Cepsa presented its Cepsa Energy Outlook 2030 (CEO 2030), in which it analyzes current trends in society and world consumer habits in an attempt to determine how the energy mix will look like in the future.
Cepsa Energy Outlook 2030 is a study that, except from presenting what the energy mix will be in 2030, it also answers questions such as what countries and technologies will meet fuel demands, what the impact of energy efficiency measures will be and how mobility will evolve compared with private car ownership.
Namely, the report mentions that electric cars will continue to become more competitive and own a larger market share, even if the combustion engine will continue to dominate with an 85% market share.
Furthermore, world demand for oil will be increased by 10%, however, its growth will happen at a slower pace because of fuel efficiency improvements and the incorporation of other sources of energy into the mix. Oil demand will also rise due to a forecast increase in the middle class in Asia primarily.
“As middle class incomes increase and trigger economic development, they will have a knock-on effect on demand”, CEO says.
Specifically, the study notes that the world’s GDP will increase by 50% between now and 2030 and this rise will settle as, population giants, China and India will lead global GDP growth.
Furthermore, Cepsa reprots that renewable energy will account for over half of the increase in electric energy that will be generated over the next 15 years, with an impresive growth driven by the increase of solar and wind energy. Natural gas will also occupy second place in the mix, but will only see its market share increase by 1%.
Albeit renewable energy’s increase, CEO states that the world’s energy mix in 2030 will continue to be dominated by oil, gas and coal.
Lastly, CEO 2030 also shows that Asian countries will lead energy demand, surpassing 1,770 tons of crude equivalent. Additionally, buildings and transport will surpass industry in global energy demand occupying a 58% share (9,300 Mtoe) compared with 37% (6,100 Mtoe), with the total world energy demand amounting in 16,200 Mtoe, and increasing from 13,800 Mtoe in 2015.
Energy efficiency, however will help in saving primary energy demand over the coming years, the survey concluded.
For further details about the Cepsa Energy Outlook 2030, click in the PDF below
