Oil Storage Tank Service Market Size

Oil Storage Tank Service Market size was over USD 13.72 Billion in 2023 and is projected to reach USD 27.51 Billion by the end of 2036, witnessing around 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of oil storage tank service is assessed at USD 14.4 Billion. The growth of the market can be attributed to the increasing need for storage tanks to prevent an energy crisis in the future. Also, the rising consumption of fossil fuels in industries is estimated to boost the market growth. The total fossil fuel consumption in the year 2020 was 129,000 terawatt-hours as per the estimations which were over 90 million barrels per day globally.

In addition, the increasing need for distribution channels and refineries around the world is estimated to rise the need for an oil storage tank market. As per the estimations, more than 3 billion barrels of crude oil are stored in oil tanks across the world as of 2020. The growing demand for petroleum products for various uses is also estimated to hike the market growth during the forecast period. The demand for crude oil across the world in 2020 was reduced to 90 million during the COVID-19 disruption but was projected to reach more than 96 million barrels per day in 2021 with rising demand.