On the basis of geographical analysis, the global oil storage tank service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing oil and gas demand from India and China, and growing investments in offshore and onshore operations in the region. Moreover, the market in the Middle East & Africa is anticipated to gather the largest share during the forecast period owing to the high refinery throughput and proliferation of oil production in the region. About 40 percent of crude oil globally is produced by majority of Middle Eastern states or the Organization of the Petroleum Exporting Countries (OPEC) as of September 2021. Saudi Arabia is the largest producer, accounting for more than 12 million barrels per day. In addition, rising demand for petroleum and distillates in industrial and commercial sectors is also projected to boost market growth in the region in the coming years.
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The global oil storage tank service market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global oil storage tank service market includes the following segments:
By Product Type
By Tank Design
May 2021- Mistras Group joined Engineering Equipment and Materials Users Association (EEMUA) as an associate to extend the company’s operations in the UK, Netherlands, Belgium, Germany and France.
May 2020- As all the onshore storage options in India ran out, refiners devised a unique way for storing cheap oil by using floating storage method. State-run and private processors now hold 7 million tons of oil in on-board tankers out at sea.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are expansion of oil storage capacity globally, and increasing demand for crude oil in various end user industries.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing oil and gas demand from India and China, and growing investments in offshore and onshore operations in the region.
Ans: The major players in the market are John Wood Group PLC, MISTRAS Group, Inc, NCH Corporation, Oil Field Warehouse & Services Limited, System Kikou Co., Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, material, tank design, and by region.
Ans: The fixed roof segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Ans: High cost of deploying oil storage tank service is estimated to hamper the market growth.