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India will see tremendous growth in the energy sector by 2040

India will overtake the European Union (EU) in energy consumption by the end of this decade. According to International Energy (IEA), by the year 2030, India will surpass the European Union and become the third largest energy consumer in the world. According to the IEA estimates, India will see tremendous growth in the energy sector in the coming two decades. According to a report called India Energy Outlook 2021, the global agency has said that India’s primary energy consumption has almost doubled and is expected to reach $ 8.6 trillion by 2040. Currently, India is the fourth largest energy consumer in the world, while the European Union stands at third position.

According to this report, energy demand in India will increase to about a quarter of the world during 2019-40, which will be the highest for any country. Renewable energy will also play a very important role in this. By 2040, India’s power system will overtake the European Union and go far ahead. India will leave the EU far behind in electricity generation. Renewable energy will account for about 30 percent of it. Renewable energy means creating energy using natural sources. These also include solar and wind energy. In the coming years, India will emerge as a major market for the use of natural gas. By the year 2040, its demand is expected to increase threefold.

A major reason for India’s being so ahead in energy has also been considered due to industrialization in India. According to the report of the International Energy Agency, its phase in India will not only continue but will pick up speed. In the last three decades, India has contributed ten percent to the global growth rate. By the year 2040, it will increase to 20 percent. It is also expected in this report that India will move ahead in steel production. Similarly, the demand for oil in India is expected to increase to 74 percent. It can reach about 9 million barrels per day. Similarly, by the year 2040, natural gas will be 201 billion cubic meters and coal demand will be around 772 million tonnes which is currently 590 tonnes. India will have to purchase biofuels from outside to supply this growing demand.

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