Oil Storage Tank Service Market - Regional Analysis
North American Market Insights
North America industry is poised to account for largest revenue share of 35% by 2035, The growth of the market can be attributed majorly to the increasing number of oil storage tanks in the region owing to rising government initiatives to prevent future crises. The past experiences of the U.S. in 1970 when the petrol supply from the Gulf cost is completely stopped as the U.S. supported Israel in the Yom Kippur War and this made Americans conscious about the fuel crisis to build many underground fuel tanks. Also, the U.S. is the largest oil storage region with Strategic Petroleum Reserve maintained for emergencies. The increasing presence of many inventories and refineries in the region during the forecast period is also estimated to fuel market growth. The increasing refinery capacity in the Gulf Coast of Mexico is estimated to hike the market growth. The rising industrial sector in the region that increases the consumption of oil for the working of machinery across the region is driving the market growth. According to the estimations, more than 6 billion barrels of crude oil reserves were located in Texas as of 2020.
APAC Market Insights
The Asia Pacific oil storage tank service industry is estimated to be the second largest, registering a share of about 27% by the end of 2035. The growth of the market can be attributed majorly to the increasing presence of huge petroleum reserves and crude oil resources in the region. The growing investment in petrol stations and pumps with increasing transportation in the region. The growing petroleum reserves in Saudi and other Gulf Nations are propelling the market growth. The presence of many oil-producing countries in the region along with growing fossil fuel demand is propelling the market growth in the region. As per the market analysis, the market growth is also attributed to the increasing imports and exports in the region. The rising transport to the marine industry to generate electricity and other power supply is driving the market growth during the forecast period. The increasing adoption of personal vehicles for transport is driving the use of oil in the region thereby propelling the market growth.
Europe Market Insights
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing initiatives to prevent environmental pollution caused by greenhouse gasses and prevent global warming. Also, the increasing oil storage industries in the region and increasing imports from across the world to meet the demands are projected to hike the market growth. The rising demand for petroleum products with the growing transportation sector is driving market growth in the region. The increasing use of oil in military and arm forces for manufacturing and production of weapons is estimated to propel market growth. Increasing investment in storage capacity construction and new pipelines in the region is fueling the market growth. Reducing the reliance on other countries such as Russia for oil and natural gas in coming years is estimated to increase the building of new storage tank facilities. The increasing consumption of oil for vehicles, power generation, and heating buildings is estimated to hike market growth.
