The rapid expansion of artificial intelligence technologies is reshaping global energy markets, as data centers become increasingly significant electricity consumers. Data compiled by Goldman Sachs indicates that, by 2030, data centers worldwide are expected to use 165% more power than in 2023.
Goldman Sachs’ analysis highlights a sharp increase in U.S. data center construction expenditures, which have tripled over the past three years. This surge reflects aggressive efforts by large tech companies to establish the infrastructure necessary to support more powerful AI systems.
In 2024, data centers accounted for roughly 415 terawatt-hours (TWh) of electricity usage—equivalent to approximately 1.5% of the world’s total power demand—according to the International Energy Agency (IEA). The IEA notes this sector’s electricity usage has been escalating at an average annual rate of 12% over the past five years.
The IEA’s Base Case scenario projects that data centers’ global energy use will climb to around 945 TWh by 2030. This figure would nearly double today’s consumption and represent just under 3% of global electricity demand in that year. While this growth far outpaces that of other sectors, with a projected compound annual growth rate of roughly 15% from 2024 through 2030, data centers would still comprise a modest share of the world’s overall electricity consumption.
Notably, Bloomberg’s research paints an even starker picture for the longer term. Their data suggest that, by 2035, data centers could draw as much as 1,600 TWh of electricity, or 4.4% of the projected global total. That would be about a 285% increase from 415 TWh in 2024. This would position data centers as the world’s fourth-largest electricity user, trailing only China, the United States, and India.
Regionally, Bloomberg’s figures project the United States as the primary consumer of energy for data centers by 2035, with China and Europe closely following. Japan and South Korea are grouped in the fourth position, ahead of India, and then Southeast Asia.
