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Electricity demand will double by 2050, according to McKinsey’s Global Energy Perspective 2019. This rise in electricity consumption will be due to an uptake in Electric Vehicles (EVs).
EVs are expected to reach cost parity with conventional fuel vehicles between 2020 and 2025 and will become the lower cost option within the next 10 years. This will mainly be driven by a decrease in costs for battery packs, from US$220 per kilowatt hour in 2017 to US$73 per kilowatt hour by 2030. By 2050, road transport is expected to comprise 27 per cent of final energy consumption, with China leading the electrification of transport.
Electrification in buildings and industry will make up the rest of electricity demand in 2050. Higher living standards in countries like China and India will lead to an increased use of space cooling and appliances. This will contribute about 40 per cent to total electricity demand growth for buildings.
Here are some other observations the report highlights:
For a more detailed look into the report’s long-term projections, please read the full report of the Global Energy Perspective 2019.