ENERGY DEMAND TREND AND ITS IMPACT ON RENEWABLE ENERGY TECHNOLOGY

The International Energy Agency's mid-year update forecasts that global electricity demand will grow by 4% in 2024. This trend is expected to continue into the next year (2025). Solar is expected to meet roughly half of this growth in demand.

It is observed that global economic growth, intense heatwaves, and the increasing uptake of technologies such as electric vehicles (EVs) and heat pumps are behind the rapid spike. This increase in demand for electricity will affect renewables, leading to a 35% increase in 2025 compared to 30% in 2023. For the first time, in 2024, renewable sources of electricity will outstrip coal generation, which is expected to drop from a 36% share to 33% over the same period.

This trend will put pressure on existing energy grid technologies. Hence, revolutionary policies and measures are needed to curb the challenges arising from this increase in electricity demand.

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