Balancing Market Forces: Understanding Demand and Supply Dynamics - 11

What is the expected growth of Global electricity demand and supply?

As per the IEA – World Energy Outlook 2022, Global electricity demand increases significantly in all three scenarios (Stated Policies Scenario-STEPS, Announced Pledges Scenario APS, Net Zero Emission-NZE) by 2050. The below table compares the demand (TWh) and supply (TWh) of the three scenarios. 

As per the IEA – World Energy Outlook 2022, the comparison of the present share of the renewable sector and 2030 Stated Policies Scenario (STEPS) and 2030 Announced Pledges Scenario (APS) are represented below.  The STEPS maps out a trajectory that reflects current policies, while the APS assumes that all long‐term emissions and energy access pledges and targets are met on time and in full.

What is the expected growth of Indian electricity demand and supply? 

As per the IEA – India Energy Outlook 2021, Electricity demand grows much faster than overall energy demand in all the scenarios (Stated Policies Scenario-STEPS, Sustainable Development Scenario-SDS, India Vision Case-IVC) examined. 

India will soon become one of the world’s largest markets for a range of clean energy technologies, making it a major target for technology developers looking for sales growth. In theSTEPS, the Indian markets for solar PVmodules, wind turbines, lithium-ion batteries, and water electrolyzers together grow to around $40 billion per year by 2040