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.
System Kikou Co., Ltd. was awarded an order for Crude Oil Washing (COW) cleaning work of 15 large crude oil tanks in total from Mutsu-Ogawara Oil Storage Co., Ltd. scheduled for one year of service which ends in 2022.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 3806
Published Date: Apr 26, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
The major factors driving the market growth are an expansion of oil storage capacity globally, and increasing demand for crude oil in various end-user industries.
The market size of oil storage tank service is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2035
High cost of deploying oil storage tank service and increasing the risk of fire accidents, and other chemical and physical harms are estimated to be the growth hindering factors for the market expansion.
The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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., Veolia Environnement S.A., SUEZ Group, China Oil HBP Group, SP Nanibame, Petroleum Sarawak Berhad, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines 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 garner the largest market size by the end of 2035 and display significant growth opportunities.