APAC electricity consumption to grow around 3.8% annually until 2032

Emerging markets are seeing a rise in electrification and urbanisation.

Net electricity consumption is expected to “grow strongly,” increasing by about 5,500 terawatt-hours (TWh) or around 3.8% annually from end-2023 to 2032 on the back of a “robust” economic growth in most markets.

In a report, BMI said that markers with strong real gross domestic product are typically reliant on energy-intensive secondary industries such as manufacturing.

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The report also noted that the electrification and urbanisation growth in emerging markets will lead to better electricity access and demand growth.

“We expect this relationship to persist over our forecast period to 2032, resulting in greater demand for power generation and presenting more opportunities for power project developers and investors looking to expand their operations in the region,” it added.