Electricity’s share of total global energy demand will more than double to 45% by 2050, with a rapidly expanding fleet of renewable energy plants accounting for an estimated 80% of production worldwide, according to DNV GL’s Energy Transition Outlook (ETO) 2018 report.

Rapid worldwide electrification will be driven by rising demand in the buildings, manufacturing and transport sectors, not least due to an uptake of electric vehicles (EVs) that will continue to “escalate rapidly” with 50% of all new cars sold in 2027 in Europe expected to be EVs, a market penetration dueto be reached globally by 2033.