The worldwide industry for energy & power utilization is estimated to expand almost by fifty-five percent by the end of the year 2035, as per the reports of the US energy information administration international energy outlook 2011.The rapid growth rate in power consumption is represented by countries outside of OECD (Organization for economic co-operation and development) displaying signs of economic growth and expansion. Within the OECD, industry growth is predicted to remain less than 20% and outside the OECD it is estimated to increase by 85%.
In the future, the global population will touch the nine billion margin. With the growing population, the worldwide demand for energy & power will grow and expand constantly. Modernizations and up gradations in technology will influence more use of electricity. New and innovative techniques like smart meters are predicted to display strong expansion and growth. Similarly, diminishing natural resources of conventional energy like nuclear energy, oil, and natural gas will push organizations to make more capital investments or business investments in sources of renewable energy like ocean thermal energy conversion, sun, wind, geothermal, tidal waves, water and biomass as well as sources of unconventional energy like coal bed methane gas, shale oil & gas and tight oil & gas.
Favorable government policies accompanied by heavy capital investments are supporting the alternate energy & power market sector all across the globe. Rising demand for global energy & power, high-cost volatility of oil and gas, rise in complications in government rules and growing ecological pressure have put up a big deal for other alternate sources of energy & power today.
The pollution of the climate caused by conventional sources of energy have created a demand for green energy. Also, there is growing awareness about the significance of green energy consumption and its sources among the firms all across the globe.
The energy & power sector is usually government regulated in most of the BRICS nations. But the dynamics of the energy & power sector are continuously driven by the factors like changes in government policies, growing privatization, relaxation of FDI rules in this section, new capital investments of energy & power projects by both private and public sectors, rising demand of electricity and use of smart grids & smart meters to effectively handle the transmission services.
With the global population set to touch nine billion mark in next few years, the universal or worldwide demand for energy & power sector is predicted to grow. Growing political and climatic conditions are few of the aspects that are going to be responsible in measuring the growth rate of individual industry sections.
Today, governments across the globe are taking or displaying keen interest in investing their business capitals in clean energy & power sector. The reason being a warning issued by United Nations to the developed and developing economies of the world about the proposed 70% reduction in the carbon emissions in atmosphere within three decades to prevent hazardous or ill effects of environmental pollution on the nitrogen cycle , climate and e seasonal cycle.
Modernization in technology will impact consumption and use of electricity. Smart meters that permit two way consumption between central systems and household electricity are predicted to display strong expansion and growth across the globe in future.