Five charts that outline the power transition
China continues to steer in power transition with low carbon energy
China whole energy technology combine, 2015-40
LONDON and HOUSTON and SINGAPORE, Dec. 12, 2024 (GLOBE NEWSWIRE) — As the power panorama quickly transforms on account of decarbonization, electrification, and geopolitical shifts, Wood Mackenzie has launched 5 compelling charts that spotlight key tendencies shaping the sector within the newest Horizons report.
These charts within the report titled ‘Conversation Starters: Five Energy Charts to Get You Talking’ present invaluable insights into the dynamics of power markets, encompassing every little thing from the facility methods of main economies to the rising adoption of electrical automobiles.
China passenger automobile gross sales
Source: Wood Mackenzie
“Between the power markets of the U.S. and China, the curious case of the North Sea transition, the towering ambition of CCS and the electrifying rise of EVs, these charts track the wonders of the energy transition in 2025 and beyond,” mentioned writer Malcolm Forbes-Cable, Vice President, Upstream and Carbon Management Consulting at Wood Mackenzie.
US electrical energy demand development
Source: Wood Mackenzie, Energy Information Administration
In the Horizons report ‘Top of the Charts: Five Energy Charts to Make You Think’, every chart was evaluated based mostly on its ‘Wow Factor,’ conversational attraction, trade signpost and dissonance, provides a brand new lens on the power transition.
Annual LNG manufacturing and CCS capability
Source: Wood Mackenzie Lens
Chinese transport: really electrifying
China continues to steer the power transition, in a pathway to supply 50% of its energy from low-carbon power together with hydro, photo voltaic, wind, nuclear, and power storage by 2028, in response to Wood Mackenzie. The report additionally tasks that photo voltaic and wind capability will exceed coal-fired energy technology by 2037.
“Never has the world witnessed the pace of growth or transformation of an energy system that China is currently achieving,” mentioned Forbes-Cable. “By 2025, China’s installed solar and wind capacity will exceed that of both Europe and North America.”
North Sea cumulative closing power output of oil and fuel versus offshore wind
Source: Wood Mackenzie Lens
Source: Wood Mackenzie Lens
China’s transport sector can also be present process a big transformation. By 2034, battery electrical automobiles (BEVs) will dominate passenger automobile gross sales, reaching a 66% market share. Combining BEVs and hybrids, EVs will represent 89% of whole gross sales, in response to Wood Mackenzie.
“BEVs are projected to grow by 8% annually through 2030, while sales of internal combustion engine (ICE) vehicles are expected to decline by 11% each year,” mentioned Forbes-Cable. “Wherever you are, Chinese EVs are coming your way.”
Source: Wood Mackenzie
U.S. energy: knowledge’s rising energy behavior
Meanwhile within the United States, energy demand can also be set to develop steadily after years of stagnation, largely because of the Fourth Industrial Revolution and rising electrification. Key areas driving this demand embrace knowledge centres, clear know-how manufacturing, and the manufacturing of renewable power tools.
“Power demand is expected to grow by up to 1.9% compound annual growth rate (CAGR) through 2034, highlighting the necessity of accelerating grid modernisation to maintain the U.S.’s competitive edge amid rising global competition, particularly from China,” mentioned Forbes-Cable.
Source: Wood Mackenzie, Energy Information Administration
Carbon seize and storage: the ambitions of youth
Juxtaposing the Carbon seize and storage (CCS) capability with LNG manufacturing creates an fascinating illustration of the size of the ambition for CCS. This chart will not be drawing equivalence between the 2 industries however compares the expansion of two massive industrial methods dealing with fuel in a cooled liquid state.
“Even in the delayed energy transition scenario, CCS capacity is expected to be three times greater than LNG supply volumes by 2050, while in the base case, it will be four times greater. This will require impressive growth rates!” mentioned Forbes-Cable.
Source: Wood Mackenzie Lens
North Sea power: the tortoise and the hare
The North Sea, as soon as a big supply of oil and fuel, was on the vanguard of the offshore wind sector. This chart plots oil and fuel in opposition to offshore wind by quantifying the cumulative closing power output. Currently, the offshore wind capability stands at 36 gigawatts (GW) and is projected to exceed 240 GW by 2050. Even so will probably be previous the top of the century earlier than offshore winds cumulative power output surpasses oil and fuel.
Forbes-Cable mentioned, “Having spent a number of years on rigs in the North Sea and experienced the awesome nature of the weather I was always curious as to the energy output from above and below the sea.”
North Sea cumulative closing power output of oil and fuel versus offshore wind
Source: Wood Mackenzie Lens
Note: Beyond 2050, for the needs of discovering the intersection, it has been assumed that offshore wind energy output grows by 2% yearly.
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About Wood Mackenzie
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