As populations grow, so the need for energy increases – from basic utilities such as heating and lighting to the production of luxury goods. Basic projections expect the world economy to double in the next thirty years. Worldwide demand for energy is set to increase by more than 30%.
Although there are certainly enough sources of energy to meet the demand, the issues are sustainability and price. We believe oil and natural gas to be the main fossil fuels to facilitate this growth in energy consumption. Oil is an ideal source of energy to transport, since it has a high energy density. Although electricity is gaining in popularity and usage, oil still makes up 94% of the total transport fuels. If trends continue, the situation will be very similar in 2035.
The steady increase in natural gas consumption that has occurred over the last few decades looks set to continue into the near future. As an alternative to oil and coal, its relative cost and lower carbon emissions make it an attractive source of energy-
There is an ever-expanding use of renewable sources of energy. Over the past few years, research into and development of numerous renewables has shown great potential. While they only make up about 3% of current energy consumption, projections estimate that by 2035, nearly 10% of the total global energy demand will be covered by renewables.