Global energy demand will rise 32 percent by 2040, says ExxonMobil Corporation (NYSE: XOM) in its report, The Outlook for Energy: A View to 2040, released today.
Exxon’s Outlook discusses how the world uses energy and predicts how energy consumption will impact people over the next few decades. “The base year for the demand estimates was 2010. Exxon compiles the outlook annually to guide long-term investment decisions,” reports Bloomberg.
“The Outlook projects that global energy demand in 2040 will be about 30 percent higher than it was in 2010, led by growth in developing regions such as China, India, Africa and other emerging economies,” says the Financial Post.
India is expected to lead the growth in energy use. Africa, Latin America and the Middle East are also expected to increase energy demand. Fuel consumption in the U.S. and Europe is expected to decline.
The fuel decline may in part be because “ExxonMobil expects that by 2040, hybrids and other advanced vehicles will account for nearly 50 percent of all light duty vehicles on the road, compared to only about 1 percent today,” says the Outlook.
Nuclear power is said to play a bigger roll in the years to come, its contribution to the world energy supply is predicted to double by 2040. The report also indicates that natural-gas use will rise 62 percent, and use of coal will decrease 6 percent.
Bloomberg outlines some of the energy demands that the Outlook discusses:
Demand for renewable energy will more than quadruple by 2040, the report said. Oil, gas and coal will comprise 78 percent of global fuel supplies in 2040, according to the report. Biomass, hydroelectric and renewables such as wind and solar will contribute 15 percent of supplies. Nuclear will meet about 8 percent of demand.
Although the world will be dependant more on alternate energy sources, the crude demand will still remain strong. The report says that crude will still be the main source of transportation fuel, making up 89 percent of the market.
That’s all for now,