Oil Storage Market Growth Trajectory Through 2024-2033

Spread the love

The Oil Storage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Oil Storage Market:

https://www.thebusinessresearchcompany.com/report/oil-storage-global-market-report

According to The Business Research Company’s Oil Storage, The oil storage market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%.  The  growth in the historic period can be attributed to emerging markets growth, rise in investment for oil and gas exploration in developing countries, surge in oil and gas exports.

The oil storage market size is expected to see strong growth in the next few years. It will grow to $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.  The growth in the forecast period can be attributed to government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products. Major trends in the forecast period include focusing on using the internet of things (iot), increasing investments, and product innovations.

The increase in the demand for crude oil supply is expected to propel the growth of the oil storage market. Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users. The increase in demand for crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas. As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage. For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=6694&type=smp

The oil storage market covered in this report is segmented –

1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs

2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)

3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials

Companies in the oil storage market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in September 2022, Axiom Equipment Group, a Canada-based Industrial equipment supplier, launched the Mega tank fuel storage tank with 1000L, 2000L, and 3000L capacity options. Built double-walled with bi-directional forklift pockets and lifting brackets, a removable inner tank, an extra-large compartment area, and the ability to dispense fuel to three pieces of equipment simultaneously, the Mega tank will help reduce the risks of downtime while becoming more cost-efficient operationally.

The oil storage market report table of contents includes:

 

  1. Executive Summary
  2. Oil Storage Market Characteristics
  3. Oil Storage Market Trends And Strategies
  4. Oil Storage Market – Macro Economic Scenario
  5. Global Oil Storage Market Size and Growth

.

.

.

  1. Global Oil Storage Market Competitive Benchmarking
  2. Global Oil Storage Market Competitive Dashboard
  3. Key Mergers And Acquisitions In The Oil Storage Market
  4. Oil Storage Market Future Outlook and Potential Analysis
  5. Appendix

Top Major Players:

  • NOV Inc
  • Chemie Tech
  • Shawcor Ltd
  • CST Industries
  • PermianLide (Permian Tank)

Contact Us:

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 88972 63534

Americas: +1 315 623 0293

Email: [email protected]

 

Follow Us On:

LinkedIn: https://in.linkedin.com/company/the-business-research-company  

Twitter: https://twitter.com/tbrc_info  

Facebook: https://www.facebook.com/TheBusinessResearchCompany  

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ  

Blog: https://blog.tbrc.info/  

Healthcare Blog: https://healthcareresearchreports.com/  

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model


Spread the love

About Top PR News

TopPRnews Leads Drives Search Engine Visibility For Your Press Release Content. Our Global Network Reaches Important Contacts, Media Partners And Websites And Journalists. Happy Postings! If You Have Any Queries Please Contact Official Mail At [[email protected]}

View all posts by Top PR News →