The power sector is by far the largest market for gas in the world, accounting for 40% of total demand in 2014, according to the International Energy Agency (IEA). The IEA expects power to remain the biggest driver of gas demand growth, adding roughly 750 Bcm to global gas consumption by 2040 – but the agency also warns this growth is vulnerable to competition from other power sources.
Competition from renewables, in particular, will continue to intensify. Gradually decreasing costs are making renewable energy more affordable – overall solar costs, for example, have declined by roughly 15%/year over the last eight years, and Deutsche Bank anticipates a further 40% cost reduction over the next four to five years.
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