Asia’s power consumption to grow 3.5% annually in the next decade

The region has the world’s largest growing electricity demand, Fitch Solutions said.

Power consumption in Asia is expected to grow an average of 3.5% annually in the next 10 years, Fitch Solutions reported. 

Over this period, Fitch forecast that consumption will grow to 18,406 terawatt-hour in 2032 from 13,073TWh in end-2022. 

“Asia has the world's largest growing electricity demand, supported by strongly growing energy-intensive sectors following expanding economic activities and manufacturing bases,” the report read in part. 

Read more: China’s power consumption up 3.6% YoY in 2022

Fitch added that the total electricity consumption from Asian markets will account for more than 50% of the global consumption. 

This is largely driven by Mainland China and India, which will contribute around 69% and 17% of the 5,333TWh increase in electricity consumption in the region, respectively.