In its end-of-year report the International Energy Agency (IEA) analysed the main changes occurred globally in 2017. According to the International Energy Agency, four main new developments marked 2017.
Increase in the use and cost reduction of renewable forms of energy, enhanced energy electrification, transition towards a service-oriented and renewable-oriented economy in China and shale gas and non conventional oil resilience in the United States. According to the International Energy Agency, these are the four main new developments that marked the world energy market in 2017.
Based on the report, world energy demand is decreasing compared to the past, and yet it is rising: a 30% increase is expected to occur by 2040. Developing countries continued to lead the demand. This was first and foremost the case of India, whose global energy share is expected to register an increase of almost 11% by 2040.
Overall, renewable sources of energy make up for 40% of world energy demand increase and the feat of recent years started undermining the energy market linked to coal. By 2040 also the demand for oil, which is however constantly going down, and natural gas is expected to grow, with an expected increase against current levels by 45%.