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Two Sectors Of Energy Market To Drive Oil Demand In 2024
By Shubhendra Anand , 15 July, 2024
The oil industry experiences growing demands from different sectors in the market. Geopolitical issues are affecting oil transportation, leading to oil market fluctuations in 2024. According to market observations, the oil market may experience increasing demand in the middle of 2024. However, the clean energy transition is a hurdle for the oil market. Due to the fast transition pace in the energy market, there is a low demand for conventional energy. However, research suggests that oil demand may grow again in 2024 due to insufficient renewable energy sources to meet consumer demand. Surveys in 2024 indicate that two significant sectors in the energy market driving the conventional fuel demand are transportation and static sectors (such as agriculture, petrochemicals, and others).
Based on a survey, the demand graph for oil in the next five years is estimated to grow exponentially. The graph shows an upward trajectory due to uniform demand for the duel in 2024 despite clean energy transitions. The renewable energy sector needs to advance technically in order to support the energy system economically. Insufficiency in green energy sources will lead to the demand for fuel in 2024. According to surveys, the transportation sector is driving the fuel demand. Electrification in road transport is gaining momentum while the pace is slow. This is due to a lack of charging infrastructure, low consumer acceptance, high prices of electric vehicles, and other factors. Simultaneously, stationary sectors like petrochemicals will likely increase in the upcoming years. Hence, it will lead to a growing demand for plastics again due to the downfall of economies. Studies show that industrial uses, construction, agriculture, power, and others lead to 2.3 percent of global oil demand in 2024.
Therefore, it shows that oil demand will also maintain its position in the market in the upcoming years. However, other market sectors must adopt clean energy sources for effective green energy transformation.
Oil Demand Scenario Till 2028
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Shubhendra Anand
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