Albany, NY -- (SBWIRE) -- 01/21/2020 -- According to International Energy Agency's (IEA) Outlook for 2019, despite the record sales of electric vehicles, the demand for conventional fuel continues to rise. These agency also notes that the main demand for consumption did not come from India or China but the United States, wherein gasoline and diesel consumption continues to lead. A sizable portion of the portion also came from LPG and ethane, and naptha. The rising demand for petroleum feedstock is becoming increasingly important in today's world.

According to TMR analysts, the fuel dispenser market is expected to exhibit growth on similar lines. The market stood at US$1.83 bn. It is expected to progress at a notable CAGR of 2.40% to touch US$2.26 bn by 2024 end. The total units of fuel dispenser systems will reach nearly 295,521 over the same time period.

The growth shouldn't be surprising to many as rising urbanization across the world, and growth of CNG vehicles apart from large hordes of petrol, and diesel vehicles are witnessing an expansion in new regions. The growing affluence in new regions like Asia Pacific, and Middle East & Africa will drive more growth during 2018-2026 period. Moreover, technological advancements in fuel dispenser technology are expected to drive more lucrative prospects in the near future.

Petrochemicals Promise an Investment in The Future

While demand for oil in conventional economy continues to rise, the electric vehicles future is likely to take sometime after 2040. IEA estimates predict that the by 2040, 50% of cars will be electric. This will include most urban buses, and, the aviation and shipping sector also continue to accelerate move towards biofuels. Today the aviation and shipping sector consumes over 2 million oil barrels of biofuels. Among this worrying trend about long-term, the petrochemical promise a much brighter future for the fuel dispenser market. According to IEA estimates, the demand for oil as a feedstock will double to 3 mb per day by 2040. This trend takes into account rising rate of plastics which is a challenge for the growth.

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Low-Carbon Hydrogen Witnesses Surge in Interest

Low-carbon hydrogen is witnessing a major surge in interest as it promises more versatility in applications. These include heating, transport, or conversion to electricity. The hydrogen similar to conventional fuels can also be dispensed using traditional dispenser within 3-5 minutes to vehicles. The current challenge in the production of low-carbon hydrogen is its production costs, which stands at USD$12-25 per million British thermal units (MBTu). On the other hand, the cost for natural gas stands at $3-10/MBTu. However, the applications of low-carbon hydrogen can be hard to ignore. It promises a sustainable renewable-based electricity by providing a long term storage option, and dispatchable units. IEA predicts that scenario with scaling up of hydrogen in future, and infrastructure used for natural gas transportation will drive down costs to open new venues for growth.