Global power demand will continue to grow rapidly over the next decade, jumping about 30% as electric vehicles, data centers and the need to heat and cool buildings increases, although the source of that electricity will shift markedly, according to Rystad Energy.
Legacy industrial sectors such as iron and steel, which were also key in seeing electricity consumption double over the past two decades, will be the biggest drivers, the energy research company said in a report. While data centers are becoming a notable source of demand growth, their power usage will remain a relatively small part of the total ...