Global Electricity Demand Soars 4.3% in 2024, Reports IEA

The International Energy Agency has noted a substantial uptick in worldwide electricity consumption, with a 4.3% jump observed in 2024, notably higher than the 2.5% escalation seen in 2023.

The recently launched Global Energy Review 2025, which was published on Friday, links this increase to heightened electrification in various industries, severe weather events, and expanding industrial operations.

The report indicates that the increase in electricity demand in 2024 was almost double the yearly average from the previous ten years, with China at the forefront.

The globe's number two economic powerhouse was responsible for over half of the worldwide growth, with its power usage surging by more than 550 terawatt-hours (TWh), marking a 7% increase from the prior year.

The IEA observed that China’s electricity consumption in 2024 surpassed the worldwide average yearly rise over the previous ten years. This surge can be attributed to increased industrial production, expanding data centers, and higher usage of air conditioning.

In the meantime, advanced economies saw a significant resurgence in electricity usage, which reversed a decrease of 140 TWh in 2023.

The U.S. spearheaded this economic rebound, playing a crucial role in the 230 TWh increase observed among industrialized countries.

The report indicated that "a surge in industrial output, the swift growth of data centers, and unprecedented heat waves contributed to higher electricity usage throughout North America."

Across Europe, the pattern mirrored this trend but with lesser intensity. In 2024, the European Union saw an approximate increase of 1.5% in electricity usage, which marked a significant upturn from the nearly stagnant growth experienced during the prior twenty years.

Other industrialized nations such as Australia and South Korea similarly experienced an uptick in electricity consumption.

The construction industry became a major contributor to worldwide electricity usage, increasing at a rate four times higher compared to 2023.

The IEA highlighted that power demand in buildings surged by over 600 TWh, accounting for nearly 60% of total electricity consumption growth worldwide.

The report indicated that "a significant part of this rise can be attributed to increased use of air conditioners because of intense heat waves, especially in countries like China and India."

However, in India, the growth of electricity demand decelerated somewhat in 2024 when compared to 2023, returning to more typical levels following an extraordinary increase due to severe weather events in the prior year.

In contrast, Southeast Asia saw one of the most significant regional rises, as electricity usage jumped over 7%, compared to an increase of just 4% in 2023.

Experts warn that while electrification is essential for economic growth and sustainability, the sharp rise in power demand underscores the need for accelerated investments in clean energy infrastructure.

"The challenge at hand is to ensure that this rising demand is fulfilled through renewable energy sources instead of relying more heavily on fossil fuels," stated the IEA.

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