Thought leadership

Future Forces 2023: The megatrends shaping the energy industry

Motion of energy power

    Geopolitical and geoeconomic factors-for example, deglobalisation, economic sanctions and a renewed emphasis in many countries on achieving energy security have changed markets for the foreseeable future.

    The more immediate changes arise in the context of an increasing push behind the energy transition from fossil fuels to renewables. Industry executives know their businesses need to enable and preferably lead that transition while ensuring they can meet existing energy needs in developed and developing countries alike.

    Energy firms' ability to achieve that, and to deliver on their top and bottom line growth objectives over the long term, hinges on a number of factors. These include making investment decisions about technologies that will help reduce carbon emissions and securing the talent needed to work effectively with those technologies.

    Some key takeaways

    • Recent geopolitical factors have renewed energy security concerns globally. The surveyed executives say that national security is the topmost geopolitical and macroeconomic concern facing their businesses.
    • Technological advances, such as battery storage and renewable energy technologies (43%) are already key enablers of the net zero transition.
    • Energy executives see the largest business opportunity coming from fast-changing cities (48%), due in part to rising urban demand for energy and associated innovative solutions.

    "One of the key evolutions of the energy transition has been the broadening of the understanding that it’s not just a problem for the energy industry. The energy transition is a trend that impacts everyone who, directly or indirectly, consumes energy."

    Michael Burns, Partner

    Michael Burns, Partner in London office

    Thought leadership

    Industry perspective: Energy

    Learn about the impact of the megatrends on energy businesses.


    Thought leadership

    Future Forces 2023 Report

    In collaboration with Economist Impact, our analysis has identified six megatrends - powerful forces believed to have the potential to change the global economy, business and society in the next decade.

    Find out more

    The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
    Readers should take legal advice before applying it to specific issues or transactions.


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