Our House View Report
September 2025
Accelerating transition
amid oil and gas resilience
Rystad Energy’s integrated outlook on energy market fundamentals
Our House View Report delivers a clear, independent perspective on the future of global energy markets, including our assessment of how we believe the global energy system will evolve in the next 15 years. It synthesizes our outlook on demand, technology, policy, and macroeconomic drivers to outline the most likely trajectory of the energy transition and its implications for global markets. Combining robust data, scenario analysis, and expert insights, this report empowers you to navigate market risks, identify opportunities, and make confident strategic decisions.
The transition is accelerating but is also uneven: oil and gas remain essential, renewables surge, coal fades, and electricity takes center stage. Energy demand keeps growing and is moving toward a more efficient, low-carbon future, driven by the forces of competitive markets. Protectionism is a downside risk to the transition.
Claudio Galimberti | Chief Economist, Rystad Energy
Key highlights
Electrification becomes a cornerstone of the energy transition
The next 15 years will see the energy system shifting gradually from molecules to electrons. As the global economy plugs into grids increasingly fed by renewables, end-use efficiency rises and the carbon footprint falls.
Oil and gas remain central while coal enters a structural decline
Oil peaks in the early 2030s due to EVs and then plateaus as aviation, shipping, petrochemicals, and heavy industry continue using liquids. Gas grows well into the 2030s —balancing renewables-heavy grids and serving industry. Coal enters structural decline as renewables and gas outcompete it.
Solar, wind and batteries drive decarbonization in the power sector
Solar and wind are the fastest-growing energy sources and are on track to supply nearly half of global power by 2040, even as electrification lifts demand. Battery storage expands more than eightfold, shifting surplus solar/wind across hours and firming the grid—cutting reliance on peaking plants.
Get the Full Picture: Download the first edition of our House View Report (condensed version)
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