The 2024 Global Energy and Power Industry Report by Benchmark International sheds light on the accelerating shift towards renewable energy sources, alongside a projected increase in global electricity demand. With an expected average annual growth rate of 3.4% through 2026, the surge is fueled by emerging markets' energy needs, electrification efforts, and the rising demand for green hydrogen. The report highlights a pivotal moment for renewables, predicting their share in the global power mix to double in the next two decades.
Solar energy is set to dominate U.S. electricity generation growth in 2024, with a 36 gigawatt increase in capacity, while the energy storage sector could see an eightfold expansion in battery manufacturing. Despite facing higher costs and supply chain issues, wind energy continues to be a key player, with China leading global production. The report also notes the ongoing relevance of fossil fuels, anticipating record demand levels for oil, gas, and coal this year due to regional and market dynamics.
Mergers and acquisitions within the energy sector are expected to rise, particularly in renewables and oil and gas, driven by valuation disparities and the push for digital transformation. This comprehensive analysis serves as a vital tool for stakeholders across the energy spectrum, offering insights into market trends, technological advancements, and regulatory shifts that are redefining global energy production and consumption.
As the world navigates the challenges of increasing energy demands and climate change, the report underscores the importance of renewable energy in shaping a sustainable future. Yet, it also acknowledges the complex interplay between traditional and renewable energy sources, a critical consideration for policymakers and industry leaders. Benchmark International's findings provide a roadmap for strategic planning and investment, highlighting the opportunities and challenges in the evolving energy landscape.
