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