Global Energy needs

Energy has become the single most important component of any economy and global GDP because both prices and the market size are increasing. The International Energy Agency Outlook 2006 has projected strong growth for worldwide energy demand until 2030. Despite higher oil prices, world economic growth is expected to increase at an average annual rate of 3.8% until 2030 driving the robust increase in world energy use. Total world energy consumption is expected to go up on an average by 1.6% annually through 2030, or a 71% increase over the 2003 to 2030 period.

While the US and EU economies will show significant growth 2-4%, the emerging economies like China, India and Brazil are expected to achieve a much faster economic growth (6 to 10%). Consequently, their demand for energy will go up and by 2030 their energy needs should be nearly 34% more than the mature economies.