Climate Change Responsible For Reducing Fossil Fuels Efficiency In Electricity Production
Energy Markets To See New Changes In 2024
By Shubhendra Anand , 18 January, 2024
With an end to the current economic year 2023, the energy market has high hopes for the upcoming 2024. The energy market expects to improve in all sectors in light of the transition to clean energy in the forthcoming years. The energy sector aims to develop new incentives for solar, wind, and electric vehicles, among others, as the primary developmental industries in 2024.
According to OPEC (Organization Of The Petroleum Exporting Countries), most nations' first three quarters of 2023 witnessed economic growth. Therefore, the economic growth for 2023 was recorded to be 2.9 percent in 2023 and expected to continue this advancement in 2024 with a growth rate of 2.6 percent. In the United States, the OECD (Organization for Economic Cooperation and Development) nations experienced a substantial advancement in the first half of 2023 that was expected to slide into the fourth quarter of 2023 and remain so throughout 2024. However, the eurozone performed less growth than expected until the third quarter of 2023. The Asia-Pacific region stabilized, as the economic development of countries like Japan and others served well, up to their potential in the first half of 2023. Non-OECD countries like Brazil, India, and Russia outperformed the expectations till the third quarter of 2023 and anticipate maintaining the balance in 2024. Analysts expect economic growth in 2023 and 2024 will be pivotal in shaping the global oil demand.
Based on a survey, the energy trends in 2024 will focus on the balanced oil market due to the increase in oil production from the non-OPEC economies. The United States emerged as the largest non-OPEC supplier of oil in 2023. However, the sources claim an inevitable slowdown in the progress of the United States in oil production for 2024. Simultaneously, for solar energy, 2024 will show saturation similar to 2023 with zero growth rate. The high cost of raw materials is the main reason behind the slowdown of the solar energy sector in 2023. Electric vehicles are expected to increase exponentially in 2024, following the balanced state of 2023. Therefore, the energy sector in 2023 is expected to see some changes, but at the same time, it will follow the trend of 2023.
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Shubhendra Anand
Head Research
