Five charts that define the energy transition

LONDON and HOUSTON and SINGAPORE, Dec. 12, 2024 (GLOBE NEWSWIRE) -- As the energy landscape rapidly transforms due to decarbonization, electrification, and geopolitical shifts, Wood Mackenzie has released five compelling charts that highlight key trends shaping the sector in the latest Horizons report.

These charts in the report titled ‘Conversation Starters: Five Energy Charts to Get You Talking’ provide valuable insights into the dynamics of energy markets, encompassing everything from the power systems of major economies to the growing adoption of electric vehicles.

“Between the power markets of the U.S. and China, the curious case of the North Sea transition, the towering ambition of CCS and the electrifying rise of EVs, these charts track the wonders of the energy transition in 2025 and beyond,” said author Malcolm Forbes-Cable, Vice President, Upstream and Carbon Management Consulting at Wood Mackenzie.

In the Horizons report ‘Top of the Charts: Five Energy Charts to Make You Think’, each chart was evaluated based on its ‘Wow Factor,’ conversational appeal, industry signpost and dissonance, offers a new lens on the energy transition.

Chinese transport: truly electrifying

China continues to lead the energy transition, in a pathway to source 50% of its power from low-carbon energy including hydro, solar, wind, nuclear, and energy storage by 2028, according to Wood Mackenzie. The report also projects that solar and wind capacity will exceed coal-fired power generation by 2037.

“Never has the world witnessed the pace of growth or transformation of an energy system that China is currently achieving,” said Forbes-Cable. “By 2025, China's installed solar and wind capacity will exceed that of both Europe and North America.”



Source: Wood Mackenzie Lens

China’s transport sector is also undergoing a significant transformation. By 2034, battery electric vehicles (BEVs) will dominate passenger vehicle sales, reaching a 66% market share. Combining BEVs and hybrids, EVs will constitute 89% of total sales, according to Wood Mackenzie.

“BEVs are projected to grow by 8% annually through 2030, while sales of internal combustion engine (ICE) vehicles are expected to decline by 11% each year,” said Forbes-Cable. “Wherever you are, Chinese EVs are coming your way.”



Source: Wood Mackenzie

U.S. power: data’s growing power habit

Meanwhile in the United States, power demand is also set to grow steadily after years of stagnation, largely due to the Fourth Industrial Revolution and increasing electrification. Key areas driving this demand include data centres, clean technology manufacturing, and the production of renewable energy equipment.

“Power demand is expected to grow by up to 1.9% compound annual growth rate (CAGR) through 2034, highlighting the necessity of accelerating grid modernisation to maintain the U.S.'s competitive edge amid rising global competition, particularly from China,” said Forbes-Cable.



Source: Wood Mackenzie, Energy Information Administration

Carbon capture and storage: the ambitions of youth

Juxtaposing the Carbon capture and storage (CCS) capacity with LNG production creates an interesting illustration of the scale of the ambition for CCS. This chart is not drawing equivalence between the two industries but compares the growth of two large industrial systems handling gas in a cooled liquid state.

“Even in the delayed energy transition scenario, CCS capacity is expected to be three times greater than LNG supply volumes by 2050, while in the base case, it will be four times greater. This will require impressive growth rates!” said Forbes-Cable.



Source: Wood Mackenzie Lens

North Sea energy: the tortoise and the hare

The North Sea, once a significant source of oil and gas, was at the vanguard of the offshore wind sector. This chart plots oil and gas against offshore wind by quantifying the cumulative final energy output. Currently, the offshore wind capacity stands at 36 gigawatts (GW) and is projected to exceed 240 GW by 2050. Even so it will be past the end of the century before offshore winds cumulative energy output surpasses oil and gas.

Forbes-Cable said, “Having spent a number of years on rigs in the North Sea and experienced the awesome nature of the weather I was always curious as to the energy output from above and below the sea.”

North Sea cumulative final energy output of oil and gas versus offshore wind



Source: Wood Mackenzie Lens

Note: Beyond 2050, for the purposes of finding the intersection, it has been assumed that offshore wind power output grows by 2% annually.

For further information please contact:

Mark Thomton

+1 630 881 6885

Mark.thomton@woodmac.com

Hla Myat Mon
+65 8533 8860

hla.myatmon@woodmac.com

The Big Partnership (UK PR agency)

woodmac@bigpartnership.co.uk

About Wood Mackenzie
Wood Mackenzie is the global insight business for renewables, energy and natural resources. Driven by data. Powered by people. In the middle of an energy revolution, businesses and governments need reliable and actionable insight to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources. Today, our team of over 2,000 experts operate across 30 global locations, inspiring customers’ decisions through real-time analytics, consultancy, events and thought leadership. Together, we deliver the insight they need to separate risk from opportunity and make bold decisions when it matters most. For more information, visit woodmac.com.

You have received this news release from Wood Mackenzie because of the details we hold about you. If the information we have is incorrect you can either provide your updated preferences by contacting our media relations team. If you do not wish to receive this type of email in the future, please reply with 'unsubscribe' in the subject header.  

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/94f72cae-60bf-4b7a-adf6-b9e748397ab0

https://www.globenewswire.com/NewsRoom/AttachmentNg/8c853cd8-46fb-42ae-8ef0-533b3baa8652

https://www.globenewswire.com/NewsRoom/AttachmentNg/a86b26bb-9f36-44c3-acf9-2438ea04d5a0

https://www.globenewswire.com/NewsRoom/AttachmentNg/22e0414c-cdf3-4518-b5e2-165ea49f7bd6

https://www.globenewswire.com/NewsRoom/AttachmentNg/3c0d1bca-59af-4b12-b78b-3a169e163ea4


Five charts that define the energy transition


THỦ THUẬT HAY

Hướng dẫn mang một số tính năng đặc biệt trên Pixel 2 lên bất kỳ thiết bị Android nào

Always on Display, Always listening, AR Stickers, Motion Photos và Home screen Layout là những tính năng mới được Google trang bị riêng cho bộ đôi smartphone cao cấp mới ra thời gian gần đây. Tuy nhiên, chúng ta vẫn có

Hướng dẫn cập nhật iOS lên iOS 12 bản chính thức

iOS 12 tập trung vào cải thiện hiệu suất. Tốc độ mở ứng dụng có thể cải thiện tới 70%. Camera mở nhanh hơn đến 70%. Ngoài ra, còn nhiều cải thiện trên hệ thống để các ứng dụng có thể chạy nhanh

Cách đóng tab bị treo khi sử dụng Chorme dễ dàng

Nguyên nhân dẫn đến các tab bị treo có thể là do trang web đó quá nặng dẫn đến đầy RAM, đây cũng là lý do chính mà những máy tính có dung lượng RAM 4GB hoặc nhỏ hơn rất hay gặp. Ngoài ra cũng có nhiều nguyên nhân khác

Mách bạn bí quyết học online hiệu quả tại nhà trong mùa dịch

Hiện tại dịch Covid 19 vẫn còn diễn biến phức tạp, vì vậy chúng ta đang áp dụng phổ biến hình thức dạy và học online. Tuy nhiên, nhiều bạn vẫn chưa biết cách học thế nào cho hiệu quả. Ngay sau đây, sẽ chia sẻ với bạn

Cách ẩn bình luận cá nhân trên Facebook đơn giản chỉ với 5 bước

Facebook hiện đang là một trong số những nền tảng mạng xã hội được ưa chuộng nhất, bạn rất ngại khi mỗi lần muốn bình luận vào một bài viết nào đó nhưng không biết ẩn bình luận thì hãy tham khảo bài viết bên dưới.

ĐÁNH GIÁ NHANH

Trên tay HP Omen 15 – Thiết kế đậm chất game, màn hình 120Hz, tản nhiệt chuẩn Max-Q

Omen 15 là mẫu laptop chuyên game mới của HP và sự thay đổi lớn nhất là nó thể hiện được bản chất của một sản phẩm dành cho game thủ.

Đánh giá chi tiết XPERIA XZ: Món quà Sony dành tặng fan

Thegioididong - Sony đã cố gắng hoàn thiện bản thân hơn trong mắt người tiêu dùng thông qua việc ra mắt chiếc flagship Xperia XZ trong năm nay. Thiết kế mới,...

Nên mua Galaxy Z Fold3 5G, Z Flip3 5G màu gì vừa đẹp vừa sang lại không bị lỗi mốt?

Galaxy Z Fold3 5G và Galaxy Z Flip3 5G là bộ đôi smartphone màn hình gập mới nhất của Samsung. Năm nay, “ông lớn” Hàn Quốc đã bổ sung thêm nhiều màu mới trong bộ sưu tập hai thiết bị này. Chính điều này khiến nhiều