CLEVELAND, Jan. 23, 2020 /PRNewswire/ -- US energy consumption is forecast to rise less than 1.0% yearly in volume terms through 2024, according to Energy: United States, a report recently released by Freedonia Focus Reports. Continued economic expansion – including increased industrial output – and population growth will underpin rising consumption. However, ongoing improvements in the energy efficiency of appliances, buildings, and machinery will hinder advances. In terms of the resource mix, government mandates and incentives will continue to boost the production and consumption of renewable energy and constrain use of fossil fuels.
US energy production is forecast to increase 1.2% annually in volume terms through 2024. Ongoing supplanting of imports by domestic energy suppliers and greater export activity against the backdrop of rising global energy consumption will support advances.
These and other key insights are featured in Energy: United States. This report forecasts to 2024 US energy consumption and production in British thermal units (Btu). Total consumption and production are segmented by resource in terms of:
- natural gas
Total consumption is also segmented by market as follows:
- electric power
To illustrate historical trends, total consumption, total production, the various segments, and trade are provided in annual series from 2009 to 2019.
For the purposes of this report, energy refers to primary energy. As defined by the US Energy Information Administration, primary energy is the form of energy first accounted for before any conversion to secondary or tertiary forms of energy. To recognize all primary energy consumed in the US, imports of secondary and tertiary forms of energy are included in primary energy consumption. To avoid double-counting, market totals represent primary energy consumption only. For example, the electric power market represents the consumption of energy (e.g., coal, natural gas) to produce electricity, but retail sales of that electricity to the other markets (e.g., industrial, residential) are excluded. Petroleum and natural gas consumed as feedstock for chemical production are included in consumption and production figures.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Energy & Resources reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
SOURCE The Freedonia Group