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2 clusters · 13 sources · 9 days · First seen · Last updated

Global electrification and energy transition trends

Overview

The global transition toward electrification is gaining momentum across industrial and macro-economic sectors. Projections indicate the industrial process electrification market alone could grow from $18 billion in 2025 to $74 billion by 2035, driven by technologies such as industrial heat pumps, electric boilers, and induction heating to support manufacturing decarbonization.

On a broader scale, an International Energy Agency (IEA) report suggests that global electrification could reach 33% by 2035 using currently cost-competitive technologies. This shift could potentially reduce annual energy import bills for importing nations by over $400 billion and decrease household energy costs by approximately 15%. To facilitate this, the IEA emphasizes that global grid capacity may need to increase by at least 30% by 2035, requiring modernization to occur 40% faster than in the previous decade.

Entities

International Energy Agency · ABB · United Nations · Australia · CAN International

Timeline

  1. 2 days ago

    [BUSINESS] 10 sources
    IEA report: Global electrification could reach 33% by 2035

    An IEA report finds that cost-competitive technologies could raise global electricity's share of energy use to 33% by 2035, potentially saving importers $400 billion annually and cutting household energy bills.

  2. 11 days ago

    [BUSINESS] 3 sources
    Industrial process electrification market to reach $74 billion by 2035

    The industrial process electrification market is forecast to reach $74 billion by 2035, driven by the transition from fossil fuels to electric heating and heat pumps to decarbonize global manufacturing.

Sources

argentinaforestal.com · climainfo.org.br · diariomotor.com · downtoearth.org.in · dreamnews.jp · feedingbritain.org · promotionworld.com · pv-magazine.es · sondakika.com · the-miyanichi.co.jp · ticarihayat.com · yesilhaber.net · youthsoccercup.com