Regional forecast for the Indian Subcontinent - Energy Transition Outlook 2020
New report shows alternative energy resources will be needed to keep up with India’s growing energy demand, notably in manufacturing and transport
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India’s choices for powering further economic growth, plugging energy gaps, and addressing local air pollution will largely determine the rate of the transition in this region.
Key insights from DNV’s Outlook:
- With increases in population and GDP, the region’s energy demand continues to grow rapidly over the coming decades, with the largest increase coming from manufacturing.
- The share of electricity in final energy demand more than doubles, and by 2050 solar PV will stand at about 37% — the highest such share among all regions.
- The region’s electricity share in final energy demand will almost triple by 2050, comparable to developments in South East Asia and Latin America.
- Despite the rapid growth of renewables, fossil-fuel energy sources will still represent 62% of the energy mix in 2050.
- While electrification materializes much later than in OECD countries and China, the Indian Subcontinent benefits from the evolution of technologies and cost-competitiveness, making renewables cheaper sources of energy than coal.