Research Nester published a report titled “Oil Storage Tank Service Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global oil storage tank service market in terms of market segmentation by product type, material, tank design, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global oil storage tank service market is estimated to occupy a hefty amount of revenue by growing at a robust CAGR during the forecast period, i.e., 2022 – 2030, owing to the expansion of oil storage capacity globally, and rising demand for crude oil in various end user industries. Along with these, surge in government initiatives towards the storage of oil to protect the national economy during energy crisis, and growing investments in development of oil storage facilities are also assessed to drive the growth of the market in the upcoming years.
The market is segmented by product type, material and tank design. Based on product type, the crude oil segment is anticipated to gather the largest share during the forecast period on the back of increasing production of crude oil, and reduction in crude oil prices. Additionally, by tank design, the crude oil segment is projected to grab the largest share over the forecast period attributing to high degree of containment of the product in minimizing risks of a fire incident, and cost-effectiveness of installing fixed roof designs.
Geographically, the global oil storage tank service market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific is evaluated to witness noteworthy growth in the market during the forecast period attributing to the growing oil and gas demand from India and China in the region. Moreover, the market in the Middle East & Africa region is predicted to gather the largest share in the future ascribing to the high refinery throughput and proliferation of oil production.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Expansion of Oil Storage Capacity Across the World to Drive Market Growth
With the ever-increasing demand for crude oil and derivatives, the need for expanding oil storage capacity is also predicted to rise. Suppliers globally are emphasizing on inventories and infrastructure development to meet the growing oil demand, which in turn is anticipated to significantly drive market growth in the near future.
However, high deployment cost of oil storage tank service is expected to operate as key restraint to the growth of the global oil storage tank service market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global oil storage tank service market which includes company profiling of 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, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oil storage tank service market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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