India to Be Largest Energy Market by 2030, Overthrowing China

India to Be Largest Energy Market by 2030, Overthrowing China

India’s growth for energy consumption, measured at 4.2 percent per annum, will be among the fastest and largest grown economies by the year 2035. The production is said to increase substantially, but still the country will be dependent on imports for fulfilling their energy requirements.

According to a BP statistical review by World Energy, India is likely to surpass China and become the largest and most abundant market for energy by the year 2030.

Among all the BRICS nations, it is expected that India’s demand for global energy will increase by nine percent by the year 2035, becoming the second-largest behind China at 26 %, Brazil at 2%, and Russia by 4%.

The report also said that India’s overall demand growth that is more than 129 percent is almost double the present Organization for Economic Cooperation and Development (OECD)’s average rate of 52 percent. It is also more than each BRIC country – Brazil with more than 42 percent, Russia with more than 2 percent, and China with massive 47 percent more.

 

 

In the distant years, the energy consumption in and around the power generation sector will be more than double of what it’s now, by more than 133 percent. While the energy in the transport sector might grow at a slow rate of 5.8 percent per annum, oil will be standing as the overriding fuel by the year 2035.

The oil consumption is currently set at 4.1 million BPD (barrels per day) and is expected to reach 9.2 million BPD in the year 2035. Natural gas is also estimated to jump from 4.9 bcfd (billion cubic feet per day) to 12.8 bcfd. The coal usage is estimated to be double its current consumption rate of 833 million tons.

The demand for gas is also estimated to increase by 162 percent, oil by 120 percent and coal by 105 percent. The excess demand for hydropower will go up by 97 percent; renewable energies will see a tremendous demand as the whole industry is shifting towards it – a massive peak of 699 percent is estimated. The demand for nuclear energy will go up by 317 percent.

The demand for energy is tremendously increasing with around 30 percent growth between the years 2017 and 2035, with an average growth rate of 1.3 percent every year.

 

 

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