Global Oil Storage Tank Service Market Highlights 2022 – 2030
The global oil storage tank service market is estimated to garner a hefty revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the expansion of oil storage capacity across the globe, and increasing demand for crude oil in various end user industries. As of March 2020, combined capacity of onshore crude oil storage in the world was calculated to be more than 1.5 billion barrels. Whereas, capacity worth more than 7 billion barrels is already used for storing onshore and floating crude oil.
Along with these, growing government initiatives towards the storage of oil to protect the national economy during energy crisis, and escalating investments in development of oil storage facilities are also expected to drive market growth in the forthcoming years. Furthermore, oil storage tank provides protection from short term supply fluctuations of crude oil and its derivative. This in turn is projected to offer profitable opportunities for market growth in the near future.
The market is segmented by product type into aviation fuel, gasoline, middle distillates, and crude oil, out of which, the crude oil segment is anticipated to hold the largest share in the global oil storage tank service market. This can be accounted to the growing production of crude oil. Apart from these, declining crude oil prices is also predicted to drive the growth of the market segment as consumer only stores large volumes of oil when the prices are low. Additionally, on the basis of tank design, the fixed roof segment is predicted to acquire the largest share during the forecast period owing to the high degree of containment of this type of tank in minimizing risks of a fire incident, and low cost of installing fixed roof designs. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Oil Storage Tank Service Market Regional Synopsis
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.
The global oil storage tank service market is further classified on the basis of region as follows:
Our in-depth analysis of the global oil storage tank service market includes the following segments:
By Product Type
By Tank Design
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are expansion of oil storage capacity globally, and increasing demand for crude oil in various end user industries.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
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.
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.
The market is segmented by product type, material, tank design, and by region.
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.
High cost of deploying oil storage tank service is estimated to hamper the market growth.
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.
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