Global Energy Outlook 2021 - 2035

Published in: Engineering
Global Energy Outlook 2021 - 2035
March 24, 2021

Rotterdam, 24/03/2021

Subject: Global Energy Outlook 2021 - 2035

What changes will bring the Covid-19 in the Energy Industry? The consumption of oil will decline in the coming years? What kind of energy will be dominant in the coming years? GEONABLACK research wants to try to answer this and other questions, with the consequent forecast of three possible scenarios regarding the Oil Consumption:

1. Significant decline of oil consumption over the next 15 years.

2. Oil demand peaks but doesn’t see a drastic drop over the next 15 years.

3. Peak oil consumption does not happen within the next 15 years.

GENOA BLACK ‘s research identifies seven key points:

1.Decarbonising still a core business objective. Both COVID-19 and political forces, are pushing increasingly to a limited oil consumption and to invest in clean energy, which is forecast to become cheaper and therefore, will be the clear choice over existing fossil fuel solutions.

2. Renewables to become cost competitive. Thanks to their increasingly competitive price and the use of clean energy, low carbon energy is destined to become fundamental in the future global economy.

3. Digitisation will be key.The COVID-19 has forced companies To abandon the old way of doing business, has broken down the barriers that hindered digitalization and has made the level of digitalization an important parameter to mark the difference between two competing companies.

4. Gas grows its share.Gas is the only fossil fuel which will grow its share of total energy demand until 2035 - albeit at declining growth rates.

5. Oil demand slows.An historical drop in oil demand is also expected, when it historically grows by 1% per year, and that this is clearly visible thanks to the fast uptake of renewable sources that are replacing technologies that for generations have been based on fossil fuels.

6. Electrification.There is a rapid increase in electricity as an energy source for common products such as vehicles, etc. and the production of electricity from renewable sources is the best candidate to support the electrification of products.

7. Pressure to consider consolidation.Different types of M&A markets will emerge from the COVID-19 crisis.

Check and download the complete research published by DNV GL on the following link:

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