global electricity demand is set to decelerate this year due to the effects of the energy crisis and economic slowdown in advanced economies before picking up again in 2024 according to the international energy agency data from the ieas market report released on wednesday has shown that overall electricity demand is expected to increase by less than 2 this year down from a 23 rate in 2022 demand is forecast to fall by 3 in both japan and the european union and by almost 2 in the united states still the iea said worldwide demand should rebound to 33 next year with renewables accounting for more than onethird of the global electricity generation share the worlds need for electricity is set to grow strongly in the years to come said keisuke sadamori the ieas director for energy markets and security and were encouraged to see renewables accounting for a rising share of electricity generation resulting in declines in the use of fossil fuels for power generation according to the iea demand will still be supported by the electrification of energy systems the increasing use of indoor cooling systems due to rising temperatures as well as demand growth in emerging and developing economies