It is anticipated that the power consumption in Asia will grow at an average rate of 3.5% per year for the next 10 years, as per a report from Fitch Solutions. Apparently, the region has the largest growing demand for electricity in the world.
Throughout this period, there is a forecast that the power consumption will grow to 18,406 terawatt-hours in 2032, which was at 13,073 terawatt-hours at the end of 2022.
As per a part of the report, Asia happens to have the world’s largest growing demand for electricity, which is strongly supported by progressive energy intensive sectors because of widening economic activities as well as manufacturing bases.
Fitch, in the report, went on to add that the entire electricity consumption from the Asian markets will comprise more than 50% of the total global consumption, which is quite a whopping number. The numbers are going to be mainly driven by Mainland China and, of course, India, which are going to contribute almost 69% and 17% of the 5,333 terawatt-hour rise in the consumption of electricity in the region, respectively.