The world runs on oil and gas now, but it won't for long, according to a study by the research firm Wood Mackenzie that estimates a global shift from fossil fuels to renewables by 2035.

By then, the world will rely more on electric vehicles, wind power and solar power than gasoline-powered vehicles or fossil fuel-based electricity, according to Wood Mackenzie.

The tipping point will come when new technology reaches 20 percent of market share, a sweet spot that reflects new consumer preferences and supply chains reaching a point of maturity.

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"That's when the transition has ended," said Prajit Ghosh, head of global strategy of power and renewables for Wood Mackenzie.

Today, about 8 percent of power produced in the United States comes from renewable sources, chiefly wind and solar. In Texas, about 30 percent is from renewable sources.

Ghosh predicts that the renewables industry will grow 6 percent to 7 percent a year for the next two decades to accommodate new demand, far eclipsing other sources of power.

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Natural gas will likely grow between 1.5 percent and 2 percent a year over the next 20 years, he said, while oil will grow up to 1 percent a year during that time. Demand for coal, which peaked about five years ago, will likely remain flat.