Gas exporting countries forum forecasts 20% growth in global energy demand by 2055

Global energy demand is projected to increase by 20% by 2055, rising from 641 exajoules in 2024 to 768 EJ, driven by economic and population growth. Abubakar Abbas, the senior energy forecast analyst at the Gas Exporting Countries Forum, said this  at the Energy Finance Forum during African Energy Week 2026 in Cape Town.

Mr Abbas said renewable energy and natural gas are expected to account for much of the anticipated growth, creating significant opportunities for investment in new gas developments and supporting infrastructure.

As natural gas is expected to play an increasingly important role in power generation, providing reliable and flexible supply as renewable energy capacity expands, Mr Abbas said, “The share of global natural gas demand attributable to power generation is projected to increase from 35% in 2024 to 39% by 2055, while the share used for residential purposes, including heating, is expected to decline.”

He also pointed out that LNG’s share of power generation “is projected to increase from 35% currently to 39% by 2055, while its share of demand for domestic use and heating is expected to decline”.

The statement explained that the growth in demand will reshape global gas trade, with LNG expected to play a greater role in connecting producing regions with international markets.

It noted that North America, Eurasia, the Middle East, Africa and Latin America are expected to contribute to future supply, while demand growth is anticipated across the Middle East, Eurasia, North America and Africa over the next three decades.

Mr Abass, while highlighting the importance of investment and financing in developing new projects, stated that “86% of global natural gas production by 2055 is expected to come from fields that are not currently producing, underscoring the need to accelerate exploration, resource development and project execution”.

He pointed out that Africa would need an estimated $1 trillion in cumulative investment across the natural gas value chain to develop new resources and supporting infrastructure.

Mr Abbas explained that “demand for more carbon-intensive fuels, such as coal, is expected to decline, while natural gas and renewable energy are projected to play increasingly important roles in meeting future energy requirements”.

He added that this transition will be critical to advancing global environmental and sustainability goals, including efforts to eradicate energy poverty.