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(1) Waning reliance on hydrocarbons to achieve carbon sequestration to increase dependence on naturally sourced fuels NEW YORK, NY / ACCESSWIRE / March 9, 2021 / Decelerated primary energy consumption in 2019 amid growth in carbon emissions limited uptake of fuel storage containers for conventional fossil fuels, projects a new edition of consulting firm Fact.MR s report on the market. Although oil & gas output remained sluggish throughout 2020, demand for fuel storage containers remained high as inventory pile up prompted companies to invest in storage infrastructure. According to Fact.MR, the market is poised to expand at over 4% CAGR through 2031, experiencing 1.5x growth. While reliance on fossil fuels will continue, demand for low-carbon hydrogen is expected to further uplift growth prospects. As per the International Energy Agency, production of low-carbon hydrogen is poised to increase to 0.55 million tons per year by 2021-end, compared to 0.46 million tons per year in 2020.

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