China, India to lead power demand growth

The industrial sector will push the demand for the two Asian nations.

China, India, and North America are expected to drive the growth in power demand as they will account for over half of the global total increase in demand, according to a report by McKinsey.

China’s powered demand reached 8,000 terawatt-hours (TWh) in 2022 and is expected to reach 16,800 TWh by 2050, driven by industrial electrification.

India, whose power demand stood at 1,400 TWh in 2022, will grow to 6,900 TWh by 2050, driven also by industrial growth, whilst the building sector will comprise 30% of the growth due to the higher demand for cooling.

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North and Central America, meanwhile, will also increase to 10,500 TWh by 2050 from 4,900 TWh in 2022, supported by green hydrogen in the short and long term due to the recent government support, whilst the electrified transport will comprise around 30% of the growth.