SMM PV News: IEA Forecasts Strong Global Electricity Demand in 2026-2027; Solar PV to Rank 2nd in Renewables

Published: Jul 24, 2026 11:45 (GMT+8)

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The IEA released a report on July 23 stating that despite recent Middle East conflicts disrupting global natural gas markets and elevating power generation costs, global electricity demand is projected to maintain rapid growth in 2026-2027, fueled by sustained demand from industry, household appliances, cooling, electric vehicles, and data centers. The report forecasts global electricity demand growth of 3.6% in 2026 and 3.8% in 2027, both exceeding the 3% growth recorded in 2025. Global electricity consumption is expected to reach 30,700 TWh by 2027. Renewables are projected to surpass coal as the world's largest power source in 2026. Solar PV generation is set to increase by approximately 600 TWh in 2026, with PV expected to overtake wind and become the world's second-largest renewable power source after hydropower.

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