Press release
Asia Pacific oil storage tank service market Market Research 2025 |John Wood Group PLC, Veolia, SUEZ Environment, Matrix Service
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These initiatives have helped oil & gas companies to protect their infrastructure from extreme conditions. These companies are also adopting technically advanced facilities on account of their high efficiency and corrosion resistivity, thereby accelerating the Asia Pacific oil storage tank service market growth. Moreover, increasing demand for high-value crude oil has also prompted the authorities to frequently inspect the storage depots thereby, predominantly accelerating the demand for storage tank services.
As per studies conducted at Global Market Insights Inc., the APAC oil storage tank service market is expected to cross USD 210 Million through 2025.
3 key trends accelerating APAC oil storage tank service market are as follow:
Increasing demand across Singapore
On the regional front, Singapore is expected to offer lucrative growth opportunities to the Asia Pacific oil storage tank service industry. Studies suggest that the regional industry is expected to grow at a rate of more than 6% by 2025. The burgeoning net crude import coupled with strong refining infrastructure has accelerated the demand for storage facilities and their related services.
In fact, as per the Energy Market Authority of Singapore, the crude oil imported in the nation has reached 57,954.2 ktoe in 2017 compared to 46,324.2 ktoe in 2011. Besides, increasing trade flows with strategic measures to strengthen the existing reserve capacity is anticipated to further accelerate the oil storage tank service market over the ensuing years.
Increasing adoption of technology in the region
In recent years, oil & gas companies in the region are investing heavily in the development of smart monitoring as well as cleaning devices. This move aims to improve the service safety index, thereby accelerating the Asia Pacific oil storage tank service market. In addition, the introduction of numerous economical service packages consisting of both automated as well as manual systems is likely to further accelerate the industry outlook over the ensuing years.
The strong presence of industry participants
Considering the competitive landscape, it is pivotal to mention that the Asia Pacific oil storage tank service industry has a strong presence of industry participants. Leading companies such as MISTRAS Group, Matrix Service, Zaopin Technologies, SP Nanibame, Veolia, and John Wood Group PLC are developing robust networks to make the service available for the oil & gas sector.
These companies are integrating digital monitoring systems to improve the value proposition for the end consumer, predominantly accelerating the regional market growth over the forecast period. With initiatives like the aforementioned, it comes as no surprise that the APAC oil storage tank service market will record significant strides over the forecast period.
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: www.gminsights.com
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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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