Benchmark International Releases 2024 Global Energy and Power Industry Report

Benchmark International has released its 2024 Global Energy and Power Industry Report, offering a comprehensive analysis of the evolving global energy landscape. The report reveals significant growth projections and transformative trends that are reshaping the industry.

According to the report, electricity demand is expected to grow at an average rate of 3.4% annually through 2026, with a compound annual growth rate (CAGR) of 4.84% from 2024 to 2028. This surge in demand is attributed to increasing energy needs in emerging markets, global electrification efforts, and the rising demand for green hydrogen.

A key finding of the report is the accelerating transition towards renewable energy sources. The share of renewables in the global power mix is anticipated to more than double over the next two decades, signaling a major shift in energy production and consumption patterns. However, the report also notes that despite efforts to reduce fossil fuel consumption, demand for oil, gas, and coal is predicted to reach record levels this year, driven by specific regional needs and market dynamics.

The report highlights several key areas of growth and development within the energy sector. Solar energy is projected to lead U.S. electricity generation growth in 2024, with an expected increase of 36 gigawatts in solar generating capacity. The energy storage sector is also poised for significant expansion, with current projects potentially increasing battery manufacturing capacity by nearly eight times.

Wind energy, while experiencing slower growth compared to solar due to higher costs and supply chain challenges, remains a significant player in the renewable energy landscape. The report notes that China continues to dominate the wind energy market.

In the realm of mergers and acquisitions (M&A), the report anticipates consolidation in the oil and gas sector. Additionally, it predicts active M&A activity in the renewable energy space, driven by valuation imbalances and increasing demands for digitization.

The insights provided in Benchmark International's report are valuable for a wide range of stakeholders in the energy sector, including government agencies, private companies, and investors. As the industry navigates through a critical phase of transition, this report serves as an essential resource for strategic planning and investment decision-making.

The 2024 Global Energy and Power Industry Report by Benchmark International offers a detailed look at the complex and rapidly changing energy landscape. By providing data-driven insights and analysis, the report aims to help industry players navigate the challenges and opportunities presented by the ongoing energy transition.

For those seeking to understand the future direction of the global energy sector, Benchmark International's report provides a comprehensive overview of key trends, growth projections, and potential investment opportunities. The full report is available on the Benchmark International website.