I would like to dispute this. My old 386 had a heatsink the size of a bottlecap. My 286 did not have a heatsink at all and used 120W power supply.
A Pentium 4 had a heatsink the size of a stack of post-it notes.
Modern chips have one the size of your fist. Until 6 or 8 years ago, many GPUs didn't use active cooling. A passive heatsink was normal. 15 years ago, it was common to have no heatsink at all on the GPU.
This pretty well indicates an increase in power use. Heat dissipation is a pretty good indicator of power use.
True, however, PCs can do substantially more today than they could 15 years ago. In terms of power requirements, productivity and efficacy have dramatically increased.
One benchmark test would be to run programs from 15 years ago with a modern PC (assuming the legacy software works properly) and see how much power is being drawn. PCs back in the day didn't have much option for throttling or stages. So really, the big performance upgrade here could be when the computer is idle.
As for the OP's original question, no, I don't believe they will.
We're at a major turning point right now, and I'll explain why. Smartphones and tablets are driving sales for highly efficient, passively cooled hardware. What I would guess is that highly-powerful PCs will become extremely niche (it already has become more and more niche every year). In ~10 years, the
typical home "PC" will simply be a tablet built into desks or folded out from drawers, walls, tables, chairs, etcetera. From there, in maybe ~25 years, interfaced via holographic displays if there's a push for this type of user interaction. The market for server-based services is becoming increasingly more prolific. Essentially I see small-powered, end-user tablets/displays being driven by server farms via internet connection. Your gadgets, appliances, and even your HVAC will eventually be interconnected via the web to a login-based controller system that we'll be able to switch on/off or adjust by cybernetic implants. Of course, that'll be in the next 75+ years; pending legislation and social adoption rate (we're always afraid of change).