The data traffic in wireless networks is steadily growing. The long-term trend follows Cooper's law, where the traffic is doubled every Two-and-a-half year, and it will likely continue for decades to come. The data transmission is tightly connected with the energy consumption in the power amplifiers, transceiver hardware, and baseband processing. The relation is captured by the energy efficiency metric, measured in bit/Joule, which describes how much energy is consumed per correctly received information hit. While the data rate is fundamentally limited by the channel capacity, there is currently no clear understanding of how energy-efficient a communication system can become. Current research papers typically present values on the order of 10Mbit/Joule, while previous network generations seem to operate at energy efficiencies on the order of 10 kbit/Joule. Is this roughly as energy-efficient future systems (5G and beyond) can become, or are we still far from the physical limits? These questions are answered in this paper. We analyze a different cases representing potential future deployment and hardware characteristics.