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What are Special Piping Materials’ 2024 energy predictions?
Every year, the team at Special Piping Materials likes to do a round-up of expert predictions on what the following 12 months will look like for the global energy world.
In the ever-evolving landscape of global energy, the next decade promises to be transformative. As we stand at the intersection of technological innovation, environmental imperatives, and geopolitical shifts, the energy sector is poised for unprecedented change. In this blog, we will explore the bold predictions and emerging trends that are set to shape the way we produce, consume, and think about energy.
The opposing challenges of mitigating climate change, while meeting the growing energy demands of a burgeoning population, have spurred an era of innovation and adaptation. Governments, industries, and individuals are reimagining the energy paradigm, driven by a collective ambition to create a more sustainable and resilient future.
From the rise of green hydrogen to the electrification of transportation, the energy landscape is on the cusp of revolutionary change.
As we navigate this intricate tapestry of possibilities, one thing is certain – the future of energy holds both challenges and unparalleled opportunities.
Read on to enjoy Special Piping Materials’ 2024 energy predictions!
Expert 2024 energy predictions
- The IEA is always a font of knowledge and expertise so we’re starting off by looking at some of their 2024 energy predictions…
- IEA’s latest Gas Market Report: IEA’s latest Gas Market Report says that growth in global gas demand is set to pick up in 2024 due to colder winter temperatures and easing prices. In 2023 global gas demand rose by just 0.5%. Relaxing pandemic restrictions and increasing economic activity caused growth in China (indeed China was the world’s largest LNG importer), but natural gas consumption in Europe fell by 7%. In 2024, global gas demand is forecast to grow by 2.5%, due to colder winter weatherand other factors.
In 2023, global gas demand rose by just 0.5%, as growth in China, North America and gas-rich countries in Africa and the Middle East was partially offset by declines in other regions. As pandemic restrictions loosened and economic activity returned, China regained its position as the world’s largest LNG importer (although China’s LNG imports in 2023 were still below 2021 levels) as natural gas demand grew by 7%. In contrast, natural gas consumption in Europe fell by 7%,
- Electricity 2024: While global electricity demand grew by 2.2% in 2023, this is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually until 2026. Increasing requirements for electricity in both advanced and emerging economies is predicted to be a factor in causing the overall growth in the usage of electricity.
- – Global research and consultancy group, Wood Mackenzie, which provides advice to the energy, chemicals, renewables, metals, and mining industries, is always another great resource of information and insights. Their recent article ‘Ten predictions for energy in 2024’ states that there are certain trends to look out for in the year ahead, including a solar slowdown, relief for OPEC+, and the rise of blue hydrogen.
- – The Economist Intelligence Unit (EIU), which provides forecasting and advisory services through research and analysis is also another informative resource. Their latest report ‘Energy Outlook 2024’ states that global energy consumption will grow by 1.8% in 2024, largely driven by strong demand in Asia.
Special Piping Materials’ 10 2024 energy predictions
Here are some of our top potential global energy predictions for 2024:
- Renewable Energy Growth:
The global expansion of renewable energy sources, such as solar and wind power, is expected to continue. Governments and businesses are likely to increase investments in renewable projects, driven by climate change mitigation goals and the decreasing costs of renewable technologies.
- Electric Vehicles (EVs) Surge:
The adoption of electric vehicles is expected to accelerate further. Governments worldwide are implementing policies to promote EVs, and major automotive manufacturers are investing heavily in electric vehicle technologies. By 2024, the number of electric vehicles on the roads is anticipated to increase significantly.
- Energy Storage Advancements:
Advances in energy storage technologies, particularly in batteries, are expected to continue. Improved storage capabilities are crucial for the stability and reliability of renewable energy sources, allowing for better integration into the grid and mitigating the intermittent nature of solar and wind power.
- Hydrogen Economy Development:
The hydrogen economy is likely to gain momentum. Green hydrogen, produced using renewable energy, is expected to play a crucial role in sectors that are difficult to electrify, such as heavy industry and certain transportation modes. Governments and industries may invest in hydrogen production and infrastructure projects.
- Natural Gas Transition:
A gradual shift away from coal towards natural gas is expected to continue. Natural gas is considered a transitional fuel with lower carbon emissions, and many countries are likely to invest in natural gas infrastructure as part of their efforts to reduce greenhouse gas emissions.
- Energy Transition Policies:
Governments around the world are expected to implement and strengthen policies supporting the energy transition. This includes the introduction of more stringent emission reduction targets, renewable energy incentives, and regulations promoting energy efficiency.
- Digitalisation in Energy:
The integration of digital technologies, including smart grids and advanced analytics, is anticipated to increase. Digitalisation enhances the efficiency and reliability of energy systems, enabling better management of electricity grids and the optimization of energy consumption.
- Global Energy Demand Recovery:
As the world recovers from the economic impacts of the COVID-19 pandemic, global energy demand is expected to fully rebound. However, the rate of recovery may vary across regions and sectors.
- Nuclear Power Consideration:
Some countries may reconsider their stance on nuclear power as a low-carbon energy source. Advances in nuclear technologies, such as small modular reactors, could contribute to the re-evaluation of nuclear power in the global energy mix.
- Geopolitical Influences:
Geopolitical events and relationships will continue to influence the global energy landscape. Factors such as international cooperation, trade agreements, and geopolitical tensions can impact energy supply chains and pricing.
We hope you have enjoyed Special Piping Materials’ 2024 energy predictions. It’s crucial to note that these predictions are based on the prevailing trends and conditions as of 2022, and the actual developments in the global energy landscape may differ based on a variety of factors.