Energy industry greatly impacts the lives of everyone, and every nation strives to achieve energy independence by utilizing the natural resources, be it conventional fossil fuels or renewable sources. Advancements in technology has changed the landscape of the energy industry, for example the shale revolution has made US a net exporter of oil from being one of the largest importers of the commodity. Likewise, concerns about the depleting resources in the form of oil reserves, gas reverses, and ill effects of dependence on fossil fuels like coal has given a renewed thrust on researching renewable energy technologies to reduce the harmful impact on the environment as well as create energy sustainability for long term.
In 2018, according to EIA, the global energy consumption increased to twice of the average consumption in 2010. The increased energy consumption is driven by a robust global economy and increasing needs of heating and cooling in some parts of the world. As per EIA, the world energy consumption will grow by nearly 50% between 2018 and 2050. Most of this growth comes from countries outside the Organization for Economic Cooperation and Development (OECD), and this growth is focused in regions where strong economic growth is driving demand, especially in Asian regions.
The present energy review tries to put light on few of the important topics that have been researched by BCC Research in a concise way by summarizing the key facts from the reports published in 2019. This Research Review include portions of several market research studies and is an efficient way for market professionals to keep up with the general market developments of 2019.