Global energy demand has increased exponentially, resulting in an energy crisis and environmental pollution. The pandemic has fueled the rapid energy demand. Most people got stuck in their homes that further drive the overall energy demand. However, they managed to find the best deal using the Energy Compare Victoria. To fulfill the energy demand, fossil fuels are the most dominating source and continues to be the major source of energy. It is estimated that the demand for energy is expected to increase by 48% in the next 20 years. Fossil fuels meet about 80% of the energy demand. In this context, we will talk about the reasons behind the rising energy demands.
Economic Development- To boost any economy, manufacturing has to be boosted, and manufacturing comes at the cost of energy. Developing countries consume the most electricity, with China leading the way, followed by the USA (Developed Country) and India. The energy demand will rise in developing countries and the consumer can find the best plan using Energy Compare Victoria.
Agriculture- As the world population grows, the demand for agricultural products grows every day. Agriculture involves more intensive farming techniques that require additional energy to power machinery involved in the agriculture process. Once the farm product is ready, food processing, manufacturing, and transport also increase energy demands.
Industry- For economies to thrive, industrialization is needed, and this further requires more energy to stay functional. The global energy demand is increasing, fueled by the rapid growth of the industries. As discussed above, the demand in the developing economies is growing faster, and thus the energy demand is growing. However, the business can find the best deals using Energy Compare Victoria.
Transport- We all travel for a job, business, travel, and other needs. Everything that is involved in transportation needs the energy to operate. Further demands for cars, busses, planes, and trains are going, and we need the energy to manufacture them.
Urbanization- More people are moving to cities, and thus the demand for energy for lighting, cooking, domestic appliances, and heating also increases. Thus, urbanization puts a lot of stress on the energy demands and is one of the major causes behind the rising energy demands.
Wealth- With more people coming out of the middle class, the demand for energy needs is growing exponentially. When people become rich, their standard of life improves, further driving their energy needs. With more and more people becoming financially rich, the energy demand will rise further.
Rising Population- Rapid rise in the population is perhaps the most obvious reason behind the rapid rise in energy demand. The population will continue to grow at an alarming rate, and thus the energy demand will grow further.
The only way to counter the ever-growing energy demand is to ramp up the energy production
process, switch to renewables and invest in nuclear energy. Taking all these steps will help us cater to the world’s energy needs. The other way to reduce energy consumption that we can do by using energy-efficient devices and improving the system that is involved in the transportation of energy.