India's energy consumption growth at 4.2 per cent annually will be the fastest among all major economies by 2035 and even after an increase in production, the country will remain import-dependant for its energy needs.
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Simultaneously, India will overtake China as the largest growth market for energy by 2030, according to a BP Statistical Review of World Energy.
Among the BRICS countries, India's share of global energy demand would increase to nine per cent by 2035, accounting for the second-largest share with China at 26 per cent, Russia at four per cent and Brazil at two per cent.
"India's demand growth (+129 per cent) is more than double the non-OECD (Organisation for Economic Cooperation and Development) average of 52 per cent and also outpaces each of the BRIC countries as China (+47 per cent), Brazil (+41 per cent), and Russia (+2 per cent)
expand slower," the BP report said.
In India, energy consumption in power generation will more than double (+133 per cent), while energy in transport may grow by 5.8 per cent per year with oil remaining the dominant fuel source in 2035.
Oil consumption in the country will rise to 9.2 million barrels per day (bpd) in 2035 from 4.1 million bpd in 2015. Natural gas consumption is expected to jump to 12.8 billion cubic feet per day (bcfd) from 4.9 bcfd, while coal consumption is projected to more than double to 833 million tonnes.
As for energy sources, the demand for gas is expected to expand by 162 per cent, followed by oil (+120 per cent) and coal (+105 per cent). The demand for renewable energy will soar by 699 per cent, while those for nuclear will go up by 317 per cent and hydro by 97 per cent.
The global demand for energy is expected to increase by around 30 per cent between 2015 and 2035, an average growth of 1.3 per cent per year. However, this growth in energy demand is significantly lower than the 3.4 per cent per-year rise expected in global GDP, reflecting an improved energy efficiency driven by technological improvements and environmental concerns.
The review anticipates China to remain the world's largest market for coal, accounting for nearly half of the global coal consumption in 2035. However, in terms of growth, India is likely to be the largest market, with its share of the world's coal demand doubling from around 10 per cent in 2015 to 20 per cent in 2035. Over two-thirds of India's increased demand for coal is projected to feed into the power sector.
Also, Asia would continue to remain the largest destination for the liquefied natural gas (LNG). China, India and other Asian countries all increase their demand for LNG, helping gas to grow faster than either oil or coal in each of these economies.
