Press release
Oil Storage Market size in 2017 was over 1 billion cubic meters and is predicted to grow over 3% by 2024
Increasing investments toward the development of additional storage capacity from refineries to cater the increased demand for high value-added products will propel the market. For instance, in 2017, Klaipeda terminal announced to invest USD 42.9 million to construct six refined oil storages with a capacity of 20,000 cubic meters. Positive outlook toward refurbishment and construction of refinery units will further propel industry growth.
The U.S. market size is anticipated to witness an appreciable growth on account of abundant O&G reserves along with ongoing development of unconventional hydrocarbon resources. According to the Energy Information Administration (EIA), production from unconventional oilfields accounted for over 50% of the total U.S. crude output in 2017.
Request for Sample Copy of this research report @ https://www.gminsights.com/request-sample/detail/803
Aviation fuel in 2017, accounted for over 10% of the overall market. Introduction of several regional connectivity schemes along with growing demand for aviation fuels will propel the industry landscape. According to International Energy Agency (IEA), over 3.5 billion passengers travel annually by commercial planes worldwide. Rapid economic growth coupled with expanding middle-class base, primarily across Asia Pacific will further complement the business outlook.
Abundant natural resources along with growing initiatives toward the exploration and development of undeveloped reserves will fuel the Indonesia market. In 2017, Indonesia held proven reserves of over 150 tcf of natural gas and 7 billion barrels of oil. Introduction of production sharing contracts and tax schemes to support petroleum investments will further strengthen the industry growth.
Growing concerns over maintaining hydrocarbon inventory stock and protecting country’s economy in an energy crisis will stimulate the strategic petroleum reserve oil storage market. In July 2017, Vietnam announced to invest USD 6 billion to construct strategic petroleum reserves by 2020.
Floating roof tank oil storage market is predicted to grow over 3% by 2024. Ability to offer minimized petroleum product losses and lower Volatile Organic Compounds (VOC) emissions will strengthen the product adoption. These tanks are suitable to store medium and low flash point products including aviation fuel, crude, and other middle distillates.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/803
Europe oil storage market is anticipated to witness growth over 2% by 2024. Growing petroleum trade movement along with increasing merger and acquisition activities among the major companies will augment the industry landscape. In February 2017, Crédit Agricole Assurances acquired 40.1% share of MSSFH, a subsidiary of Pisto to expand its market share in France.
Industry participants across the oil storage market include ZCL Composites, Superior Tank, Synalloy (Palmer), Waterford Tank & Fabrication, Synder, L.F. Manufacturing, Tianjin Anson International Company (TICO), Roth, Hydrotherm Engineering Services, Denali, Vopak, CST Industries, Ergil, Elixir and Sri Ranga Industries.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://gminsights.wordpress.com
Explore Our Blog @ http://algosonline.com/news
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Oil Storage Market size in 2017 was over 1 billion cubic meters and is predicted to grow over 3% by 2024 here
News-ID: 1105093 • Views: …
More Releases from Global Market Insights, Inc.
Rare Sugar Market Top 3 Trends, Covid-19 Outbreak, Factors Driving, Threats, Cha …
Rising awareness regarding health & fitness and the subsequent shift in consumer trends towards low-calorie sweeteners will boost rare sugar market share over the forecast spell. Recent years have marked a steady rise in the prevalence of cardiovascular ailments, diabetes, and obesity, among other chronic conditions, which have triggered a massive change in consumer perceptions towards health.
This in turn has led to a surge in demand for various functional foods…
Global Selenium Yeast Market Industry Assessment, Trends, Competitive Landscape, …
The selenium yeast market is anticipated to register substantial gains on account of rising inclination towards organic additives in animal nutrition, with an aim to improve livestock health and production. Consumers are steadily becoming aware of the downsides associated with using synthetic additives. As a result, they are preferring selenium yeast feed grades over other counterparts to provide balanced nutrition to their livestock.
According to Global Market Insights Inc estimates…
Power Distribution Component Market Share, Size, Trends by 2025 | Leading Key pl …
Global Power Distribution Component Market Report offers market overview, segmentation by types, application, countries, key manufactures, cost analysis, industrial chain, sourcing strategy, downstream buyers, marketing strategy analysis, distributors/traders, factors affecting market, forecast and other important information for key insight.
Request a sample of this research report @ https://www.gminsights.com/request-sample/detail/3091
Voltage rating have acted as a standard industry protocol toward the installation of power components reliant on regulatory preference, deployment areas, and the group…
Prenatal Vitamin Ingredients Market New Entrants, Risk Factors, Market Expansion …
The rise in the instances of miscarriages on account of poor diet and hygiene will anchor the consumption of prenatal vitamin ingredients. Excessive intake of junk food has resulted in the scarcity of important nutrients in pregnant women that could adversely affect the fetus health and development. Furthermore, prenatal vitamin ingredients possess additional nutritional components that are not so easily sourced from regular food items and products.
Prenatal vitamin ingredients can…
More Releases for Volatile
How to Trade During Volatile Market Conditions
ToroAlerts, LLC - A Portland, Oregon based innovative FinTech company with a vision to take Artificial Intelligence to a new level and improve the investments for all users.
Volatility is back! Almost half of the stocks listed in NASDAQ were 50 percent down between November 2021 and March 2022. A few stock pandits predicted this downturn and many hedge funds got out of the stocks before the market turned around. But,…
Non-Volatile Memory Market: Lucrative Opportunites across Globe
Global Non-volatile Memory Market: Brief Account
The world market for non-volatile memory is projected to gain impetus in its growth owing to the increasing demand for the memory in wearable and connected devices. Non-volatile memory comes with qualities such as low consumption of power, excellent speed, and high scalability. The demand for non-volatile memory is expected to soar with the increasing demand for certain types of consumer electronics such as optical…
Non Volatile Memory Market: Lucrative Opportunites across Globe
The world market for non-volatile memory is projected to gain impetus in its growth owing to the increasing demand for the memory in wearable and connected devices. Non-volatile memory comes with qualities such as low consumption of power, excellent speed, and high scalability. The demand for non-volatile memory is expected to soar with the increasing demand for certain types of consumer electronics such as optical discs, flash drives, and computers.
The…
Non-volatile Memory Market Unequalled over 2025
Global Non-volatile Memory Market: Overview
Non-Volatile memory or NVM is a different kind of computer memory that has been programmed to recover stored data and information even after being switched off and back on. A few examples of non-volatile memory are punched cards, paper tape, optical discs, magnetic tape, floppy discs, hard disk drives, ferroelectric RAM,…
Embedded Non-Volatile Memory Market Evolving Technology 2025
Embedded memory technology forms an integral part of any system that requires higher performance, less power consumption, small physical volume and mobility. Specifically, embedded non-volatile memories (eNVM) is primarily used to make mobile terminals having high performance. Currently, embedded non-volatile memory (eNVM) has become an essential and important memory IP that enhances the flexibility of an electronic products to a great extent.
The market of embedded non-volatile memory is predicted to…
Non Volatile Memory Market Shares by Vendor
ReportsWorldwide has announced the addition of a new report title SSD 2016 Non Volatile Memory Market Shares by Vendor to its growing collection of premium market research reports.
Not since 2000, have the memory suppliers been in an undersupply situation since 2H 2016 is increasing memory prices for a number of reasons. NAND vendors are producing 2D (planar) NAND at full capacity, while concurrently making the costly shift in production to…
