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%.”