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Oil Storage Terminal Market Pegged for Robust Expansion by 2031 | Type, Application, Scope & Key Companies
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An oil storage terminal is a facility where oil is stored prior to being transported to market. The terminal may be located near the production fields, a refinery, or a port. The oil is typically stored in large tanks that can hold millions of barrels of oil. The terminal may also have facilities to load and unload oil tankers, as well as to process the oil.
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Key Trends
There are a number of key trends in oil storage terminal technology.
One of the most important is the trend towards larger storage tanks. This is driven by the need to store more oil as global demand continues to increase.
Another key trend is the use of floating roof tanks. These tanks are designed to minimize evaporation and help to keep the oil in the tank fresh.
Finally, there is a trend towards the use of automated systems to help manage the storage and distribution of oil. This is driven by the need to improve efficiency and reduce costs.
Key Drivers
The key drivers of the Oil Storage Terminal market are capacity, location, and type of facility.
The capacity of an oil storage terminal is the amount of oil that can be stored in the facility.
The location of an oil storage terminal is important because it must be close to an oil refinery or an oil field. The type of facility is important because it must be able to store the oil safely.
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Market Segments
The oil storage terminal market is segmented by type, product, and region. By type, the market is classified into strategic reserve, and commercial reserve. Based on product, it is bifurcated into crude oil, gasoline, aviation fuel, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global oil storage terminal market includes players such as Belco Manufacturing, Royal Vopak, Containment Solutions Inc, Vitol, Oiltanking GmbH, Koole Terminals, Brooge Energy, Shell, LBC Tank Terminals, Ergon International, and others.
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