That’s according to a report from LSEG Power Research, which predicts that the electric vehicle sector will emerge as a pivotal player, with power consumption projected to reach 170TWh in 2030 and nearly 300TWh by 2035.
This figure rivals Spain’s entire power consumption forecast for the same period.
The study also sheds light on the renewable hydrogen sector, highlighting a surge in electrolyser power consumption for hydrogen production.
Based on national targets, power consumption is anticipated to range from 200 to 380TWh in 2030 and 2035, respectively.
This surge is expected to yield 4.2 to 7.7 million tonnes of hydrogen in the same period.