The global energy consumption sector grew to a value of just over $9.1 trillion in 2015, with Asia-Pacific (APAC) emerging as the largest regional market, and accounting for more than 50% of the global market’s value, according to MarketLine.
The company’s report shows that China and the US form the two largest national energy consumption markets, valued at $2.7 trillion and $1.2 trillion, respectively. China, however, is expected to continue growing at a fast pace, while growth in the more mature US market is forecast to be moderate.
Mohammad Hamza Iqbal, Analyst for MarketLine, states that: “While the compound annual growth rate (CAGR) for the global market stands at a healthy 5.2% for the period between 2011 and 2015, this figure masks significant variations in regional markets. Europe, for example, witnessed a meager CAGR of 0.2% during this period, whereas the APAC market grew at a strong CAGR of 6.2%.”
Forecasts to 2020 suggest that trends within the global energy consumption market should remain more or less the same, with the APAC region expected to witness notably strong growth, at a CAGR of 6.1%. Europe is likely to see its CAGR increase slightly to 0.6%, and the CAGR for the US is forecast to land at a stable 1.8%.
In terms of segmentation, MarketLine’s report shows that ‘oil and oil products’ was the largest segment in the global energy consumption market, accounting for 37.5% of its total volume. A fall in crude oil prices is likely to ensure this segment remains the largest in the global market in the coming years.
Regional variations exist as far as segmentation is concerned, with ‘electricity and heat’ forming the largest segment in the Hong Kong and Scandinavian markets, for example. In contrast, ‘oil and oil products’ dominated in the Japanese and North American markets.
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