Oil Storage Tank Service Market Trends

  • Report ID: 3806
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Oil Storage Tank Service Market Trends

Growth Drivers

  • Rising Oil Consumption with Increasing Automotive Vehicles on Road – The increasing adoption of automobiles across the world for convenience and comfort of the person is estimated to propel the market growth. The rising disposable income and living standards of people are also propelling the growth of automobiles in the coming years thereby driving the market growth during the forecast period. As of 2021, the total consumption of oil or gasoline by vehicles was reported to be more than 8.5 million barrels per day that were more than 40% of the total petroleum consumption in the U.S.
  • Increasing Demand for Crude Oil in Various End User Industries – The worldwide demand for oil as of 2023 was set to reach 2 million barrels per day with more than half the profit from China.
  • Rising Utilization of Fuel in the Aviation Sector for Engines – The consumption of jet fuel by domestic flights in the year 2020 July as per the estimations was reported to be 70% rising from the base of 55% in January.
  • Growing Transportation Sector with Rising Passenger and Goods Transport – The value of public transportation in the world was projected to reach over 290 billion by the end of 2028 according to the reports.
  • Increasing Imports and Exports around the World with Rising E-commerce – The net value of exports and imports in the world as of 2020 was shown to be 19,240,000 million and 17, 230,000 million respectively.

Challenges

  • High Cost of Deploying Oil Storage Tank Service
  • Property and Environmental Damage When Met with Fire – The presence of oil storage tanks in any location is highly hazardous as it leads to an explosion, asphyxiation, entrapment, falls, fire accidents, and others. Also, the physical and chemical harms caused by the steam, heat, noise, electric, and cold shocks are estimated to hamper the market growth.
  • Can Contaminate Drinking Water and Underground Water Bodies

Oil Storage Tank Service Market: Key Insights

Electricity-Consumption Graph

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.

Base Year

2024

Forecast Year

2025-2037

CAGR

5.60%

Base Year Market Size (2024)

USD 14.49 billion

Forecast Year Market Size (2037)

USD 29.42 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Dhruv Bhatia


  • Report ID: 3806
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of oil storage tank service is estimated at USD 15.82 billion.

The oil storage tank service market size was over USD 14.49 billion in 2024 and is anticipated to cross USD 29.42 billion by 2037, growing at more than 5.6% CAGR during the forecast period i.e., between 2025-2037. The market growth is due to expansion of oil storage capacity globally, and increasing demand for crude oil in various end-user industries.

North America industry is poised to account for largest revenue share of 35% by 2037, propelled by rising government initiatives to prevent future crises.

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
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