Global energy demand is projected to increase by 20% by 2055, rising from 641 exajoules (EJ) in 2024 to 768 EJ, driven by population and economic growth, according to Abubakar Abbas, senior energy forecast analyst at the Gas Exporting Countries Forum (GECF).
Speaking at the Energy Finance Forum during African Energy
Week 2026 in Cape Town, Abbas said natural gas and renewable energy would
account for a significant share of future demand growth, creating investment
opportunities across gas production, infrastructure and international trade.
Natural gas is expected to play a growing role in power
generation by providing reliable and flexible supply as renewable energy
capacity expands. The share of gas demand attributed to power generation is
forecast to rise from 35% in 2024 to 39% by 2055, while demand for residential
applications, including heating, is expected to decline.
The changing energy mix is also expected to reshape global
gas trade, with liquefied natural gas (LNG) playing a greater role in
connecting producing regions with international markets. North America,
Eurasia, the Middle East, Africa and Latin America are expected to contribute
to future supply, while demand growth is anticipated across several regions,
including Africa and the Middle East.
Abbas highlighted the scale of investment required to meet
projected consumption, noting that 86% of global natural gas production by 2055
is expected to come from fields that are not currently producing. This will
require accelerated exploration, resource development and project execution.
Africa alone will need an estimated $1 trillion in
cumulative investment across the natural gas value chain to develop resources
and supporting infrastructure, he said. The funding requirement presents
opportunities for upstream operators, infrastructure developers and financial
institutions as countries seek to expand production, improve domestic energy
supply and increase exports.
Meanwhile, demand for more carbon-intensive fuels such as
coal is expected to decline as natural gas and renewables assume greater roles
in meeting global energy needs. Abbas said this transition would also support
sustainability objectives and efforts to address energy poverty.
The projections underscore the need for sustained investment in new gas developments and infrastructure to meet future demand and strengthen energy security. -OGN/TradeArabia News Service