LONDON, Nov. 4, 2015 /PRNewswire/ -- There are several factors affecting the global energy transformation, such as elevated price levels, government policies, technological advances, and concerns about the environmental and financial cost of increasing oil use. This market insight evaluates the changing dynamics in the energy business models. Further, it discusses key market dynamics, identifies market drivers and restraints, and explains the current generation mix. The base year is 2014 and the forecast period is 2015 to 2040.
- There are several changes in the nature and location of energy consumption. These are the result of a combination of factors, such as elevated price levels, government policies, technological advances and concerns about the environmental, and the financial cost of increasing oil use.
- Government policies in the long term (after 2020) are expected to determine the nature of growth for global gas use. Despite a strong divergence in consumption trajectories, global gas use is expected to grow in the near term in comparison to the current trends witnessed.
- Oil is the largest fuel in the global energy mix and is expected to continue to hold a critical position in the global energy economy. This trend is expected to continue through 2040. Historically, economic and population growth triggered a growth in the demand for oil. However, this may not be the case in the future.
- Modern renewables are showing increased contribution to the energy mix—especially to produce power and heat—along with the increased use of biofuels.
- The share of renewables will rise % through 2040, and half of this will be the contribution of wind energy. Wind achieves almost % of total European power generation, which stands at the highest penetration globally. The second largest increase in installed capacity is from solar photovoltaics (PV).
- There is an investment surge to cater to rising demand from Asia in addition to dynamic growth of shale in the United States and renewables in Europe.
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