asia nations account for more than 60% of the projected increase in world energy demand.
The report projects renewables as the world’s fastest-growing energy source – increasing by 2.3% per year through to 2040. However, fossil fuels still account for more than three quarters of world energy use.
Petroleum and other liquids remain the largest source of energy, however, the liquid fuels share of world marketed energy consumption falls from 33% in 2012 to 31% in 2040. As oil prices rise, energy consumers are expected to turn to more energy-efficient technologies and switch away from liquid fuels where possible.
Global natural gas consumption is expected to grow by 1.4% per year from 2015 to 2040.
Ian Mead, EIA’s assistant administrator for energy analysis, says: ‘Transportation energy use rises by nearly 30%, with almost all of the growth coming from non-OECD countries, as personal incomes rise and energy markets in many of these nations’ rapidly growing economies become further integrated into global supply chains.’