Global electricity demand is set to increase by 4.3% in 2024 and continue growing at nearly 4% each year until 2027, according to the International Energy Agency (IEA). This growth is primarily driven by developing and emerging economies, with China alone accounting for over half of last year’s demand increase. In 2024, China used about 300 terawatt-hours of electricity just to produce solar modules, batteries, and electric vehicles, equivalent to Italy’s annual usage. India and Southeast Asia are also experiencing above-average demand growth due to economic expansion and increased air conditioner use. While data centers contribute to this surge, they are expected to account for less than 10% of global electricity demand growth by 2030. In contrast, advanced economies like the US and Europe, which had flat or declining demand for the past 15 years, are seeing a reversal due to data centers. However, the rapid deployment of solar power and the expansion of nuclear power are expected to cover half of the demand growth through 2027.
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