Benchmark International Releases 2024 Global Energy and Power Industry Report

Benchmark International has announced the release of its highly anticipated 2024 Global Energy and Power Industry Report, offering comprehensive insights into the evolving landscape of the global energy sector. With electricity demand expected to grow at an average of 3.4% annually through 2026 and a compound annual growth rate (CAGR) of 4.84% from 2024 to 2028, the report identifies significant factors driving this growth, such as increasing energy needs in emerging markets, global electrification, and rising demand for green hydrogen.

One of the report's key observations is the global shift towards renewable energy, projecting that the share of renewables in the global power mix will more than double over the next two decades. Despite a concerted push to reduce fossil fuel consumption, the demand for oil, gas, and coal is anticipated to reach record levels this year, driven by specific regional needs and market dynamics.

Key highlights from the report include:

• Solar Energy: Forecasted to lead U.S. electricity generation growth in 2024, with a 36-gigawatt increase in solar generating capacity.
• Energy Storage: Poised for significant growth, current projects could potentially increase battery manufacturing capacity by nearly eight times.
• Wind Energy: While experiencing slower growth compared to solar due to higher costs and supply chain challenges, China remains a dominant market player.
• Mergers and Acquisitions (M&A): The report anticipates consolidation in the oil and gas sector, along with active M&A activity in the renewable energy space driven by valuation imbalances and increasing digitization demands.

The insights provided by Benchmark International's report are invaluable for a wide range of stakeholders across the energy sector, from government agencies to private companies and investors. As the industry navigates a critical phase of transition, the report serves as a vital resource for strategic planning and investment decision-making.

For more information and to access the full 2024 Global Energy and Power Industry Report, please visit: 2024 Global Energy and Power Industry Report.